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 identified from earlier rock-chip sampling. The program includes 36 reverse circulation holes totaling 3,050 meters, with plans to expand exploration to Swakopmund. The CEO highlighted encouraging initial results. Namibia remains a key uranium producer globally, with expected rising demand and supply through 2030.

Connected Minerals (ASX:CML) has commenced its inaugural reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project, located in Namibia. This initiative, undertaken by Hammerstein Drilling, will prioritize high-value targets identified during a rock-chip sampling conducted in December 2024 at Etango North-East Project (EPL 6933). The drilling program 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 plans to expand its drilling strategy at Etango North-East and subsequently shift its focus to Swakopmund, specifically targeting areas highlighted by a recent horizontal-loop electromagnetic (HLEM) survey. The CEO, Warrick Clent, remarked on the encouraging initial exploration efforts, emphasizing that the purpose of the drilling is to deepen the understanding of uranium’s potential at both sites.

Connected Minerals holds a significant position in Namibia, which ranks as the third-largest uranium producer globally, located near the Rössing Mine, predominantly owned by Chinese interests that produced approximately 6.4 million pounds of uranium in 2024. In 2022, Namibia represented about 7% of worldwide uranium reserves and 11% of the global supply.

There is an anticipated rise in global uranium demand from 95 kilotonnes (kt) in 2024 to 105 kt in 2025, largely driven by the expansion of nuclear power in nations such as China and India. Concurrently, uranium supply is projected to increase from 78 kt in 2024 to 97 kt by 2030, as established mines ramp up production and new mining operations begin. Notably, Namibia’s Husab and Rössing mines were among the top ten global uranium producers in 2022, contributing 7% and 5% of worldwide uranium production, respectively.

Connected Minerals has embarked on a significant drilling program focused on uranium exploration in Namibia, a key player in the global uranium market. With promising beginnings indicated by preliminary findings, the company aims to enhance its understanding of the uranium potential in the region. The increasing global demand for uranium, alongside the projected rise in supply, underscores the importance of ongoing exploration efforts in regions like Namibia, known for its substantial uranium resources.

Original Source: www.finnewsnetwork.com.au