Mining and metals company South32 has signed an earn-in agreement and forged an alliance with copper company Noronex pertaining to the latter’s Humpback-Damara copper project in Namibia.
Located in newly-granted fully-owned Noronex tenements, the Namibian copper project hosts several domal structures encompassing the prospective NPF-D’Kar contact.
Under the terms of the agreement, South32 will spend up to A$15m ($10.11m) of exploration expenditure over five years to earn a 60% interest in the Humpback-Damara project.
The deal will cover exclusive prospecting licences (EPL) 8655, 8656, 8664, 8671, 8672, 8964, 8964, and applications 9551, 9952, 9932 and 9971. These are held by Noronex and are in the Kalahari copper belt.
South32 has also committed to a Namibia-wide partnership to source copper and base metal projects for exploration and development by the two parties.
Both companies have agreed on a first-year programme to test various targets, with a minimum approved expenditure of A$3m ($2m). This will be managed by the in-country Noronex team.
The exploration programme will begin immediately with a detailed in-fill gravity survey over four main project targets. A drilling programme is scheduled to begin in October 2024, first at Fiesta, and then at the Damara Zone.
Through the partnership, which is valid till December 2026, both companies aim to generate early-stage exploration opportunities which are primarily prospective for copper in Namibia.
Noronex executive director James Thompson said: “The technical, financial and strategic support from South32 will allow us to search and drill across the impressive portfolio we have developed in the Kalahari Copper Belt.
“The Strategic Alliance is a testament to the experienced team and infrastructure that our Technical Director Bruce Hooper and his team have set up in-country and will allow us to target exciting new copper and base metal opportunities across this highly prospective belt.”
