NRX - Noronex Limited

[System]

Lustrum Minerals Limited is a mining exploration company whose primary exploration focus will be on coal in the Bowen Basin in Queensland.

It is anticipated that LRM will list on the ASX during October 2017.

http://www.lustrumminerals.com.au

 

[System]

On November 12th, 2020, Lustrum Minerals Limited (LRM) changed its name and ASX code to Noronex Limited (NRX).

 

[greggles]

The NRX share price is up 25% today on high volume. In its response to an ASX Price Query the company said that it not aware of any reason for the share price increase but nonetheless offered the following lengthy explanation:

The Company notes that there has recently been substantial news and activity regarding the Kalahari Copper Belt (KCB) where Noronex currently controls 5,600km2 of highly prospective ground in Namibia. The KCB is a known but relatively underexplored sedimentary copper belt spanning 1,000km from central Namibia into Northern Botswana.

The news has included recent exploration updates1 provided by Cobre Resources Ltd (ASX:CBE) on its Ngami Cu prospect on the KCB in Botswana during July and August 2022 and recent updates2 by Sandfire Resources Ltd (ASX:SFR) on the proposed commencement of mining in 2023 at its Motheo copper mine in Botswana.

This current activity and interest in the KCB may have highlighted NRX’s relatively low valuation (~$10m enterprise value) for a company with an extensive exploration package on the KCB (5,600km2), existing JORC (2012) Resource and a recent successful Cu exploration program (see
ASX announcement dated 4 April 2022).

The Company is currently actively exploring at its Witvlei Project, including Daheim, and Snowball Project and is planning to next commence exploration on its Damara and Humpback Projects. The Company’s Humpback tenements abut CBE’s tenements at the Namibia/Botswana border where its Blowhole prospect is targeting the same horizon as Ngami.

The Company also has assays pending from a recent phase 2 drill program at its Daheim copper prospect on the KCB in Namibia. The phase 2 drill program was designed to follow up on early 2022 drilling completed by NRX which included a Cu intercept of 27m @ 1.6% Cu from 42m in a previously undrilled area (see ASX announcement dated 4 April 2022).

The phase 2 drilling program was completed on 21 July 2022 (see ASX release). Samples from the phase 2 drilling program were sent for assaying between the 22 June and 27 July 2022. Assay results from the completed program are awaited and currently expected within one to
two weeks subject to laboratory turnaround times. The Company maintains confidentiality in respect to any results from the phase 2 drill program by ensuring that only employees directly involved with processing core are exposed to any assay results. The Company also has policies in place, such as its code of conduct and continuous disclosure policy, which apply to directors, officers, and employees of the Company in respect to dealing with confidential information.

 

[Dona Ferentes]

And up 40%+ today ... Hat tip @barney

I wonder what the story is? (On mobile so it's clumsy ...over to others?)*

 

[barney]

And up 40%+ today ... Hat tip @barney

Definitely no hat tip required/deserved on my behalf @Dona Ferentes , but I thank you for the thought.

NRX hit the "Top Stocks" today ...

In my humble opinion, where the (any) advantage comes from in finding these rogue movers, is often the price action leading up to the move

I have no blue print on any of these types of moves ( I do think there are often 'early' tell-tale signs, but invariably only a percentage of those are reliable.

I'm not going to comment on this one because I wasnt watching it, and therefore missed it like the majority of punters.

However the preceding recent Volume/Price action before todays spike is worth some research

Its nearly always in the Volume!

The daily bar on the 27th October particularly!!

ps Whether it has further legs I have no idea!!

 

[Dona Ferentes]

hat tip ! Market Sensitive

NRX is pleased to announce a significant addition to its portfolio of Copper Projects in Namibia with a new agreement signed on a property in the major Uranium Belt of Namibia.

Highlights
• NEW ACQUISITION IN NAMIBIAN URANIUM BELT: Noronex has entered into an exclusivity agreement over a claim in the heart of the Namibian Uranium Belt allowing it to conduct due diligence and acquire up to an 80% interest via earn-out on a highly prospective 7,000 Ha claim located approximately 3kms north of Bannerman Energy’s Etango project.
• NAMIBIA URANIUM BELT: Namibia is one of the leading jurisdictions for Uranium mining (3rd largest producer in 2022 and 5th largest resources in the world) and contains significant uranium mines with advanced development projects such as Rossing, Husab, Trekopje, Etango (Bannerman), Tumas (Deep Yellow) and Langer Heinrich (Paladin).
• GEOLOGY: The geology on the claim includes hard rock mineralisation with Alaskites which is the same setting as for most of the major uranium deposits on the Uranium Belt. Alaskites have been identified on the claim boundary where trenches and drilling with radiometric anomalies have been identified. The style of mineralisation is reported as similar to that at the Etango Project.
• CAPITAL RAISING: The company has completed a capital raising of up to $0.91m to fund initial exclusivity payments and due diligence costs (including advancement of the environment clearance certificate) on the new claim, further works on its Kalahari Copper Belt licences, placement costs and general working capital.
• COPPER OUTLOOK: The company remains committed to extracting maximum value for shareholders on its copper portfolio of assets including the Witvlei Project which hosts a JORC 2012 Resource of 10Mt at 1.3% Cu.
• NEXT STEPS: Commencement of due diligence, completion of environmental clearance certificate followed by on-ground soils/radiometric testing and planning for potential drill program.
.
market cap $4m

 

[Dona Ferentes]

Stockhead had an article by Barry Fitzgerald over the weekend, and NRX got a bit of love .

.
there wasn't much new, just recycling the earlier Ann, what a good bunch of neighbours, etc.

 

[kenny]

Agree with Dona's comment that Near-ology may well be a trigger for a re-rating of this one that's been slowly dying a death of a thousand cuts. Here's their tweet on X March 15th;

and accompanying article in The West Australian;


Price wise; 200 day SMA support at 1.4c with minor resistance at 1.5c. Unfortunately some significant holders such as Cumulus Wealth holding ~15% have undue influence and it's unclear how steady hands they have. Cumulus's recently buy in to ~15% holding has led to speculation on their motives.

Separately, Director James Thompson has accumulated a few more shares whenever he finds cash behind the sofa;

Noronex Limited (NRX, formerly Lustrum Minerals Ltd) is Australian exploration company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada.

 

[Dona Ferentes]

quarterly, and directors getting on board

Positive quarter sees Noronex consolidate its position in the Kalahari Copper Belt, expand its Namibian portfolio with new uranium acquisition and strengthen its cash position.

Highlights
• Transaction to acquire an additional 25% interest in the Witvlei Project completed, resulting in Noronex increasing its shareholding in the JV1 entity (Aloe Investments Two Hundred Thirty Seven (Pty) Ltd) from 70% to 95% consolidating Noronex’s position in the Kalahari Copper Belt.
• Noronex enters into an exclusivity agreement over a claim in the heart of the Namibian Uranium Belt allowing it to conduct due diligence and acquire up to an 80% interest via earn-out on a highly prospective 7,000 Ha claim located approximately 3kms north of Bannerman Energy’s world class Etango Project (ASX: BMN, ~$576 million market capitalisation).
• Capital raising, led by Melbourne boutique Cumulus Wealth, of ~$0.91 million to fund initial exclusivity payments and due diligence costs on the new claim, further works on its Kalahari Copper Belt licences, placement costs and general working capital. Director participation (~$136k) is subject to shareholder approval at the upcoming general meeting.
• Final results received from 4,900m drill program received during quarter at Humpback and the maiden drilling campaign at Blowhole.
• Exploration targeting (including drill planning) is underway across multiple projects including the Fiesta Deposit (recent intercepts include 45m @ 0.8 % Cu and 23 g/t Ag (1.0 % CuEq), multiple new Copper targets under Kalahari cover at the Humpback project, Witvlei and the company’s new uranium project.

 

[Dona Ferentes]

A bit of interest today on news of an earn- in ..... with a MC of $6M, and going to ask for some money sometime soon !?!?

.

Noronex to Partner with South32 Targeting Large-Scale Copper Discoveries in Kalahari Copper Belt in Namibia​

Earn-in Agreement at Noronex’s Humpback-Damara Project in Namibia and a Strategic Alliance targeting new copper and base metal projects

Highlights
• South32 commits to spending A$3 million a year for five years on exploration at Noronex’s Humpback-Damara Copper Project in Namibia.
• South32 can earn a 60% interest by spending A$15 million over five years.
• South32 enters a Strategic Alliance with Noronex targeting a new generation of base metal projects in Namibia.
• Gravity survey to commence immediately, with drilling planned to commence in October at the highly prospective Fiesta and Damara Projects.

 

[Dona Ferentes]

Highlights
• NEW ACQUISITION IN NAMIBIAN URANIUM BELT: Noronex has entered into an exclusivity agreement over a claim in the heart of the Namibian Uranium Belt allowing it to conduct due diligence and acquire up to an 80% interest via earn-out on a highly prospective 7,000 Ha claim located approximately 3kms north of Bannerman Energy’s Etango project.

still 1.4c, MC of $7M

Noronex Agrees to exercise Option on Uranium License on Renewal of the License​

Highlights
• ETANGO NORTH: Further targets have been defined in EPL6776 during the Due Diligenceperiod, utilising information provided on previous exploration. Regional studies utilising Neural Networks and AI trained on known hard rock uranium mineralisation have defined further targets for ground follow-up once environmental clearance is completed.
• NEXT STEPS: Noronex have agreed to exercise the exclusive option on renewal of the Licence and addition of Nuclear Fuels.