Connected Minerals Initiates Uranium Drilling Program in Namibia

Connected Minerals has started its first drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets after favorable rock-chip sampling results. The program includes 36 reverse circulation holes and will later shift focus to Swakopmund. CEO Warrick Clent noted the potential of uranium exploration in a region crucial for global supply.

Connected Minerals (ASX:CML) has launched its inaugural reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project located in Namibia. This drilling endeavor, contracted to Hammerstein Drilling, will initially target high-priority zones identified via high-grade results from a December 2024 rock-chip sampling program. The project encompasses 36 reverse circulation holes totaling 3,050 meters, comprising 2,600 meters at Etango North-East and 450 meters at Swakopmund (EPL 9162).

The company’s drilling strategy at Etango North-East is notably expansive and will transition to include Swakopmund, focusing on areas highlighted by a recent horizontal-loop electromagnetic (HLEM) survey. According to Connected Minerals’ CEO Warrick Clent, the early outcomes of exploration are promising, and the goal of drilling is to deepen the understanding of uranium potential at both locations. Connected Minerals maintains a strategically advantageous land position in Namibia, recognized as the world’s third-largest uranium producer, situated close to the Rössing Mine—majority-owned by Chinese interests—which produced around 6.4 million pounds of uranium in 2024. In 2022, Namibia accounted for nearly 7% of global uranium reserves and contributed 11% of the global supply.

Looking ahead, global uranium demand is anticipated to rise from 95 kilotonnes (kt) in 2024 to 105 kt in 2025, largely due to the growth of nuclear energy capacity in nations such as China and India. The supply of uranium is projected to augment as well, increasing to 97 kt by 2030 from 78 kt in 2024, aided by enhanced production at existing mines and the initiation of new ones. Notably, Namibia’s Husab and Rössing mines were classified among the top ten uranium producers globally in 2022, contributing 7% and 5% of global output, respectively.

In summary, Connected Minerals has commenced a significant drilling program in Namibia, focusing on high-priority uranium targets at the Etango North-East Project. The collaboration with Hammerstein Drilling aims to unravel the uranium potential of the region, strategically positioned near major production sites. With increasing global demand for uranium and the anticipated expansion of supply, Namibia remains a key player in the uranium market going forward.

Original Source: www.finnewsnetwork.com.au