Connected Minerals has initiated its first reverse circulation drilling program at the Etango North-East Uranium Project in Namibia, focusing on high-priority targets. The program consists of 36 reverse circulation holes totaling 3,050 meters. They will later shift their focus to Swakopmund, as global uranium demand is expected to rise significantly in the coming years. Namibia plays a vital role in global uranium supply.
Connected Minerals (ASX:CML) has launched its inaugural reverse circulation reconnaissance drilling program at the Etango North-East Uranium Project in Namibia. This initiative is contracted to Hammerstein Drilling and will primarily concentrate on high-priority targets identified following promising rock-chip sampling results obtained in December 2024. The program will consist of 36 reverse circulation holes, covering a total of 3,050 meters, including 2,600 meters at Etango North-East and 450 meters at Swakopmund (EPL 9162).
The company has broadened its drilling strategy at Etango North-East and will soon transition to focus on Swakopmund, targeting areas highlighted by a recent horizontal-loop electromagnetic (HLEM) survey. CEO Warrick Clent remarked that the initial exploration results have been positive and emphasized that the drilling efforts aim to deepen the understanding of uranium resources at both locations. Connected Minerals benefits from a strategically placed land position in Namibia, which is the third-largest uranium producer globally, located close to the Rössing Mine, primarily owned by Chinese interests, which yielded approximately 6.4 million pounds of uranium in 2024.
In 2022, Namibia accounted for around 7% of global uranium reserves and 11% of global supply. The global demand for uranium is anticipated to grow from 95 kilotons (kt) in 2024 to 105 kt in 2025, spurred by the expansion of nuclear energy production in nations such as China and India. Concurrently, uranium supply is projected to increase to 97 kt by 2030, up from 78 kt in 2024, as established mines ramp up production and new mining operations commence. Notably, Namibia’s Husab and Rössing mines ranked among the top ten uranium producers worldwide in 2022, contributing 7% and 5% to global output, respectively.
In summary, Connected Minerals has commenced a significant drilling initiative at its Etango North-East Uranium Project in Namibia, with a strong foundation established by previous sampling results. The expansion of its exploration efforts underscores the company’s strategic position in a key uranium-producing region. As global uranium demand rises, Namibia remains a crucial player in supplying this essential resource, solidifying its role in the global nuclear market.
Original Source: www.finnewsnetwork.com.au
