Core Energy Minerals Secures Strategic Earn-In for Nova Uranium JV in Namibia

Core Energy Expands Uranium Footprint in Namibia’s Erongo Region

Core Energy Minerals (ASX:CR3) has taken a significant step in uranium exploration by executing a transformational earn-in agreement with Deep Yellow Ltd (ASX:DYL) and former Toro Energy Ltd subsidiaries to gain up to a 51% stake in the Nova Uranium Joint Venture (Nova JV) in Namibia’s Erongo Region. This region is a globally recognised uranium province, hosting world-class mines such as Husab, Rössing, and Langer Heinrich.

The Nova JV comprises two granted exploration licences, EPL3669 (Tumas North) and EPL3670 (Chungochoab), covering 826.9 square kilometres of highly prospective ground. The JV tenements sit adjacent to CR3’s 100% owned Gemsbok and Oryx projects, forming a consolidated district-scale uranium exploration package that spans a key geological corridor known for hosting significant uranium deposits.

Staged Earn-In Agreement with AUD 5 Million Exploration Commitment

Under the agreement, CR3 can earn an initial 25% interest by spending AUD 2 million on exploration within 18 months, followed by an additional 26% (for a total 51%) through a further AUD 3 million exploration spend over the subsequent 24 months. During this earn-in period, Core Energy will manage the JV operations, positioning the company to drive exploration activities and unlock value.

The current JV ownership structure is dominated by Deep Yellow’s subsidiary holding 65%, with Nova Energy (Africa) and Sixzone Investments holding 25% and 10% respectively. The earn-in deal marks a strategic consolidation of CR3’s presence in a region with established infrastructure, power, and export facilities.

Barking Gecko and Other Advanced Uranium Prospects Highlight Potential

The Nova JV hosts several advanced uranium prospects, with Barking Gecko standing out due to its thick, high-grade basement-hosted uranium mineralisation. Historical drilling by JV partners has returned impressive intercepts such as 45m at 222ppm eU3O8 from 120m and 21m at 886ppm eU3O8 from 199m. Geological modelling indicates multiple stacked leucogranite sheets with parallel mineralised zones extending over hundreds of metres, suggesting a materially significant uranium system.

Other basement targets within the JV include Speke and Bowsprit, which show structurally controlled hydrothermal uranium mineralisation, and Iguana, which has delivered strong basement-hosted uranium results beneath weak surface radiometric response; indicative of a blind system with extension potential under cover. The Cape Flat prospect on EPL3670 reveals a broad zone of basement-hosted uranium anomalism with structural controls consistent with the regional “Alaskite Alley”.

Complementing CR3’s 100% Owned Gemsbok and Oryx Projects

CR3’s strategic position is further strengthened by its wholly owned Gemsbok (EPL9725) and Oryx (EPL9652) projects. Gemsbok lies along the southern extension of the fertile Alaskite Alley, hosting underexplored intrusive systems and dome-like structural culminations; key controls for uranium mineralisation.

Oryx sits adjacent to Deep Yellow’s prolific Tumas palaeochannel uranium system, which hosts deposits exceeding 100 million pounds of U3O8. The project offers dual uranium styles: palaeochannel-hosted calcrete mineralisation and basement-hosted alaskite-related uranium systems, both considered highly prospective given the regional geology and nearby mineral occurrences.

Immediate Exploration Plans and Value Creation Potential

Core Energy plans to commence on-ground exploration in the September quarter, integrating historical Nova JV datasets into a unified regional model. The company will engage African-based geological teams to conduct structural, geophysical, and geochemical analyses across all tenements, prioritising targets for both basement and palaeochannel uranium systems.

A maiden drilling program is planned to test priority prospects, with Barking Gecko expected to be a key focus given its advanced stage and high-grade historical results. This approach aims to build on the extensive datasets inherited from JV partners and rapidly advance the project’s value proposition.