Connected Minerals Begins Uranium Drilling Initiative in Namibia

Connected Minerals has initiated its first uranium drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets following previous high-grade sampling results. The program aims to deepen the understanding of uranium potential in the region. Namibia is a crucial player in the global uranium market, contributing significantly to supply and reserves.

Connected Minerals (ASX:CML) has commenced its inaugural reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project located in Namibia. The drilling, which is contracted to Hammerstein Drilling, targets initial high-priority areas identified after high-grade findings from a December 2024 rock-chip sampling initiative. The program will consist of 36 reverse circulation holes, amounting to a total of 3,050 meters, distributed as 2,600 meters at Etango North-East and 450 meters at Swakopmund (EPL 9162).

The company has expanded its drilling agenda at Etango North-East and plans to later focus on Swakopmund, utilizing insights from a recent horizontal-loop electromagnetic (HLEM) survey. Warrick Clent, the CEO, remarked that the preliminary exploration results are promising and emphasized that the drilling is intended to augment the understanding of uranium potential in both regions. Connected Minerals is strategically positioned in Namibia, the world’s third-largest uranium producer, in proximity to the Rössing Mine, which is chiefly owned by Chinese entities and generated around 6.4 million pounds of uranium in 2024.

Namibia represents approximately 7% of global uranium reserves and contributed 11% to global supply in 2022. The anticipated global demand for uranium is set to rise from 95 kt in 2024 to 105 kt in 2025, fueled by the growth of nuclear generation capacity in nations such as China and India. Furthermore, uranium supply is expected to increase, reaching 97 kt by 2030, compared to 78 kt in 2024, as current mines ramp up production and new mines commence operations. Notably, Namibia’s Husab and Rössing mines were ranked among the world’s top 10 uranium producers in 2022, accounting for 7% and 5% of global production, respectively.

In summary, Connected Minerals has launched its first drilling program at the Etango North-East Uranium Project in Namibia, with plans to expand further into the Swakopmund area. The initiative reflects the company’s commitment to exploring uranium resources in a significant producing region. Given the increasing global demand for uranium and Namibia’s strategic position in the market, this exploration is timely and potentially lucrative.

Original Source: www.finnewsnetwork.com.au