Noronex : Witvlei and Snowball Program Exploration Update

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Kalahari Exploration Update

Witvlei and Snowball Programs

Perth, Western Australia - 11th January 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

• Exploration has recommenced in Namibia with two drill rigs continuing at the Witvlei Project and the IP recommencing on the Snowball JV.
• Over 10,000m of the 12,000m planned drill program has now been completed with four further holes to finish at the Okasewa prospect and ten holes planned at the Dalheim prospect.
• Results from just the first nine of the twenty-two holes completed at Gembocksvlei have been received with intercepts confirming the geochemical anomalies. This program was extended due to visual Copper indications. Results have been slower than expected over the festive season. Intercepts received to date include:

• 1. 5m @ 0.8 % Cu from 98m in 21GERC002 o 2m @ 1.2 % Cu from 25m in 21GERC005 o 16m @ 0.4 % Cu from 27m in 21GERC006
• IP Surveying from the first line at the Kehora North prospect on the Snowball Joint Venture area defined a chargeable anomaly with further lines now underway. This new anomaly adds to the prospective IP anomaly identified at the Hennep prospect last month. Drilling is planned at Snowball to test these IP anomalies this month.

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

"We are looking forward to receiving further results from the 2021 drilling and an exciting exploration program in 2022 with two rigs re-commencing at Witvlei to test strong geochemical targets and a first drilling program ever at the Snowball Joint Venture to test prospective IP targets that we have recently identified."

Background

In our Namibian Projects the focus of the current exploration efforts is on five targets on the Witvlei project,

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comprising two Exclusive Prospecting Licences (EPLs 7028 and 7029) covering 390 km2 that are prospective for sedimentary Cu-Ag mineralisation. Drilling is currently underway with two rigs at the Okasewa Prospect, with 10,000 metre of a planned 12,000 metre project completed so far.

We are also actively exploring on the ground of our recently acquired 1,944 Km2 Snowball Project (EPL 7414 and 7415) (see ASX Announcement dated 21 September 2021). The setting is favourable to host a large copper deposit on a paleographic high under shallow sand cover and has not been previously drilled. IP is being undertaken ahead of a drill program that is planned for later this month.

Six new applications have been lodged and accepted by the Ministry of Mines covering a further 3,467 km2 over large prospective parts of the Kalahari Copper Belt under shallow cover.

These applications cover three regions: Snowball Tail between our Witvlei project and Snowball JV; Humpback South, East and West that cover the prospective NPF-D'Kar contact to the east of Snowball; and the Damara Duplex West and East to the north covering potential extensions of the Damara age Matchless Copper Belt of Namibia. A review of historical geological information from these regions is being undertaken with an update on this initial review and potential exploration plans expected shortly.

Noronex's exploration package in Namibia now covers over 6,000 km2 and around 200kms of prospective strike length along the highly prospective but relatively underexplored Kalahari Copper Belt.

Witvlei Drilling

Drilling has recommenced after the festive break and the recent COVID outbreak with two rigs and over 10,000m of the 12,000m program now completed.

Twenty-two holes have been completed so far at Okasewa and four further holes are planned, results are all pending.

The plan is to continue testing the highly ranked priority targets with a rig moving to the eastern Witvlei tenement to test sub-cropping copper at Dalheim with a two-kilometre strike extent.

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 1 Geochemical image showing Copper soil geochemistry and high priority targets being drilled in Witvlei

Gembocksvlei

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

• 5m @ 0.8 % Cu from 98m in 21GERC002
• 2m @ 1.2 % Cu from 25m in 21GERC005
• 16m @ 0.4 % Cu from 27m in 21GERC006

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.

The southwestern anomalies have so far reported the best intercepts in holes 21GERC002, 21GERC005 and 21GERC006. These anomalies were testing the highest Copper soil geochemistry and follow up holes were completed to test the extent of the mineralisation with results pending.

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.

The program was extended due to visual Copper indications with a total of twenty-two holes drilled for 4,278m. Further results are expected in the coming weeks.

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Hole Name	Easting	Northing	RL	Azi		Dip	Hole Depth	Depth from	Interval	Cu
	m	m	m				m	m	m	%
21GERC001	208085	7510272		1532	-60	265	200	151	2	0.35
								165	1	0.32
21GERC002	208018	7510360		1518	-60	265	200	98	5	0.76
								108	5	0.51
								123	2	0.39
								135	6	0.37
								153	1	0.38
21GERC003	207970	7510453		1517	-60	265	205	no sig assays
21GERC004	207905	7510535		1515	-60	265	200	47	3	0.31
21GERC005	207993	7510547		1519	-60	330	200	no sig assays
21GERC006	207829	7510542		1510	-60	265	200	19	4	0.32
								27	16	0.40
21GERC007	208055	7510468		1509	-60	330	200	no sig assays
21GERC008	207886	7510442		1514	-60	265	200	2	1	0.79
								14	3	0.39
								25	2	1.18
21GERC009	208103	7510385		1519	-60	330	200	no sig assays

Intercepts > 0.3 % Cu with 3m internal dilution.

Figure 2. Table of significant intercepts from the Gembocksvlei prospect (see Table 1).

Figure 3 Plan of Gembocksvlei Prospect with completed drill program on image of Copper in soils.

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Figure 4 Drill Plan showing hole traces and intercepts at the Gembocksvlei-Prospect.

Figure 5. Section East-West of Gembocksvlei Drilling with anomalous geochemistry