Noronex Confirms Uranium Mineralization Up to 270ppm at Etango North, Namibia

en.Wedoany.com Reported - Noronex (Nornex, ASX:NRX) has confirmed widespread uranium mineralization across multiple targets at the Etango North uranium project in Namibia, with initial drilling returning several intercepts exceeding 100ppm uranium oxide. Key intersections at the Oasis Dome include: hole ODC008 returned 4m @ 270ppm uranium oxide from 78m, and 7m @ 130ppm uranium oxide from 61m; hole ODC009 returned 5m @ 183ppm uranium oxide from 205m, and 2m @ 189ppm uranium oxide from 215m.

The drilling targeted uranium and thorium radiometric anomalies previously identified through ground spectrometry surveys, confirming the presence of uranium-bearing alaskite intrusions similar to those hosting major deposits in Namibia's uranium province. Chief Geologist Tony Chisnall stated that the assay results validated the company's exploration model. Chisnall added that the laboratory results from the initial reverse circulation drilling program represent a significant milestone, as they confirm that Etango North hosts an extensive uranium-bearing system within the same type of alaskite intrusions that host several major uranium deposits in Namibia. The program was designed as an initial reconnaissance drilling campaign to test priority geological and radiometric targets rather than to delineate economic mineralization, but the results demonstrate the effectiveness of the geological model.

The eight-hole program encountered uranium mineralization at varying depths across two targets, supporting the interpretation of a regional-scale intrusion-related uranium system. Mineralization is spatially associated with alaskite intrusions and structural pathways identified through remote sensing, geological mapping, and geophysical interpretation. The Etango North project is located immediately north of Bannerman Energy's (ASX:BMN) Etango project, which hosts a resource of 416 million tonnes at 225ppm uranium oxide. Following completion of initial due diligence, Noronex exercised its option to acquire a 51% ownership interest, with the right to increase its stake to 80% through further payments totaling 4 million Namibian dollars (by February 2028). The company will integrate geological, geochemical, and geophysical datasets to refine its understanding of uranium mineralization controls before evaluating further exploration activities.