Noronex Limited, an Australian Securities Exchange (ASX) listed company, has intensified its focus on uranium exploration in Namibia. This shift follows the completion of a ground spectrometry survey at its Etango North project, which identified several promising targets. The survey spanned 244 line-kilometres in a region known for its rich uranium deposits, including the substantial 207-million-pound Etango deposit owned by Bannerman Energy.
Survey Findings and Targets
The recent survey conducted by Terratec Geophysical Services aimed to measure levels of uranium, thorium, and potassium throughout the project area. The results revealed multiple high ratios of uranium to thorium, which typically indicate the presence of uranium-bearing alaskite. Notably, some of these high readings are situated along the same geological strike as uranium hits documented in Bannerman’s historical drilling.
Noronex’s Etango North project operates as a joint venture with a local Namibian partner, allowing the company to earn up to 80 percent ownership for a payment of N$8 million (approximately A$650,000) over the next four years. Driven by these findings, Noronex has commenced field inspections to validate the identified anomalies.
Future Exploration Plans
The company has outlined a series of next steps, including soil sampling and portable X-ray fluorescence profiling. Plans for a shallow drilling campaign are set for later this year. The geological setting of Etango North mirrors that of the renowned Rossing and Husab mines, which are known for their significant uranium mineralization.
This region features geological structures conducive to uranium formation, such as dome-shaped folds and trap-like bends. Despite the encouraging survey results, Noronex acknowledges that limited exploration has occurred in the area. Previous efforts by Bannerman included only 12 shallow holes targeting thorium anomalies but primarily focused on rare earth elements rather than uranium.
The recent spectrometry results suggest that past explorations may have overlooked critical uranium zones. Noronex believes that surficial cover may be concealing broader target zones, indicating the possibility of larger anomalies beneath the surface.
As the company advances its uranium exploration efforts, it is also pursuing copper opportunities in Namibia. Noronex currently holds a JORC resource of 10 million tonnes at 1.3 percent copper in the Witvlei project. Additionally, a strategic exploration alliance with mining giant South32 allows Noronex to control significant land in Botswana’s Kalahari Copper Belt.
With untested uranium targets at Etango North and drilling activities on the horizon, Noronex is poised to capitalize on the rising demand for uranium as the world increasingly shifts towards cleaner energy sources. The company’s positioning in one of the globe’s premier uranium corridors presents a notable opportunity for growth in this vital sector.
