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ASX-listed Noronex Limited has commenced a six-week airborne radioactive spectrometry survey across its 17.9 square kilometre Etango North uranium project in northwest Namibia. The comprehensive survey aims to pinpoint high-grade hard rock uranium, specifically alaskite, within one of the world’s most prolific uranium regions.
The Etango North project holds significant strategic importance, situated merely 3 kilometers north of Bannerman Energy’s substantial 225-million-pound Etango deposit and directly south of established major operations, including the Rossing and Husab mines.
Terratec Geophysical Services is conducting the 244-line kilometer survey, employing an 80-meter line spacing. The gathered data will be meticulously analysed to identify anomalies indicative of uranium-rich deposits, providing crucial insights for future exploration.
Noronex secured the Etango North project last year through an agreement with a local owner, involving an initial payment of $200,000 in cash and shares. The company retains the option to increase its interest to 51 per cent by paying an additional $61,000 in cash and $61,000 in shares by February 2026. A further 29 per cent interest, bringing Noronex’s total to 80 per cent, can be earned in 2027 through a payment of $162,000 in cash and an equivalent amount in shares. At this juncture, Noronex may elect to enter a joint venture with the vendor, who will be free-carried to that point.
Victor Rajasooriar, Managing Director and CEO of Noronex Limited, highlights the outstanding prospectivity of the Etango North project for uranium discoveries. He noted that previous exploration on the grounds has been limited, with only a dozen shallow air core holes drilled by Bannerman a decade ago in a small target area. Despite this, all geological prerequisites for a significant discovery are present, with initial mapping, geochemistry, and radon gas studies already suggesting the presence of alaskites.
Alaskite mineralisation is the predominant host rock for major mines in the region and is often found at the boundary of the Khan-Rossing formations. It also occurs where the Rossing layer is absent, between the Khan and Chuos or Khan and Arandis formations. These uranium-rich rocks typically form along structural weaknesses, such as cracks and changes in rock movement, with optimal concentrations often found in folded rock structures that create natural traps.
In a forward-looking move, Noronex has also deployed artificial intelligence for its review of the area. By training the AI networks on known uranium zones, the company aims to identify potential new targets. The AI model has successfully highlighted favourable domal zones, considered prime areas for flat-lying alaskite bodies that could host substantial uranium mineralisation.
Namibia boasts a robust uranium mining heritage, with the northwest zone, where the Etango North project is situated, particularly rich in high-grade uranium deposits. This region has witnessed a resurgence of interest from the nuclear energy sector, driven by global demand for yellowcake to support zero-carbon baseload power generation. The project’s proximity to Bannerman’s successful Etango mine, currently undergoing significant development, further enhances its appeal.
Beyond its uranium ventures, Noronex is actively engaged in copper exploration across a vast 10,000 square kilometre expanse of the Kalahari Copper Belt. The company aims to expand its existing 10 million tonne resource at Witvlei, which grades 1.3 per cent copper.
Approximately 130 kilometres north of Witvlei, Noronex has forged a strategic alliance and earn-in agreement with ASX giant South32. This agreement grants South32 the option to acquire up to 60 per cent of Noronex’s Humpback and Damara projects by investing $15 million in exploration over five years. In return, Noronex benefits from substantial technical support and funding, accelerating its exploration efforts and potential new discoveries within this highly prospective belt, which already hosts significant operations such as MMG’s 7Mt Cupric copper project and Sandfire Resources’ Motheo mine, with its 700,000 tonnes of contained copper.
