Noronex : First Geophysical Results from Snowball JV

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Kalahari Exploration Update

First Geophysical Results from Snowball JV

Perth, Western Australia - 9th December 2021 - The Board of Noronex Limited (Noronex or the Company) (ASX: NRX) is pleased to provide an update on the exploration of its suite of copper projects in Namibia.

Highlights

• IP Surveying completed at the Hennep prospect on the Snowball Joint Venture area with a strong chargeable anomaly defined on the western end of the prospective target horizon and IP is now underway at the Hekango prospect.
• Over 9,000m of the 12,000m planned drill program has now been completed at the Otjiwaru, Christiadore, Gembocksvlei and Okasewa prospects.
• Results from the maiden drilling at the Christiadore prospect has not intersected significant copper with results pending from drilling completed at Gembocksvlei and Okasewa.
• Two rigs are currently drilling at Okasewa South to test high priority copper geochemical soil and geophysical IP chargeability targets. The rigs are then planned to move to the high priority targets at Dalheim.

Commenting on the announcement, Noronex Chief Geologist, Bruce Hooper said:

"Early work at Snowball is defining drill targets in the ground geophysics along the prospective contact at Hennep that is encouraging for this area and the new applications on the Kalahari Copper Belt in Namibia."

Background

In our Namibian Projects the focus of the current exploration efforts is on five targets on the Witvlei project, comprised of three Exclusive Prospecting Licences (EPLs 7028, 7029 and 7030) covering 731 km2 that are prospective for sedimentary Cu-Ag mineralisation. Drilling is currently underway with two rigs having recently moved to the Okasewa Prospect, with 9,000 metre of a planned 12,000 metre project completed so far.

We are also actively exploring on the ground of our recently acquired 1,944 Km2 Snowball Project (EPL 7414 and 7415) (see ASX Announcement dated 21 September 2021). The setting is favourable to host a large copper deposit on a paleographic high under shallow sand cover and has not been previously drilled.

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Six new applications have been lodged and accepted by the Ministry of Mines covering a further 3,467 km2 over large prospective parts of the Kalahari Copper Belt under shallow cover.

These applications cover three regions, Snowball Tail between our Witvlei project and Snowball JV. Humpback South, East and West that cover the prospective NPF-D'Kar contact to the east of Snowball and the Damara Duplex West and East to the north covering potential extensions of the Damara age Matchless Copper Belt of Namibia.

Snowball Ground Geophysical Work

IP Surveying has been completed at Hennep in the Snowball Joint Venture area on EPL 7415 with five lines of Dipole Dipole IP for 16.7 line kilometres completed over the prospective Ngwako Pan Formation (NPF) contact under a conductive cover estimated at 75m thick.

Figure 1: Aeromagnetic image of Snowball Joint Venture area showing location of prospects.

The Hennep results have identified a strong IP Chargeability anomaly on the western line corresponding to a structural offset of the prospective NPF contact horizon. The anomaly of over 18 msecs is more than three times background and potentially due to disseminated sulphides at the NPF contact.

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Figure 2: Location of Dipole Dipole IP lines at Hennep with chargeability at 100m depth, the western Line 5 anomaly lies on the postulated NPF contact. Target zones for follow up are highlighted.

Figure 3: Inverted Dipole Dipole IP Line 5 (western end) with Chargeability and Resistivity sections demonstrating conductive overburden and large chargeability anomaly over three times background.

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Ground magnetics is being collected to help with the interpretation of the geophysical response. The Dipole-DipoleIP survey is now underway at the Hekango prospect in the western Snowball tenement EPL 7414

Witvlei Drilling

Drilling is continuing with two rigs and over 9,000m of the 12,000m program now completed at the Witvlei project.

First assay batches have now been returned from drilling at Christiadore with results received from the eight holes for 1,431m.

The holes predominantly intersected the Damara, Durachaus Formation of phylites along a major regional shear. The phylittes and shear zone were anomalous but not significant mineralisation was reported.

Results are expected shortly from the 21 holes drilled at Gembocksvlei for 4,200m.

Figure 4 Geochemical image showing Copper soil geochemistry and high priority targets being drilled in Witvlei

Okasewa South

A large copper geochemical anomaly has been defined of over a 2.5 by 1.2 km region. The anomaly lies on an altered EM conductor in a major mineralised cross structure and is highly prospective for a large scale sedimentary hosted copper deposit.

Drilling is underway to test the geochemical anomaly and geophysical targets with twenty-one holes planned for 4,000m.

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Figure 5: Rigs drilling at Okasewa last week after numerous bush fires to the north.

Highly ranked priority targets and follow up are being finalised for the remaining program and testing is still required at:

• a 2.5 by 1.2 km copper in soil anomaly in an altered structural zone south of Okasewa; and
• sub-croppingcopper at Dalheim with a two-kilometre strike extent.

Diamond drilling is expected to follow up on these regional RC hole fences to define the style and character of the geology and mineralisation next year.

Competent Person Statement - Exploration Results

The information in this report that relates to Exploration Results at the Witvlei and Snowball Copper Project is based on information compiled by Mr Bruce Hooper who is a Registered Professional Geoscientist (RPGeo) of The Australian Institute of Geoscientists. Mr Hooper is a consultant to Noronex Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hooper consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information contained in this report that relates to Mineral Resources is extracted from previously released announcement dated 8/03/2021 ("Announcement"). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Announcements, and that all material assumptions and technical parameters underpinning the estimates in the Announcements continue to apply and have not materially changed.

- ENDS -

Authority:

This announcement has been authorised for release by the Board of Directors of Noronex Limited. For further information, contact the Company at [e-mail] on [phone].