Noronex Agrees to exercise Option on Uranium License on Renewal of the License

About this update from Noronex Ltd.

Perth, Western Australia - Noronex Limited ( Noronex or the Company) (ASX: NRX) is pleased to announce it will exercise the Uranium License to its project portfolio in on a highly prospective property in the country's major uranium belt. Etango North Further assessment and due diligence have been undertaken by Noronex on EPL 6776 (agreement entered into in March this year1 ) while the Environmental Clearance Certificate (ECC), which allows ground-based exploration including drilling to be undertaken, is at an advanced stage. Timing of the ECC process is dependent on feedback from the National Park where the claims are based (as are a number of significant uranium mines in Namibia including Etango) and approval by regulatory authorities. The claims are currently undergoing their first renewal process and have added nuclear fuels to the commodity mix for exploration, which is to be included in the licence renewal. Previous exploration data has been provided by Bannerman Resources and is being incorporated into regional reviews. Only limited work was completed on the licence area with just 12 shallow air-core holes drilled on one airborne anomaly. Limited mapping, ground geochemistry, radon gas surveys have covered parts of the current licence block while over 100 holes were drilled on the borders of the current tenement. The geology on the claim includes mineralisation associated with Alaskites (pegmatites), which is the host rock for a number of major uranium projects in Namibia and is similar to the Etango (Bannerman) style hard rock mineralisation. Prospective units hosting mineralisation at Rossing, Husab and Etango are present on EPL 6776. There are marked stratigraphic control of mineralised Alaskites. They are concentrated at the Khan-Rossing Formation boundary or critically where the Rossing Formation is missing, the Khan-Chuos or Khan-Arandis boundary. There are also Alaskite emplacement structural controls, transition from ductile to brittle deformation. Pressure shadows within isoclinal folding present the most favourable structural trap. Artificial Intelligence An Artificial Intelligence (AI) study has been completed on the remote sensing data utilising Neural Networks. A number of Channels are used and a number of search techniques utilised including: Fuzzy Logic searches using known mineralised sites as training sites to look for potential repeats Neural correlation analyses to find related layers that are related to mineralisation Principal Component Analysis to define geological signatures and potential outliers associated with alteration and mineralisation. The target horizons prioritised sit in a favourable geological setting for uranium mineralisation. The anomalies highlight mineralised Alaskites that extend into the license area. The domal position is an excellent position for extensive flat lying Alaskites to develop with potential thicker mineralization Contact: Bruce Hooper Tel: 0419 929 046 About Noronex Limited Noronex is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada that have seen over 170,000m of historic drilling. The company plans to use modern technology and exploration techniques to generate new targets at the projects and grow the current resource base. Competent Person Statement - Exploration Results The information in this report that relates to Exploration Results 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 Forward-Looking Statements This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Noronex Limited's planned exploration programs, corporate activities and any, and all, statements that are not historical facts. When used in this document, words such as 'could,' 'plan,' 'estimate,' 'expect,' 'intend,' 'may', 'potential,' 'should' and similar expressions are forward-looking statements. Noronex Limited believes that its forward-looking statements are reasonable; however, forward-looking statements involve risks and uncertainties, and no assurance can be given that actual future results will be consistent with these forward-looking statements. (C) 2024 Electronic News Publishing, source ENP Newswire

View stock analysis, news, and events for Noronex Ltd.