Noronex : Drilling Update at Witvlei and Snowball

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Kalahari Exploration Update

Drilling Update at Witvlei and Snowball

Perth, Western Australia - 8 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

• Both drill rigs have moved to the Hennep Prospect at Snowball East testing a number of geological and geophysical targets at the prospective contact.
• A further program of drilling is being planned at Dalheim to follow up anomalous geology intersected in the initially 13 holes once results are received. An infill soil survey is planned to assist targeting further drilling.
• Results from the drilling completed at Okasewa have been received with an intercept south of the known resource that reports :

• 1. 13m @ 0.85 % Cu from 2m in 21OKRC015 and o 5m @ 1.0 % Cu from 21m and
     o 1m @ 1.2 % Cu from 144m
     o 2m @ 0.76 % Cu from 133m in 21OKRC004
• Three holes have been completed at Kehoro North at Snowball West testing a chargeable IP anomaly.

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.

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

Okasewa

Results from the holes completed have been received from Okasewa from the 18 holes for 3,600m with an intercept in hole 21OKRC015 identified from a strong Copper soil anomaly.

Intercepts include :

1. 13m @ 0.85 % Cu from 2m in 21OKRC015 and o 5m @ 1.0 % Cu from 21m
   o 1m @ 1.2 % Cu from 144m
   o 2m @ 0.76 % Cu from 133m in 21OKRC004

The holes intersected the Eskadron Formation containing brown siltstone and interbedded sandstones with debris flow. 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).

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Hole_ID	Easting		Northing	RL	Azi	Dip	Hole_Depth	Depth_From Width	Cu		Ag
	m		m	m			m	m	m		%		ppm
21OKRC001		224134	7520601	1489	333	-60	200 no sig results
21OKRC002		224092	7520690	1491	334	-60	200	18		1		0.34	2
								73		1		0.41	1
21OKRC003		224240	7520428	1485	328	-58	200	72		3		0.3	0
21OKRC004		224195	7520516	1483	328	-60	200	133		2		0.76	19
21OKRC005		224290	7520338	1491	333	-60	200 no sig results
21OKRC006		224062	7519940	1488	333	-58	200 no sig results
21OKRC007		224012	7520026	1486	333	-59	200 no sig results
21OKRC008		223962	7520116	1488	333	-59	200 no sig results
21OKRC009		223911	7520203	1488	330	-60	200 no sig results
21OKRC010		223814	7520374	1482	332	-60	200 no sig results
21OKRC011		224595	7520615	1489	331	-59	200 no sig results
21OKRC012		224484	7520005	1485	339	-59	200 no sig results
21OKRC013		224495	7520795	1492	330	-60	200 no sig results
21OKRC014		224443	7520878	1493	332	-62	200	34		1		0.45	1
								87		2		0.6	3
21OKRC015		224400	7520970	1491	333	-60	200	2		13		0.85	11
								21		5		1.01	5
								123		1		0.33	0
								128		1		0.34	0
								144		1		1.2	1
22OKRC016		223215	7520610	1482	333	-60	200 no sig results
22OKRC017		222983	7520193	1495	333	-60	200 no sig results
21OKRC018		225235	7520380	1482	330	-60	200 no sig results

Intercepts > 0.3 % Cu with 3m internal dilution.

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

Figure 3 Plan of Okasewa Prospect with completed drill program and resource mineralised shells with historical drilling.

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Figure 4. Cross Section looking west of recent Okasewa Drilling and the Okasewa Deposit defined by historical drilling. Drilling intersected a steeply dipping fine sediment sequence of argillites, thin limestones and sandstones.

Dalheim

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 for 2,718m.

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.

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Figure 5. Completed fencing of drilling at Dalheim on anomalous Copper soil geochemistry

Snowball Joint Venture Drilling

Three holes have been completed on the western Snowball tenement at Kehoro North (Havango) testing a major structure and IP chargeability anomaly.

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