Noronex : Drilling Commenced at Snowball

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Kalahari Exploration Update

Drilling Commenced at Snowball

Perth, Western Australia - 17 February 2022 - 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

• Drilling has commenced on the Snowball JV, the first exploration drilling ever in the tenements.
• Over 12,000m of RC drilling has now been completed at Witvlei with one rig continuing at Dalheim to follow up anomalous geology intersected. An infill soil survey is underway to further assist targeting further drilling.
• Results from the drilling completed at Gembocksvlei have been received with intercepts confirming the geochemical anomalies. Results are pending from Okasewa and Dalheim.
• IP Surveying has been completed at Kehora North defining drill targets, further surveys are planned after drill testing these anomalies.

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

"It is exciting to commence a first drilling program ever at the Snowball Joint Venture to test this prospective region and provide the basis for exploring this covered belt."

Snowball Joint Venture Drilling

Ground geophysics has been completed at Kehora North (Havango) on the western tenement EPL 7414 with four lines of Pole-Dipole IP completed over the prospective Eskadron Formation (see Table 1). Further field work including mapping, geochemistry, NSAMT and ground magnetics has been completed and three RC drill holes will now test this anomalous structure.

A program of ten holes is planned at Hennep to test the prospective NPF-D'Kar contact and the chargeability anomalies defined on Lines one and five.

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Figure 1: Aeromagnetic image of Snowball Joint Venture area showing location of prospects.

Figure 2: Target zones at the Hennep prospect in the Snowball Joint Venture with anomalous Chargeability on the prospective horizon anomaly defined.

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Planned holes will test the magnetic contact and the IP chargeability anomaly on the prospective D'Kar-NPF contact on the western IP line.

Figure 3: Inverted Dipole Dipole IP Line 5 (western end) with Chargeability and Resistivity sections demonstrating conductive overburden and large chargeability anomaly over three times background. Proposed fence of drill hole locations is indicated in grey.

Witvlei Drilling

The focus of the current exploration efforts is on five targets on the Witvlei project, comprising two Exclusive Prospecting Licences (EPLs 7028 and 7029) covering 390 km2 that are prospective for sedimentary Cu-Ag mineralisation.

Drilling is continuing with one rig at the Dalheim Prospect extending the 12,000 metre project completed so far with ten holes drilled so far.

Diamond drilling is expected to follow up on these regional RC hole fences to define the style and character of the geology and mineralisation.

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Figure 4: Geochemical image showing Copper soil geochemistry and high priority targets being drilled in Witvlei

Gembocksvlei

Results from the remainder of the holes completed have been received from Gembocksvlei with intercepts confirming the geochemical anomalies. Intercepts so far returned include:

1. 5m @ 0.5 % Cu from 19m and

1. 2m @ 1.1 % Cu from 25m in 21GERC020 o 3m @ 0.4 % Cu from 55m in 21GERC021 o 2m @ 0.8 % Cu from 129m in 21GERC022

The holes intersected the Eskadron Formation containing brown siltstone and interbedded sandstones with debris flow. Minor malachite staining was intercepted down to approximately 15m vertically with fine pyrite, chalcopyrite and chalcocite developed in the siltstone horizons below.

Results were previously reported in the first nine holes as the first part of a program to test the geochemical anomaly. Follow up holes were completed to test the extent of the mineralisation intersected in the west of the prospect and hole 21GERRC21 was drilled as a scissor hole to test the mineralisation width. Holes drilled to the north-east on a smaller geochemical anomaly returned the best intercepts in holes 21GERRC20 and 21GERRC22 (Figures 5,6,7 and 8).

Samples have been collected in 3m composites and at 1m intervals where mineralisation was visually noted. Samples were prepared in the ALS sample preparation facility in Namibia and assayed at their laboratory in South Africa (see Table 1). Assay results reporting has slowed down significantly as COVID has affected the laboratories turnaround.

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Hole_ID	Easting	Northing	RL	Azi	Dip	Hole_Depth	Depth_From	Width	Cu		Ag
	m	m	m			m	m	m	%		ppm
21GERC010	207927	7510348	1518	265	-60	200	19		1	0.36
							67		1	0.54
21GERC011	208154	7510296	1513	324	-59	200 no sig assays
21GERC012	208300	7510587	1514	335	-60	200 no sig assays
21GERC013	208277	7510670	1515	335	-59	200 no sig assays
21GERC014	208225	7510765	1519	327	-59	200 no sig assays
21GERC015	208190	7510820	1518	330	-60	200 no sig assays
21GERC016	208125	7511160	1516	332	-59	200 no sig assays
21GERC017	208935	7510935	1492	327	-59	200 no sig assays
21GERC018	207530	7510975	1492	330	-60	200 no sig assays
21GERC019	208099	7510380	1510	259	-61	200 no sig assays
21GERC020	208575	7511550	1514	330	-60	200	19		5	0.45	1.4
							41		4	0.22	0.3
							73		2	1.06	7.2
21GERC021	207768	7510522	1513	88	-62	73	55		3	0.43
21GERC022	208630	7511470	1490	330	-60	200	129		2	0.8	4.2
									2	0.34	0.3

Intercepts > 0.3 % Cu with 3m internal dilution.

Figure 5: Table of significant intercepts from second group of holes at the Gembocksvlei prospect (see Table 1).

Figure 6: Plan of Gembocksvlei Prospect with completed drill program on image of Copper in soils.