Connected Minerals begins testing Bailundo's high-grade historical targets

Bailundo drilling reaches its first assay stage

Connected Minerals Limited (ASX:CML) has started testing the geological story at Bailundo in Angola, with 937 metres drilled across 14 diamond collars by 27 October and samples from the first seven holes already sent to the laboratory. Results from the first two holes are expected in mid-November, making the next few weeks the first meaningful test of whether the project’s historical mineralisation can be reproduced under the company’s current programme.

The company is targeting roughly 3,000 metres in the Central and Southern niobium zone initially, using diamond drilling to examine not just grade but weathering, mineralogy, density and potential processing characteristics. Twelve holes had been completed, including 11 of 29 planned first-pass holes and a twin of historical hole SB02. Additional track-mounted rigs are expected to be mobilised in November ahead of the wet season.

Historical grades provide the starting point

The project’s appeal rests on historical drilling acquired after quarter end. The dataset includes ten diamond holes totalling 3,414.4 metres, together with 1,089 soil samples, 458 rock-chip samples, core photographs and laboratory records. Those results included 205.5 metres at 1.0% Nb₂O₅ from surface in SB02 and 227.3 metres at 2.0% TREO from surface in SB06.

That historical database was the subject of Bailundo historical results, which reported the same broad niobium and rare earth intersections and noted that about 1,534 metres of historical drilling remained without assay coverage. Connected says the remaining core, where available and in suitable condition, may be re-logged and re-assayed, alongside mineralogical and metallurgical work.

The numbers are prospective rather than definitive. The intersections are downhole lengths, not established true widths, and continuity, sampling quality and analytical limitations remain unresolved. The historical results do not constitute a Mineral Resource or Ore Reserve, while the current programme has not yet produced a reported assay.

Acquisition and funding put Bailundo at the centre

During the quarter, Connected completed its acquisition of Frontier and raised A$4.5 million before costs at A$0.165 a share. Through Frontier, the company holds an indirect 80% interest in FRAL, which owns the Bailundo licence. The concession covers 2,054.8 square kilometres and contains a carbonatite complex approximately 7 kilometres in diameter.

The capital raising and acquisition followed the company’s earlier Bailundo drilling campaign, which outlined a planned programme aimed at supporting a maiden JORC resource. Connected ended September with A$5.15 million in cash and no interest-bearing debt. Its reported quarterly operating and exploration outflows totalled A$1.073 million, implying 4.8 quarters of funding on the Appendix 5B calculation, although that is a mechanical estimate rather than a forecast of future spending.

Geophysics expands the areas to be tested

Ground geophysics has added another layer of uncertainty, and opportunity, to the programme. About 31 line-kilometres of ground penetrating radar and seven electrical resistivity tomography profiles identified highly variable weathering, including areas where conductive responses may extend beyond the radar survey’s effective depth of roughly 35 metres. The company has expanded the Central and Southern drilling footprint and plans scout holes to test the inferred weathering profile.

A drone magnetic survey is due to finish in the December quarter, while a broader airborne magnetic and radiometric survey remains under evaluation. Connected is targeting a maiden JORC Mineral Resource by the end of 2027, subject to drilling results, geological continuity, data quality and Competent Person review.

Other assets take a back seat

Bailundo now dominates the exploration agenda. No field work was undertaken on the company’s Namibian uranium projects during the quarter, while Western Australia’s Pallingup project awaits landowner access agreements despite a heritage agreement with the Wagyl Kaip Southern Noongar Aboriginal Corporation. Connected surrendered the Mt Genoa licence after reviewing its prospectivity and priorities, and its Namibian assets had already been impaired in the 2026 annual report.

The immediate investment question is therefore concentrated in Angola: whether the first assays confirm the historical signal across a sufficiently consistent geological framework. Until those results arrive, Bailundo remains a promising exploration project with substantial technical work ahead, rather than a defined niobium or rare earths deposit.