NORONEX LIMITED — Management Reports 2021

Mar 9, 2021

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NAMIBIAN WORK PROGRAM UPDATE

Perth, Western Australia – 10[th] March 2021 – The Board of Noronex Limited ( Noronex or the Company ) ( ASX: NRX ) is pleased to provide an update on the exploration on the copper projects in Namibia.

Highlights

• Completion of flying the first ever state-of-the-art airborne electromagnetic (EM) survey over the majority of the 780 square kilometres tenement package with New Resolution Geophysics (NRG) using their Xcite system

• The Witvlei and Dordabis region were covered by the detailed survey at 200m line spacing with 4,203 line kilometres flown collecting EM and magnetic data

• Preliminary EM images from the completed survey at Witvlei have identified the prospective stratigraphy, major antiformal fold hinges and structures

• Target areas, where oxidised copper rich fluids have interacted with the reduced conductive horizons, will be highlighted for follow up field work and drilling

• Analysis of satellite imagery is underway using modern algorithms to define alteration pathways and define potential copper targets

• Compilation of historical data into a Geographic Information System has progressed to interrogate the new and historical data for target generation

The Company’s Namibian Projects comprise three Exclusive Prospecting Licences (EPLs) covering 78,000 hectares that are prospective for sedimentary Cu-Ag mineralisation along the prolific Kalahari Copper Belt that spans Namibia and Botswana. The Namibian Projects consist of the Witvlei (EPLs 7028 and 7029) and Dordabis Projects (EPL 7030).

Airborne EM survey

The first ever state-of-the-art airborne electromagnetic (EM) survey has been completed over the majority of the 780 Km[2] tenement package.

A total of 4,203 line kilometres of data was collected, 2,600 km in the Witvlei area and 1,603 km in the Dordabis region.

The survey has been flown on 200m spaced lines oriented in a NW-SE direction perpendicular to regional geological strike, providing optimal sampling of bedrock responses.

The data includes multi-channel electromagnetic and magnetic readings, which will be processed to remove levelling errors caused by minor inconsistencies in terrain clearance between adjacent lines resulting from such things as aviation hazard avoidance.

Initial preliminary data has been provided and analysis suggests the data is of high quality and is responding to strong conductive horizons at depth. Final data is expected in April from NRG.

Data collection has been slower than anticipated due to COVID restrictions, an intense wet season causing significant flooding and land holder access issues requiring some less prospective areas at Dordabis to be excluded.

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Figure 1 Map showing Noronex’s Witvlei and Dordabis project areas in the Kalahari Copper Belt

Satellite Imagery Interpretation

A study has been completed of the remote sensing data available for both regions. Both ASTER and Sentinel 2 images were selected from times of low vegetation cover and integrated with detailed ALOS elevation data and a number of corrections and algorithms run to highlight regional geology, structures and potential alteration associated with fluid movements. Various false colour images created are expected to increase the knowledge of the known mineralisation in the region.

Further work is planned to identify the source of any alteration anomalies and link to the known mapping. Mineral intensity mapping, composition of alteration minerals will lead to anomaly identification.

A detailed mapping interpretation is planned with the high quality imagery and geophysics that is intended to provide a base map for targeting further mineralisation.

GIS Compilation

A compilation of all available historical drilling, geochemistry and geophysics has continued and been integrated with the new data collected. Further historical information is being sourced to add to the geochemistry. Diagrams are all presented in WGS84 zone 33 south.

Witvlei

Preliminary data indicates the EM survey is mapping the conductive stratigraphy and providing significant geological information to enable detailed mapping of the bedding and structures. The survey has identified a strong conductive horizon running southwest to northeast along strike of the tenements associated with a large regional structure. This is interpreted to be a graphitic rich shear zone. Offsets in the structure are associated with the known mineralisation at Okasewa. A number of prospective anticlines are indicated by the data.

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Figure 2 Preliminary Channel 1 image from the Xcite EM survey with prospect areas, dark red areas are conductive units.

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Figure 3 ASTER Imagery, utilising a RGB Geology Discriminator to highlight geology and alteration

Utilising basin modelling and analogous mineralised sedimentary copper basins the Company is defining further potential structural trap sites. Target areas, where oxidised copper rich fluids have interacted with the reduced conductive horizons, will be highlighted for follow up field work and drilling.

This new high quality EM data is key to integrate with the geology, satellite imagery, geochemistry and aeromagnetics to define potential fluid flow pathways and anomalies to increase the known mineralisation and find further deposits.

A program of drilling is being planned for the second half of the calendar year.

Dordabis

Preliminary data indicates the EM survey is mapping some conductive stratigraphy especially in the southeast. Known mineralisation at Koperberg is not associated with conductive horizons.

Significant further processing of the data is required to remove leveling errors and cultural noise in this more developed area.

Further analysis and data integration will focus on the conductive areas in the south west for potential structures, reductants and copper targets.

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Figure 4 Preliminary Channel 1 images from the Xcite EM survey with historical drilling, dark red areas are conductive units

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Figure 5 Sentinel 2 Imagery, utilising a RGB Geological Discriminant with overlain geology

Competent Person 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.

– ENDS –

Authority:

This announcement has been authorised for release by the Board of Directors of Noronex Limited

For further information, contact the Company at info@noronexlimited.com.au or on (08) 6555 2950

About Noronex Limited

Noronex is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada that have seen over 170,000m of historic drilling.

Forward-Looking Statements

This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Noronex Limited’s planned exploration programs, corporate activities and any, and all, statements that are not historical facts. When used in this document, words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should" and similar expressions are forward-looking statements. Noronex Limited believes that its forward-looking statements are reasonable; however, forward-looking statements involve risks and uncertainties, and no assurance can be given that actual future results will be consistent with these forward-looking statements. All figures presented in this document are unaudited and this document does not contain any forecasts of profitability or loss.

APPENDIX 1: JORC CODE, 2012 EDITION – TABLE 1

Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
	JORC Code explanation	Commentary
Criteria
Mineraltenement andland tenurestatus	••Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	••The Witvlei Project is located within EPL 7029 and EPL7028, while the Dordabis Project is located within EPL7030. All have been issued for a period of three yearsending on 12 June 2021 subject to renewals and weretransferred to Aloe Investments Two Hundred andThirty Seven (Pty) Ltd (Aloe 237) on 15 July 2019 witheffect on 11 July 2019. The EPLs have been endorsed bythe Ministry and reflects this transfer.Aloe 237 holds a 100% legal and beneficial interest andis a 95% owned subsidiary of White Metal. Theremaining 5% interest is held by a local Namibianpartner. Larchmont Investments Pty Ltd have an optionwith White Metal to earn-in and acquire up to 95% ofthe issued capital of Aloe 237.• Noronex Ltd owns an 80% interest in LarchmontInvestments Pty Ltd.• Environmental Clearance Certificate were issued by theMinister of Environment and Tourism in respect of EPL7030 on 19 December 2019 in respect of explorationactivities which clearance is to be valid for a period ofthree years.• There are no overriding royalties other than from thestate, no special indigenous interests, historical sites orother registered settings are known in the region of thereported resources.
Exploration done	•Acknowledgment and appraisal of exploration byother parties.	•In the early 1970s, Sigma Mining and ProspectingCompany (Pty) Ltd (Sigma) and FEDSWA completedexploration activities at DorWit Project which includedthe following:Malachite Pan: soil sampling, outcrop grab and channelsampling, geological mapping and IP Surveys, which ledto the discovery of Malachite Pan and a sinking of avertical shaft. The shaft closed in 1975 due to difficultground and prevailing low copper prices.Okasewa: soil sampling, which delineated a 500 m longCu soil anomaly. Fedswa also drilled 87 diamond drillholes.Christiadore: soil sampling, which delineated themineralisation at Christiadore. Fedswa also drilled atotal of 25 diamond drill holes.Koperberg: - In the late 1960’s, Fedswa Prospekteerders(FEDSWA), precursor to Billiton (SA), drilled a total of 19diamond holes covering a strike length of 1.5 km. A non-code-compliant mineral resource was estimated at 290000 t to a maximum depth of 50 m, at an average gradeof 1.7% Cu.- In 1999, Kalahari Gold and Copper (Pty) Ltd completed8 RC boreholes. However, the hole intersections did notdemonstrate continuityof mineralisation.
by other parties

	JORC Code explanation	Commentary
Criteria
		•- In 2003, a private prospector, Mr J J Joubert, drilled 24shallow open-hole percussion holes (for a total of397 m). The drilling identified oxide material with someCu grades over 1% but continuity of mineralisation couldnot be demonstrated. Bench scale metallurgical testwork completed on the composited oxide material, fromthis drilling campaign, indicated 80% recoveries with “anacceptable” acid consumption.All drilling, metallurgical test work and geochemical soilsampling from 2005 was completed by the previousoperator - West African Gold Exploration (Namibia) (Pty)(WAGE), a subsidiary of Kalahari Minerals (between )and North River Resources (NRR) (between ), who werethe owner of theproject at the time.
Geology	• Deposit type, geological setting and style ofmineralisation.	••The Witvlei Project is located within a north easterlytrending belt of Mesoproterozoic Sinclair Age sediments(the Eskadron Formation) comprising altered andesiticbreccias, red to grey siltstones and minor limestone.Extensive deformation has resulted in folding aboutnorth-east south-west trending axes, with fold corescontaining exposed basement age rocks (Rehoboth Age)comprising dioritic intrusive, mafic to intermediatevolcanic and volcaniclastic rocks. Copper mineralisationis typically located within argillites and localised marlswithin the Eskadron Formation.The Dordabis Project is characterised by a series ofnorth-easterly trending belts of MesoproterozoicSinclair-age volcanoclastic sediments and Damaran agemetasediments (comprising Nosib and Nama Groups)that are separated by later low angle northeast trendingthrust faults formed during the Damaran Orogeny. Thearea has had varying intensities and phases of folding(dominated by northeast trending fold axes), with theSinclair equivalents displaying the most intensedeformation as shown by regional scale airbornemagnetics.• Chalcocite is the dominant copper-bearing mineral atthe DorWit Project, with other copper sulphidemineralisation.• Chrysocolla with some malachite is observed as themineral in the oxide ore at DorWit, based onobservations at Malachite Pan and Koperberg),.• The mineralisation is stratiform and occurs in numeroussub-parallel lodes.

	JORC Code explanation	Commentary
Criteria
Drill hole	•A summary of all information material to the	•Drilling results are not being reported.
Information	•understanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill holecollar_o_elevation or RL (Reduced Level –elevation above sea level in metres) of the drillhole collarodip and azimuth of the hole_o_downhole length and interception depth_o_hole length.If the exclusion of this information is justified onthe basis that the information is not Material andthis exclusion does not detract from theunderstanding of the report, the Competent Personshould clearly explain why this is the case.
Dataaggregationmethods	•••In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.Where aggregate intercepts incorporate shortlengths of high-grade results and longer lengths oflow-grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.The assumptions used for any reporting of metalequivalent values should be clearly stated.	• Drilling results are not being reported.
Relationship	•These relationships are particularly important in	•Drilling results are not being reported.
between	••the reporting of Exploration Results. If thegeometry of the mineralisation with respect tothe drill hole angle is known, its nature shouldbe reported.If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (e.g. ‘down hole length, true width notknown’).
mineralisation
widths and
intercept lengths
Diagrams	• Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectionalviews.	• Refer to appropriate figures in the body of the report.Diagrams are presented in WGS84 zone 33 south.
Balanced	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	•Drilling results are not being reported.
reporting

	JORC Code explanation	Commentary
Criteria
Othersubstantiveexploration data	• Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results;bulk density, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	• Geophysical contractor New Resolution Geophysics(NRG) using their Xcite system completed a helicopterborne electromagnetics survey with readings completedon 200m spaced lines
Further work	•The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling). Diagrams clearly	•Modelling of the results will be completed on receivingfinal data.Follow-up programs for the 2021 field season will be
	•highlighting the areas of possible extensions,	planned in the coming months.
	including the main geological interpretations andfuture drilling areas, provided this information isnot commercially sensitive.