Noronex (ASX: NRX) has secured an exclusive option to acquire the Sleitat tin-tungsten-silver project in Alaska, providing exposure to a historically drilled critical minerals system in the US.
The project carries a non-JORC estimate of 25.9 million tonnes grading between 0.224% and 0.37% tin, representing an estimated 58,060t to 96,162t of contained tin, along with tungsten and silver credits.
Previous drilling returned broad near-surface tin intersections and high-grade zones, while mineralisation remains open along strike and at depth across the northern greisen zone.
The largely untested southern greisen and broader intrusive system also offer scope for additional tin, tungsten and silver mineralisation alongside other critical minerals.
Multiple Mining Claims
Sleitat covers approximately 2,137 hectares across 33 State of Alaska mining claims in the Kuskokwim Ranges, about 410 kilometres southwest of Anchorage.
The US Bureau of Mines prepared the historical estimate in 1989 using surface sampling and projections based on earlier drilling, but it does not comply with the 2012 JORC Code and therefore cannot be treated as a current mineral resource.
14 diamond holes completed between 1984 and 2006 tested the northern greisen zone, producing results that included 29.1m at 1.56% tin and 28 grams per tonne silver from 20.4m, with a higher-grade section of 7.62m at 5.28% tin.
Other drilling returned broad mineralised intervals including 47.85m at 0.40% tin from 3.05m and 19.81m at 0.71% tin from 10.67m, while true widths remain uncertain.
Noronex personnel inspected preserved drill core during a June 2026 site visit and visually confirmed cassiterite-bearing greisen mineralisation consistent with the historical records.
Acquisition Terms and Timeline
Noronex has entered a 60-day option to acquire all of Alaskan Critical Minerals, which holds the contractual right to purchase Strongbow Alaska and its ownership of the Sleitat claims.
The initial deposit comprises $50,000 in cash and $50,000 in Noronex shares, with exercise requiring a further $1m in shares and a $375,000 cash payment two years hence.
Additional milestone shares worth up to $1m could become payable following defined resource thresholds and a future decision to mine.
Noronex would also assume payments of US$260,000 on exercise of the underlying Strongbow option and US$500,000 within 12 months, while the claims remain subject to combined net smelter royalties of 3%.
New Management Appointment
The company has also announced the appointment of experienced mining executive James Thompson as its new chief executive officer.
Mr Thompson said the timing of the acquisition could not be better.
“Tin prices have surged by more than 50% over the past 12 months and as supported by the International Tin Association, demand is expected to continue to increase due to tin’s critical use as solder in high-tech and growth industries,” he said.
“The Sleitat project represents an outstanding combination of high-grade historical drilling, a substantial historical resource estimate, excellent metallurgical performance, and significant exploration upside, with only a small portion of the broader mineralised system tested to date.”
“Our immediate priority will be to complete technical due diligence and rapidly advance exploration targeting to unlock the significant growth potential that remains across this large mineralised system.”
Get the wire before the market opens.
The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.