Noronex : Significant Copper intercepted in new Kalahari drilling

For personal use only

Strong Copper intersects in Witvlei drilling

Results from four holes at Daheim Prospect report Copper hits

in first ever holes in prospect

Perth, Western Australia - 24 March 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

• Results from first ever drilling at Daheim prospects intersects a number of strong intercepts in first holes ever drilled at the prospect reporting with 3m dilution :

• 1. 7m @ 1.7 % Cu from 68m in 22DHRC02 and o 10m @ 0.6 % Cu from 89m and
     o 9m @ 0.9 % Cu from 107m
     o 12m @ 0.8 % Cu from 34m in 22DHRC04
• The holes have a number of mineralised intervals with Hole 22DHRC02 reporting without dilution 131m at 0.35% Cu including 31m @ 0.7 % Cu from 68m with 6m dilution. Hole 22DHRC04 reports 33m at 0.5 % Cu from 34m.
• The central fence of holes has significant visual copper intercepts over a 300m width, results are still pending from remaining holes on the fence.
• Nearest holes 400m away laterally also intercepted visual Copper and results are pending
• Drilling continues on the Snowball project at Hennep with the planned first program nearing completion.

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.

The initial program has now been completed and further work is being evaluated and will be finalised when full results have been received for the drilling. The program has included 71 RC holes for a total 13,947m.

For personal use only

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

Daheim

Results from the first four holes completed have been received from Daheim from the 13 holes for 2,718m with a number of strong intercept in holes 21DLRC02 and 04 targetting a strong Copper soil anomaly.

Intercepts include :

1. 7m @ 1.7 % Cu from 68m in 22DHRC02 and o 10m @ 0.6 % Cu from 89m and
   o 9m @ 0.9 % Cu from 107m
   o 12m @ 0.8 % Cu from 34m in 22DHRC04

Results are reported above a 0.3 % Cu cut-off with 3m of internal dilution. Including a broader 6m internal dilution the Hole 22DHRC002 reports 31m @ 0.7 % Cu or with 8m dilution of 131m @ 0.35 % Cu. Hole 22DHRC004 reports 33m @ 0.5 % Cu from 34m. A broader bulk open pit mining method could be considered.

The holes intersected the Eskadron Formation containing brown siltstone and at the contact with a thick oxidised red sandstones. Malachite staining was intercepted down to approximately 20m vertically with fine pyrite, chalcopyrite and chalcocite developed in the siltstone horizons at depth below.

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).

For personal use only

Hole_ID	Easting	Northing	RL	Azi	Dip	Hole_Depth Depth_From	Width	Cu
	m	m	m			m	m	m	%
22DHRC001	251730	7538207	1520	330	-60	162	102	1	0.36
							117	1	0.61
22DHRC002	251140	7538230	1524	330	-60	202	68	131	0.35
						including	68	31	0.7
						including	68	7	1.69
							79	6	0.55
							89	10	0.56
							107	9	0.89
							125	1	0.4
							133	4	0.33
							144	1	0.9
							150	3	0.31
							157	3	0.89
							169	1	0.59
							177	3	0.53
							184	1	0.33
							195	4	0.79
22DHRC003	251207	7538154	1527	330	-60	133 no sig assay
22DHRC004	251085	7538305	1525	330	-60	200	34	33	0.46
						including	34	12	0.76
							54	1	0.88
							62	5	0.82

Intercepts > 0.3 % Cu with no, 6m and 3m internal dilution.

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

For personal use only

Figure 3 Plan of Daheim Prospect with completed drill program.

Figure 4. Cross Section looking west of recent Daheim Drilling Drilling intersected a steeply dipping fine sediment sequence of argillites, thin limestones and a thick sandstone sequence.

For personal use only

Drilling has been completed for the time being as the rigs move to Snowball. A further program is being planned to follow up anomalous geology intersected in the initial 13 holes drilled.

An infill soil survey is being planned prior to further work as samples are on a 400 by 80m grid which will be close up to 100m lines and 40m samples over anomalous areas with a combined pXRF and analytical survey.

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

Snowball Joint Venture Drilling

A program of ten holes is nearing completion on the eastern tenement with two rigs drilling at Hennep to test the prospective NPF-D'Kar contact and the chargeability anomalies defined.

Figure 5: Target zones at the Hennep prospect in the Snowball Joint Venture with anomalous Chargeability on the prospective horizon anomaly defined.

Competent Person Statement - Exploration Results

The information in this report that relates to Exploration Results at the Witvlei and Snowball 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.