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Australian-listed Connected Minerals (ASX: CML) has embarked on a pivotal phase of its exploration strategy, initiating a maiden reverse circulation drilling program at its promising Etango North-East Uranium Project in Namibia. This move signals a significant step in the company’s quest to capitalize on the region’s rich uranium reserves, positioning itself within the world’s third-largest uranium-producing nation.
The drilling campaign, which commenced in April, will initially focus on the Etango North-East Project, a site identified as a high-priority target following the discovery of “high-grade” uranium results during a rock-chip sampling exercise in December 2024. Connected Minerals has engaged Namibian drilling contractor Hammerstein Drilling to execute the program, which will encompass 36 reverse circulation holes, totaling 3,050 meters across both Etango North-East and the Swakopmund project.
“The initial exploration work at Etango North-East and Swakopmund has been highly encouraging,” stated Connected Minerals CEO Warrick Clent. “With drilling now underway, we are poised to gain a much deeper understanding of the uranium potential at these projects.”
Connected Minerals’ strategic land position in Namibia’s prolific uranium-producing region places it near established mining operations, including the long-standing Rössing Mine, a major player in the global uranium market. This proximity underscores the company’s ambition to leverage the region’s extensive mining infrastructure and established expertise.
Namibia, which holds approximately 7% of the world’s uranium reserves, is a key player in the global uranium supply chain. The country’s uranium production accounted for roughly 11% of global supply in 2022, solidifying its position as a major contributor to the industry. The Husab and Rössing mines, both located in Namibia, ranked among the world’s top 10 uranium producers in 2022.
The global demand for uranium is projected to surge in the coming years, driven by the expansion of nuclear generation capacity in countries like China and India. This anticipated increase in demand presents a significant opportunity for Connected Minerals as it seeks to establish itself as a key supplier in the market.
“The global energy landscape is shifting, and uranium is playing an increasingly vital role in meeting the world’s growing energy needs,” Clent added. “Our drilling program in Namibia is a crucial step in unlocking the potential of our uranium assets and contributing to the global energy transition.”
As Connected Minerals progresses with its drilling program, the company is poised to provide further insights into the uranium potential of its Namibian projects. The results of this exploration will be closely monitored by industry observers and investors alike, as the company seeks to capitalize on the burgeoning global demand for uranium.
