Connected Minerals Launches Uranium Drilling Program in Namibia

Connected Minerals has initiated a drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets following past sampling successes. The program involves drilling 36 holes over 3,050 meters and aims to enhance uranium exploration understanding in the region. With Namibia being a significant uranium producer and growing global demand, the company is well-positioned for future developments.

Connected Minerals (ASX:CML) has launched its inaugural reverse circulation reconnaissance drilling initiative at the Etango North-East Uranium Project situated in Namibia. The drilling operation has been contracted to Hammerstein Drilling and will initially target high-priority sites identified at this project (EPL 6933), following promising high-grade findings from a rock-chip sampling program conducted in December 2024. The drilling program encompasses 36 reverse circulation holes extending a total of 3,050 meters, with 2,600 meters focused on Etango North-East and an additional 450 meters at Swakopmund (EPL 9162).

The company has expanded its drilling plans and will subsequently concentrate efforts on the Swakopmund area, where recent horizontal-loop electromagnetic (HLEM) surveys have indicated significant targets. CEO Warrick Clent expressed that the initial exploration results are promising, asserting that the drilling is intended to deepen the understanding of uranium potential present at both locations. Connected Minerals boasts a strategically advantageous land position in Namibia, recognized as the world’s third-largest uranium producer, closely adjacent to the Rössing Mine, which is predominantly owned by Chinese interests and produced around 6.4 million pounds of uranium in 2024.

As of 2022, Namibia accounted for approximately 7% of global uranium reserves and contributed 11% of global supply. Projections indicate that global demand for uranium will escalate from 95 kilotonnes (kt) in 2024 to 105 kt in 2025, fueled by an increase in nuclear generation capacity particularly in countries such as China and India. Furthermore, uranium supply is anticipated to rise, achieving 97 kt by 2030, up from 78 kt in 2024, as existing mines ramp up production and new operations commence. Namibian mines, notably Husab and Rössing, ranked among the top 10 uranium producers worldwide in 2022, providing 7% and 5% of global production, respectively.

In summary, Connected Minerals has commenced its first drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets following positive initial sampling results. The strategic positioning of the company within Namibia, a leading uranium producer, coupled with rising global demand, presents a favorable outlook for uranium exploration and production in the region. The planned expansion to Swakopmund indicates a proactive approach to tapping into additional uranium resources, further strengthening Connected Minerals’ portfolio.

Original Source: www.finnewsnetwork.com.au