Connected Minerals Commences Uranium Drilling Program in Namibia
Connected Minerals has initiated its first reverse circulation drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets after successful rock-chip sampling. The program includes 36 holes, with substantial meters allocated to both Etango and Swakopmund. Global uranium demand is expected to increase significantly due to expanding nuclear energy capacities, highlighting Namibia’s essential role in the uranium market.
Connected Minerals (ASX:CML) has launched its inaugural reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project located in Namibia. The drilling, which has been contracted to Hammerstein Drilling, will initially target high-priority areas identified after a successful rock-chip sampling program in December 2024. This program encompasses 36 reverse circulation holes amounting to 3,050 meters, with 2,600 meters at Etango North-East and 450 meters allocated to Swakopmund (EPL 9162).
The strategic drilling operations will proceed with additional plans at Etango North-East and subsequently transition to Swakopmund, guided by findings from a recent horizontal-loop electromagnetic (HLEM) survey. CEO Warrick Clent expressed optimism about initial exploration results, stating that the drilling efforts aim to enhance the understanding of uranium potential across both sites. Connected Minerals possesses a strategically advantageous land position in Namibia, which ranks as the third-largest uranium producer globally, situated near the Rössing Mine primarily owned by Chinese interests, which yielded approximately 6.4 million pounds of uranium in 2024.
Notably, Namibia contributed about 7% of the world’s uranium reserves and 11% of its global supply as of 2022. Looking ahead, global uranium demand is anticipated to grow from 95 kilotonnes in 2024 to 105 kilotonnes in 2025, largely due to the expansion of nuclear generation capacities in regions such as China and India. Additionally, uranium supply is projected to increase, achieving 97 kilotonnes by 2030, up from 78 kilotonnes in 2024, as current mines ramp up production alongside the establishment of new operations. In 2022, Namibia’s Husab and Rössing mines ranked among the top ten uranium producers worldwide, contributing 7% and 5% to overall global uranium production, respectively.
In summary, Connected Minerals has commenced a significant drilling program at the Etango North-East Uranium Project in Namibia, following encouraging preliminary exploration results. The company aims to expand its understanding of uranium resources and enhance its strategic position in one of the world’s largest uranium-producing regions. With rising global demand for uranium driven by nuclear energy expansion, Namibia continues to play a crucial role in meeting future supply needs.
Original Source: www.finnewsnetwork.com.au
