Australian Securities Exchange-listed copper company Noronex has expanded its interest in the Kalahari Copper Belt by acquiring an additional 25% stake in the Witvlei Joint Venture (JV) property.
The move has increased Noronex’s share from 70% to 95% in the JV property, and also increases its holding in key projects in the Kalahari Copper Belt and cancels the terms of the previous JV agreement.
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For this acquisition, Noronex’s subsidiary Larchmont Investments issued 5.5 million shares to Thunder Gold and has agreed to make a deferred cash payment of $1m, contingent upon the completion of a Bankable Feasibility Study (BFS).
Aloe Investments Two Hundred Thirty Seven (Aloe 237), the JV entity, holds 100% of Noronex’s key licences in the Kalahari Copper Belt, which includes the advanced Witvlei and Dordabis projects.
Witvlei Project, situated at the western end of the Kalahari Copper Belt, boasts a Joint Ore Reserve Committee (JORC) (2012) Compliant Mineral Resource of ten million tonnes (mt) at 1.3% Cu.
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On the other hand, Dordabis Project, home to the Koperberg deposit, has a JORC (2012) Resource of 1.2mt at 1.1% copper (Cu).
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By GlobalDataNoronex is currently in the process of divesting its Dordabis project, with Thunder Gold set to receive a 25% share of the net proceeds if the sale concludes within six months.
On 12 November 2020, Noronex agreed to acquire an 80% interest in Larchmont Investments, which had an existing JV/earn-in agreement with Thunder Gold.
The JV terms included a pathway to a 70% stake and an option for an additional 25% post-feasibility studies, with 5% to be held by a local Namibian entity as per exclusive prospecting licence terms.
With the completion of this deal, Noronex’s subsidiary Larchmont has boosted its holding in Aloe 237 to 95%, thereby consolidating its assets in the Kalahari Copper Belt.
Noronex’s portfolio in Namibia covers 800,000ha within the highly prospective but relatively under-explored Kalahari Copper Belt, which runs from central Namibia into northern Botswana.
The company’s exploration ground portfolio in Namibia now encompasses 300km of the NPF/D’Kar contact, a geological feature that hosts major copper deposits in the belt.
Its projects range from advanced to early-stage, with the potential for discovery of significant sedimentary copper deposits.
Noronex executive director James Thompson said: “We are pleased to have completed the acquisition of an additional 25% interest in the JV vehicle that controls the Witvlei Copper Project, part of our extensive licence holding in the world-class Kalahari Copper Belt.
“The increase in our JV interest to 95% significantly consolidates Noronex’s position on the belt and provides improved optionality for the further development of our Kalahari Copper Belt Projects.”
