Connected Minerals Initiates Uranium Drilling Program in Namibia

Connected Minerals has begun its drilling program at the Etango North-East Uranium Project in Namibia, focusing on identified high-priority targets. The program features 36 reverse circulation holes totaling 3,050 meters, and the company plans to expand its operations to Swakopmund. Global uranium demand is set to rise due to increasing nuclear generation capacities, suggesting a robust market for uranium suppliers, particularly in Namibia.

Connected Minerals (ASX:CML) has launched its first reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project in Namibia. This drilling, performed by Hammerstein Drilling, targets high-priority areas identified after a successful rock-chip sampling program in December 2024. The program encompasses 36 reverse circulation holes, totaling 3,050 meters; 2,600 meters will be drilled at Etango North-East while 450 meters will be at Swakopmund (EPL 9162).

The company intends to expand its drilling initiatives at Etango North-East, eventually transitioning to the Swakopmund area, emphasizing regions highlighted by a recent horizontal-loop electromagnetic (HLEM) survey. CEO Warrick Clent has expressed optimism, noting that initial exploratory findings are promising and that the drilling is designed to deepen the understanding of uranium potential at both sites. Connected Minerals holds a strategic land position in Namibia, a significant uranium-producing country located near the Rössing Mine, which is largely controlled by Chinese interests and produced about 6.4 million pounds of uranium in 2024.

As of 2022, Namibia represented approximately 7% of global uranium reserves and 11% of worldwide supply. The forecast for global uranium demand is set to rise from 95 kilotonnes (kt) in 2024 to 105 kt in 2025, driven by nuclear generation growth in nations such as China and India. Uranium supply is anticipated to increase to 97 kt by 2030, up from 78 kt in 2024, as existing mines boost output and new projects commence operations. Notably, Namibia’s Husab and Rössing mines were ranked among the world’s top 10 uranium producers in 2022, contributing 7% and 5% of global production respectively.

In summary, Connected Minerals has embarked on a significant drilling initiative at its Etango North-East Uranium Project in Namibia, capitalizing on favorable previous sampling results. With an emphasis on high-priority targets and strategic land positioning near major uranium producers, the company aims to enhance its uranium exploration efforts. Rising global demand and supply projections indicate a vibrant future for the uranium market, particularly for mining operations in Namibia.

Original Source: www.finnewsnetwork.com.au