Connected Minerals has completed its Phase 2 drilling at the Etango North-East Uranium Project in Namibia, with 17 of 23 holes returning economic uranium grades, reinforcing its geological model and setting the stage for further exploration.
- Phase 2 RC drilling completed with 17 of 23 holes yielding economic uranium grades
- Results support geological model similar to Bannerman Energy’s Etango deposit
- Mineralisation remains open at depth and along strike at Ondapanda Prospect
- Planning underway for rare earth element exploration at Pallingup, Western Australia
- Company holds AUD 3.01 million cash with no debt at quarter end
Strong Drilling Results in Namibia
Connected Minerals Limited (ASX, CML) has reported promising outcomes from its Phase 2 reverse circulation (RC) drilling programme at the Etango North-East Uranium Project in Namibia. The recent campaign, comprising 23 holes totaling 3,134 metres, followed an earlier Phase 1 programme that already delivered exceptional uranium grades. Impressively, 17 of the 23 holes drilled in Phase 2 returned economic uranium grades, maintaining an overall drilling success rate exceeding 80% across both phases.
The drilling focused on the Ondapanda Prospect, where multiple stacked and mineralised Alaskites (leucogranite) were intersected. These results reinforce Connected Minerals’ belief that the geology mirrors that of Bannerman Energy’s world-class Etango Uranium Project, which boasts a resource of 429 million tonnes at 225 parts per million uranium oxide (U3O8).
Notable Intercepts and Geological Significance
Among the highlights, hole OPRC0020 returned 6 metres at 295 ppm eU3O8 from 42 metres depth, including 2 metres at 485 ppm, while OPRC0024 yielded 2 metres at 467 ppm from 14 metres, including a standout 1 metre at 635 ppm. These intercepts, along with others such as 4 metres at 456 ppm in OPRC0035, suggest a zone of uranium enrichment that warrants detailed follow-up.
The mineralisation remains open both at depth and along strike, indicating potential for further resource expansion. The western portion of Ondapanda also revealed mineralisation that will require additional drilling to fully delineate.
Western Australian Exploration Plans
Beyond Namibia, Connected Minerals is advancing plans for its Pallingup Project in Western Australia’s Great Southern Region. The project targets rare earth elements (REE) and heavy minerals, with geologists identifying up to two carbonatite bodies from aeromagnetic surveys that could host REEs. Field activities are anticipated to commence in the first quarter of 2026, pending successful land access agreements with local landowners.
Financial Position and Outlook
Financially, the company reported increased operating cash outflows this quarter due to exploration activities in Namibia, with staff costs of AUD 113,000 and exploration expenditure of AUD 162,000. At quarter end, Connected Minerals held approximately AUD 3.01 million in cash and maintained a debt-free balance sheet, providing a solid foundation for ongoing exploration and development work.
Connected Minerals continues to review its Pilbara assets in Western Australia, reassessing future budgets and strategic priorities. The company’s next steps will likely focus on advancing uranium exploration in Namibia while progressing REE exploration in Australia.
Bottom Line?
With strong drilling success and a healthy cash position, Connected Minerals is poised to deepen its uranium footprint in Namibia while unlocking rare earth potential in Australia.
Questions in the middle?
- When will chemical assay results confirm the radiometric uranium grades reported?
- What is the timeline and budget for the next drilling phase at Etango North-East?
- How will land access negotiations impact the commencement of the Pallingup field programme?