26 Nov

2021 AGM Presentation

AGM Presentation Noronex Limited 26 November 2021 Competent Person’s Statement The information in this report that relates to Exploration Results at the DorWit Copper Project 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 . The information in this report that relates to Mineral Resources in Canada is based on information compiled by Mr Garth Kirkham . Mr Kirkham is an independent consultant employed by Kirkham Geosystems and is a member of a ‘Recognised Professional Organisation’ (RPO) included in a list posted on the ASX website from time to time (Professional Geoscientist, Engineers and Geoscientists BC, previously known as the Association of Professional Engineers and Geoscientists of British Columbia, Canada) . Mr Kirkham has sufficient experience relevant to the style of mineralisation, type of deposit under consideration, and to the activity undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code) . Mr Kirkham consents to the inclusion of this information in the form and context in which they occur . The information in this report that relates to Mineral Resources in Namibia has been prepared under the supervision of by Mr . J . C . Witley (BSc Hons, MSc (Eng . )) who is a geologist with more than 30 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting . He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (“SACNASP”) and is a Fellow of the Geological Society of South Africa (“GSSA”) . Mr . Witley has the appropriate relevant qualifications and experience to be considered a “Competent Person” for the style and type of mineralisation and activity being undertaken as defined by the 2012 Edition of the JORC Code . Forward Looking Statements This announcement may contain some references to forecasts, estimates, assumptions and other forward - looking statements . Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved . They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein . All references to dollars ( $ ) and cents in this presentation are to Australian currency, unless otherwise stated . Investors should make and rely upon their own enquires and assessments before deciding to acquire or deal in the Company’s securities . For further information shareholders and investors should refer to the company’s Prospectus dated 15 September 2020 . 2 Noronex Corporate Structure (ASX:NRX) ASX Code NRX Shares on Issue 189.5m Unlisted Options (1) 24m Share Price $0.12 Market Capitalisation ( A$m ) $22.7m Cash ( A$m ) (2) $6.7m Enterprise Value ($m) $16.0m Board / Management Ownership 14.5% 3 1. 10.5m @ $0.10 (Nov 22) and 13.5m @ $0.15 (Nov 23), various escrow conditions 2. As at 30/09/21 Board/ Management David Prentice – Chairman Robert Klug – Non - Executive Director Piers Lewis – Non - Executive Director James Thompson – Executive Director Bruce Hooper – Chief Geologist Board and Management David Prentice – Non - Executive Chairman Experienced junior resources executive and director. Robert Klug – Non - Executive Director Experienced resources executive and most recently Chief Commercial Officer at Sandfire Resources Ltd. James Thompson – Executive Director Founder/ director of multiple ASX resources companies. Private equity/ venture capital investment background Piers Lewis – Non - Executive Director Founder of SmallCap Corporate, a specialist corporate advisor to junior ASX companies Bruce Hooper – Chief Geologist Experienced resources executive & geologist and most recently Chief Exploration & Business Development Officer at Sandfire Resources Ltd. Ivor Kahimise Geophysicist (Namibia) Experienced Namibian Geophysicist, background with Ministry of Mines, Curtin Uni educated Dennis Arne – Geologist (Canada) Founder of Telemark Geosciences and most recently Managing Director of CSA Global in Canada 4 • Experienced board and management includes former senior Sandfire executives with strong copper background • Expertise covers all phases of resource development lifecycle from exploration, M&A, financing through to production • In country teams with proven track records Management Board of Directors November 2020: Noronex ASX Listing (Namibian and Canadian Copper Assets) March 2021: JORC (2012) Resource 10Mt @ 1.3% Cu from historic Kalahari drilling Targeting Resource of 300,000 tonnes of contained copper for development and copper production Acquisition of further project areas/acreage with strong geological potential to build district plays June 2021: Namibia Site Visit, Drill Planning May 2021: Review of first ever Aerial EM Survey, sat imagery, Geochemistry, define targets Copper Production 2021 in Review and 2022 Growth Pathway Aug 2021: Commencement of 12,000m drill program at Witvlei (5 new targets) Sept 2021: Acquisition of Snowball, $4.5m placement and second rig added Nov 2021: New Applications to extend Kalahari strike to 200km and total ground area to 6,000 km 2 (~10 x Kalahari area at listing) 2022 FORWARD PLAN: Complete drilling at Witvlei (Dec 21), complete IP (Dec 21) and commence drilling at Snowball (early 2022), review assays for Phase 2 drill plan in 2022, plan for 2022 geophysics and drilling on new Kalahari applications and Onaman (Canada) Introduction Witvlei : • Set up presence in Namibia, built a high quality team and exploring aggressively • Drilling a ~60 hole program on five new prospective targets • Over 8,000m completed so far, initial results confirmed Copper soil anomalies • Two rigs now drilling at Okasewa on geological, geochemical, geophysical targets Snowball Joint Venture: • Targeting large new discovery in mineralised province, Sedimentary Copper Model • IP underway at Hennep Prospect, chargeability anomalies defined • Finalise drilling targets, drill in January New Acquisitions: • Applied for ~3,500 km 2 of prospective covered ground, including the Fiesta Prospect Exploring the Kalahari Copper Belt in Namibia 6 Kalahari Copper Belt – Witvlei • Inferred and Indicated resources defined in four deposits : 10Mt @1.3% Cu 1 • Discovered unreported historical multi - element soil geochemical survey from 2009 • Large undrilled geochemistry targets • Field checked with subcrop malachite or gossans • Correlation with alteration, geophysical targets from new airborne EM survey • Drilling underway 1. See ASX release dated 8 March 2021 “10 Mt @ 1.3% Cu Mineral Resources at Namibian Dorwit Project” 7 Copper Soil Geochemistry Historical soil geochemistry sampling of over 8,000 samples over Witvlei project, copper results demonstrate new undrilled target areas Witvlei – Okasewa Drilling • Testing mineralized corridor • Soil anomalies previously untested • Total program of 60 Holes for 12,000m • RC holes drilled at 100m centres to 200m depth • Completed 8,000m on three prospects • Results from first prospect confirm soil geochemistry represents bedrock anomalies • Currently drilling close to Okasewa Deposit • Inferred 4.4 Mt @ 1.2 % Cu 1 • IP Completed on Airborne EM targets • Untested 2.5 by 1.2 km Cu soil anomaly south of deposit associated with alteration 1. See ASX release dated 8 March 2021 “10 Mt @ 1.3% Cu Mineral Resources at Namibian Dorwit Project” 8 Drilling Continuing with Two Rigs Drill rigs at Okasewa Prospect Okasewa Prospect, EM image, soil geochemistry points and planned drilling Project Targeting • Brines carry the base metals out of basin deeps • Oxidized fluids precipitate Copper at the reductants (EM Conductors) • Condensed sequence with reductants on structural traps on basin margin • Mineralisation alter the conductor, create IP Chargeability and alteration signatures • Target the Geochemistry, Geophysics and basin margin structures for large deposit • Modern techniques and understanding, then ‘Drill the targets’ • Kamoa - Kakula (Ivanhoe, 1.7 Bt @ 2.5 % Cu) 1 found in 2014 over 100 years after the first exploration in the Congo 9 Basin Modelling 1 Ivanhoe website Central African Copperbelt Discovery ages, Hall 2020 Anomalous Metal Enrichment of Basin Brines in the Zambian Copperbelt: a comparison of fluid chemistry in contrasting sediment - hosted copper systems, Phd James Davey 2019 Snowball Acquisition • Snowball Project covers key tectonic setting • The complex magnetics is due to compressional deformation of the basin margins with condensed sequence over a former basement high • Tectonic setting typical of hosting large scale Sedimentary Copper deposits such as Kamoa in Central African Copperbelt • Eskadron hosts known Copper deposits in Witvlei Basin • Contact of NPF - DKF hosts deposits in Botswana • No previous drilling on tenements • Low level Copper soil anomalies defined • Five high priority target areas at Snowball to focus exploration • Earn - in to 80% with Option to acquire 100% 10 Complex Magnetics Conceptual interpretation of Snowball tectonics, Absolute Geoscience 2019 Target 1 Target 2 Snowball Joint Venture • Due Diligence completed, access gained • Work Commenced at Hennep , Target 2 • Chargeability anomalies defined near NPF - D’Kar Contact • Cover modelled at ~75m depth • Dipole Dipole IP moving on to Target 1 shortly • Drilling planned in first quarter next year 11 Dipole - Dipole IP underway Application for Snowball Tail • Open Ground • Historical drilling 3m @ 3.3% Cu (Diamond from 31m) 18m @ 1.1 % Cu (Open Hole Percussion from 10m) Growing Kalahari Copper Belt Presence • ~6,100 km 2 of highly prospective ground covering >200kms strike in key part of belt • Applications of 3,500 km 2 recently lodged over Snowball Tail, Humpback, Damara Duplex • Underexplored historically, shallow Kalahari sand cover • Belt dominated by Rio Tinto, Sandfire and Cupric • Cupric ramping up to ~60ktpa Cu at Zone 5, (168 Mt @ 2.1% Cu), • Sandfire developing a ~50ktpa Cu at Motheo (53 Mt @ 0.9 % Cu) • Historic Fiesta prospect (125 holes) in Humpback West application 12 New applications add to existing EPLs See Sandfire and Khoemacau websites for details on Resources Ontario copper – project summary • One of the largest land holders targeting Cu - Au - Ag VMS deposits in Ontario, Canada • Prospective for Cu - Au - Ag VMS deposits and significant gold and PGE mineralization • 30,000 Ha land position in the Onaman - Tashota Greenstone Belt across five key projects • The most advanced project is Lynx • Inferred Mineral Resource 1 of 1.63 mt of 1.61% Cu, 0.66g/t Au and 39.68 g/t Ag • Numerous projects requiring testing include Kupfer Lake, Ryan Block A, Ryan Block B and Amukan . • Ground EM surveys completed at Lynx using new ARMIT EM techniques to define near mine conductors • Interpretation and Review completed with new targets defined at Lynx along strike and at depth with drill planning underway for an early 2022 program 1 . See Prospectus 16 September 2020 The opportunity – growing a copper inventory in a Tier 1 mining jurisdiction Left : Copper sample at Lynx surface Right : drill collar S 08 - 78 at Lynx(which reported 8 . 25 m (true width 7 m) @ 1 . 98 % Cu, 0 . 52 g/t Au and 39 . 5 g/t Ag from 69 . 15 m) 13 Summary Geological: • Complete 12,000m drilling at Witvlei at five prospects • Define drill anomalies at Snowball, drill early in 2022 • Target large new discovery in mineralised province • Canadian project Corporate: • Strong board and management with extensive knowledge of the copper industry and copper exploration • Projects have known copper deposits located in leading mining jurisdictions • Opportunity to expand resources using modern technology • Strong upcoming news flow with near - term catalysts for share price growth Well funded to tackle exciting phase of exploration 14 DorWit Resources 1 Competent Person Statement The Mineral Resource estimate has been prepared under the supervision of by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with more than 30 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (“SACNASP”) and is a Fellow of the Geological Society of South Africa (“GSSA”). Mr. Witley has the appropriate relevant qualifications and experience to be considered a “Competent Person” for the style and type of mineralisation and activity being undertaken as defined by the 2012 Edition of the JORC Code. 1. See ASX release dated 8 March 2021 “10 Mt @ 1.3% Cu Mineral Resources at Namibian Dorwit Project” Table 1 : DorWit Consolidated Mineral Resource s at a cut - off grade of 0. 5 % Cu as at 01 March 2021 Deposit Oxidation State Classification Category Tonnes (Millions) Cu (%) Ag (ppm) Cu content (kilo tonnes) Malachite Pan Oxide Indicated 0.11 1.30 7 1.4 Inferred 0.04 1.19 7 0.4 Total 0.15 1.27 7 1.8 Fresh Indicated 2.81 1.39 8 39.2 Inferred 0.51 1.17 6 6.0 Total 3.32 1.36 8 45.2 All Total 3.47 1.36 7 47.0 Okasewa Oxide Inferred 0.09 1.24 4 1.1 Fresh Inferred 4.28 1.15 4 49.2 All Total 4.36 1.15 4 50.3 Christiadore Oxide Inferred 0.02 0.98 - 0.2 Fresh Inferred 0.93 1.62 - 15.0 All Total 0.95 1.61 - 15.2 Total Witvlei (Malachite Pan Okasewa Christiadore) Oxide Indicated 0.11 1.30 7 1.4 Inferred 0.14 1.19 - 1.7 Total 0.25 1.24 - 3.1 Fresh Indicated 2.81 1.39 8 39.2 Inferred 5.72 1.23 - 70.3 Total 8.53 1.28 - 109.4 All Total 8.78 1.28 - 112.5 Koperberg Oxide Inferred 0.29 1.05 - 3.0 Fresh Inferred 0.91 1.10 - 10.0 All Total 1.19 1.09 - 13.0 Total DorWit Oxide Indicated 0.11 1.30 7 1.4 Inferred 0.43 1.10 - 4.7 Total 0.54 1.14 - 6.2 Fresh Indicated 2.81 1.39 8 39.2 Inferred 6.62 1.21 - 80.2 Total 9.43 1.27 - 119.4 All Indicated 2.92 1.39 - 40.6 Inferred 7.05 1.20 - 85.0 Total 9.97 1.26 - 125.6 Notes: 1. All tabulated data have been rounded and as a result minor computational errors may occur. 2. Mineral Resources which are not Ore Reserves have no demonstrated economic viability. 3. The Mineral Resource is reported as 100% of the Mineral Resource for the project. 4. The Mineral Resource is reported for mineralisation cont ained within Whittle optimised pit shell s above a cut - off grade of 0. 5 % Cu, which is based on a copper price of USD 10,000/t, mining costs of USD 3/t ore and USD 2.5/t waste, processing and treatme nt costs of USD 13/t (mined), G&A USD 2 /t (mined), 3% royal ty, 2% sales cost, pit slope 45° oxide and 55° fresh, mining dilution 5%, mining recovery 95%, concentrate recovery 90%. 15 Onaman Resources 2 Competent Person Statement The information in this report that relates to Mineral Resources in Canada is based on information compiled by Mr Garth Kirkham. Mr Kirkham is an independent consultant employed by Kirkham Geosystems and is a member of a ‘Recognised Professional Organisation’ (RPO) included in a list posted on the ASX website from time to time (Professional Geoscientist, Engineers and Geoscientists BC, previously known as the Association of Professional Engineers and Geoscientists of British Columbia, Canada). Mr Kirkham has sufficient experience relevant to the style of mineralisation, type of deposit under consideration, and to the activity undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Kirkham consents to the inclusion of this information in the form and context in which they occur. 2 . See Prospectus dated 16 September 2020 and ASX release dated 23 July 2020 “Lustrum to Acquire Copper Projects in Canada and Namibia” 16 In June 2020, a JORC (2012) compliant resource (reported by G. Kirkham) was completed at the Lynx deposit representing approximately 600 metres of a 12km trend of mineralisation on the Onaman property. Inferred Mineral Resources with reasonable prospects for eventual economic extraction have been estimated at Lynx in conformance with the JORC Code (2012) as detailed in Table 1. Zone Tonnes Cu% Au gpt Ag gpt Cu pounds Au ounces Ag ounces 1 233,037 1.71 0.56 52.01 8,798,433 4,200 389,643 2 96,455 1.75 0.29 38.67 3,716,379 912 119,909 3 132,400 2.01 1.16 42.66 5,864,124 4,927 181,590 4 179,899 1.64 0.38 36.35 6,522,738 2,179 210,221 5 420,292 1.15 0.41 24.66 10,609,378 5,555 333,268 7 568,540 1.79 0.92 46.25 22,441,679 16,829 845,401 Total 1,630,623 1.61 0.66 39.68 57,952,730 34,602 2,080,032 Table 1 : Inferred Mineral Resource estimates for the Lynx Project Notes : Mineral Resources are reported at a 0 . 5 g/t CuEq block cut - off (within open pit constraints) or a 1 . 0 CuEq block cut - off (below open pit constraints), and classified in accordance with the JORC Code ( 2012 ) by Kirkham Geosystems Ltd . Metal equivalents were calculated using appropriate prices and recoveries as outlined in JORC Table included in Schedule 5 and using the following equation : CuEq = 0 . 85 *Cu ( % ) + 0 . 343 *Au (g/t) + 0 . 004 *Ag (g/t) . Tonnage is reported as dry tonnes .
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