Noronex : Kalahari Exploration Program Gathers Pace

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Kalahari Exploration Program Gathers Pace

Drilling Continues at Witvlei with Two Rigs Operating, Initial

Results Confirm Soil Anomalies

Perth, Western Australia - 16th November 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

• Initial assays received for first 10 holes (~1,900m) of a ~60 hole (~12,000m) RC drill program at the Witvlei project.
• Maiden drilling at the greenfields Otjiwaru prospect has intersected anomalous Copper confirming the soil geochemistry is reflecting underlying bedrock anomalies with results received of up to 7m @ 0.5% Cu, further results pending.
• Two rigs are currently finalising the drill program at the Gembocksvlei project (21 holes for 4,200m) and next move to the Okasewa South prospect to test high priority copper geochemical soil and geophysical IP chargeability targets. Okasewa South is located directly south of the known Okasewa deposit which has an existing JORC (2012) resource of 4.4mt at 1.2% Cu.
• Over 7,000m of the 12,000m planned drill program has now been completed at the Otjiwaru, Christiadore and Gembocksvlei prospects.
• Drilling is planned to continue in coming weeks at Okasewa South and then move to the high priority targets at Dalheim.
• IP Surveying is underway at the Hennep prospect on the Snowball Joint Venture area with chargeable anomalies identified under a conductive cover, estimated at 75m thick. Planning for a drill program at Snowball to commence after the IP program with further updates expected shortly.

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

"We are pleased with the progress the Noronex technical team has made in the early stages of our exploration and drilling programs on the Kalahari Copper Belt in Namibia.

"In a very short time frame, we have been able to establish a significant presence in country, build a high-quality team, explore aggressively and rapidly grow our copper project portfolio.

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"The recent addition of a second rig has accelerated drilling at Witvlei and we are looking forward to providing further updates on both our Witvlei and Snowball exploration programs as we explore for new copper discoveries across our growing district scale land position in the Kalahari Copper Belt."

Background

The Namibian Projects, comprise three Exclusive Prospecting Licences (EPLs 7028, 7029 and 7030) covering 72,000 hectares that are prospective for sedimentary Cu-Ag mineralisation along the prolific Kalahari Copper Belt that spans Namibia and Botswana. The Namibian Projects contain a current JORC (2012) Inferred resource of 10mt @1.3% Cu (see ASX Announcement dated 8 March 2021).

The focus of the current exploration efforts is five targets on the Witvlei project (EPL 7028 and 7029) and will then move to the recently acquired 159,000Ha Snowball Project (EPL 7414 and 7415) (see ASX Announcement dated 21 September 2021). Snowball has the hallmark setting to host a large copper deposit, lying in the Kalahari copper producing belt on a paleogeographic high under shallow sand cover that has not been previously drilled.

Figure 1 Geochemical image showing Copper soil geochemistry and high priority targets being drilled in Witvlei

Otjiwaru Drilling

First assay batches have been returned from drilling at Otjiwaru with results received.

A program of ten holes drilled for 1,927m were completed at Otjiwaru. The zone targeted has sub-cropping sediments with malachite stains and a significant geochemical target.

The holes intersected the Eskadron sequence containing brown siltstone and interbedded sandstones with debris flow. Minor malachite staining was intercepted down to approximately 25m with fine pyrite and chalcopyrite developed in the siltstone horizons below.

The northern most holes 21OTRC001 and 21OTRC010 drilled north across a major structure into the older

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metamorphosed phylites of the Damara, Duruchaus Formation across a major regional shear that was unmineralized.

Figure 2: Completed drill holes at Otjiwaru and Christiadore shown on Copper geochemistry image and geological interpretation.

Samples have been collected in 1m intervals and composited to 3m composites where mineralisation was not visually noted. Samples were prepared in the ALS sample preparation facility in Namibia and assayed at their laboratory in South Africa (see Table 1). Anomalous Copper was intersected in the preliminary investigatory drilling confirming the soil geochemistry is reflecting underlying bedrock anomalies.

The best intercept was 7m @ 0.5% Cu from 121m in siltstone with fine chalcopyrite and pyrite logged.

Collars				Intercepts
Hole Name East	North	RL	Azimuth Dip Total Depth From	Interval Cu	Comment

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	m	m	m	o	o	m
21OTRC001	217585	7522370	1498	330	-60	146
21OTRC002	217635	7522286	1502	330	-60	200
21OTRC003	217681	7522195	1500	330	-60	200

m	m	%
no sig intercept
61	3	0.24	Sulphide
121	7	0.5	Sulphide
21	2	0.23	Oxide
31	6	0.27	Oxide
60	3	0.22	Sulphide

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21OTRC004	217726	7522110	1502	330	-60	200
21OTRC005	217733	7522108	1499	150	-60	215
21OTRC006	217776	7522021	1492	150	-60	200
21OTRC007	217829	7521929	1488	150	-60	200
21OTRC008	217986	7522463	1504	330	-60	200
21OTRC009	217933	7522552	1494	330	-60	220
21OTRC010	217891	7522641	1501	330	-60	140
Samples reported >0.1% Cu with over 0.3% Cu m%

no sig results
186	1	0.43	Sulphide
no sig intercept
no sig intercept
21	15	0.11	Oxide
156	2	0.16	Sulphide
193	2	0.18	Sulphide
49	3	0.14	Oxide
145	3	0.16	Sulphide
65	3	0.12	Sulphide

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Figure 3: Table of drilling intercepts from first ten holes at the Otjiwaru Prospect (see Table 1).

Figure 4: Western drill fence at Otjiwaru showing northwest-southeastcross-section of drilling completed and anomalous copper intersected in RC drill holes.

Current Drilling

First pass drilling is nearing completion at Gembocksvlei with twenty-one holes being drilled for 4,200m, two further holes than planned.

Highly ranked priority targets and follow up are being finalised for the remaining program and will be at

1. a 2.5 by 1.2 km copper in soil anomaly in an altered structural zone south of Okasewa o sub-cropping copper at Dalheim with a two-kilometre strike extent

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Okasewa South

Directly south of the Inferred Okasewa resource of 4.36 Mt @ 1.15 % Cu (ASX release 8 March 2021), 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.

A trial IP survey was completed over the known mineralised resource and a chargeability anomaly defined at the eastern end of the deposit. Drilling will commence shortly to test the geochemical anomaly and geophysical targets with twenty-one holes planned for 4,000m.

Figure 5 Xcite EM airborne survey ch1 z component image with overlying copper soil samples locations and resource drilling at Okasewa. Location of potential altered EM conductor with oxidising fluids altering reduced stratigraphy in the mineralised corridor.

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.

Snowball Field Work

IP Surveying is underway at Hennep at Target 2 in the Snowball Joint Venture area on EPL 7415 with chargeable anomalies identified in the first line of Dipole Dipole IP under a conductive cover estimated at 75m thick.

Land access agreements are also being finalised for Target Area 1 in EPL 7414.