Connected Minerals Begins Uranium Drilling at Etango North-East Project in Namibia

Connected Minerals has begun a reconnaissance drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets revealed by prior rock-chip sampling. The program involves drilling 36 reverse circulation holes with a total length of 3,050 meters. The company plans to expand efforts at Swakopmund following promising initial results, aligning with the increasing global demand for uranium amid growing nuclear energy capacities.

Connected Minerals (ASX:CML) has launched its initial reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project located in Namibia. This endeavor, which has been contracted to Hammerstein Drilling, will initially concentrate on high-priority targets that emerged from a successful rock-chip sampling conducted in December 2024. The drilling program encompasses 36 reverse circulation holes, spanning a total of 3,050 meters, with 2,600 meters allocated for Etango North-East and an additional 450 meters designated for Swakopmund (EPL 9162).

The company has also expanded its drilling strategy at Etango North-East, with plans to transition focus to the Swakopmund area, where targets were identified through a recent horizontal-loop electromagnetic (HLEM) survey. CEO Warrick Clent noted that preliminary exploration outcomes are promising, emphasizing that the drilling will further elucidate the uranium potential at both sites. Connected Minerals possesses a strategically significant land position in Namibia, which stands as the world’s third-largest uranium producer, particularly in proximity to the Rössing Mine, mostly owned by Chinese stakeholders, that yielded approximately 6.4 million pounds of uranium in 2024.

Currently, Namibia accounts for around 7% of the world’s uranium reserves and 11% of global supply as of 2022. The demand for uranium is expected to rise dramatically, increasing from 95 kt in 2024 to 105 kt in 2025, fueled by the expansion of nuclear energy generation capacities in nations such as China and India. Furthermore, uranium supply is projected to grow, reaching 97 kt by 2030, up from 78 kt in 2024, as existing mines enhance production and new mines commence operations. Notably, Namibia’s Husab and Rössing mines were ranked among the top 10 uranium producers worldwide in 2022, contributing 7% and 5% of global production, respectively.

In conclusion, Connected Minerals’ initiation of the uranium drilling program at the Etango North-East Project marks a significant step in exploring uranium resources in Namibia. With the country’s substantial contributions to global uranium reserves and production, the company’s efforts are positioned to meet the anticipated rise in uranium demand driven by increasing nuclear power capacities. The commitment to exploring high-priority targets underscores the company’s strategic position within a key mining region.

Original Source: www.finnewsnetwork.com.au