Core Energy puts drill rigs on Namibia's Barking Gecko uranium target

Drill rigs move onto Barking Gecko

Core Energy Minerals Limited (ASX:CR3) has moved from planning to field execution at its Namibian uranium venture, mobilising its geological team and drilling contractor to the Barking Gecko prospect on 2 November. Diamond and reverse circulation drilling is due to commence imminently at the advanced target on Exploration Licence EPL3669.

The campaign is Core Energy's maiden drilling program at the Nova Joint Venture. The company has lined up 24 holes for approximately 5,280 metres, with the first phase covering 12 holes and about 2,640 metres. Four priority holes, totalling roughly 880 metres, will combine RC pre-collars with diamond tails before step-out drilling tests the broader mineralised trend.

Historical uranium intersections set the target

Barking Gecko has been defined by 82 historical RC and diamond holes, including intersections of 45 metres at 222 parts per million eU3O8, 21 metres at 886ppm eU3O8 and 27 metres at 251ppm eU3O8. Those figures are historical results, reported as downhole intersections, and the company says true mineralisation widths have not yet been established.

Core Energy says the mineralisation occurs in stacked leucogranite sheets, with high-grade zones remaining open at depth and along strike. The new drilling will test interpreted extensions and structural positions identified through historical drilling, geological review and available geophysical data. Diamond core is intended to improve structural and geological understanding, while RC drilling will provide a faster way to test the mineralised trend.

The program follows the company's Nova JV earn-in agreement, which allows Core Energy to earn an initial 25% interest through A$2 million of exploration expenditure within 18 months, and increase that interest to 51% through a further A$3 million over the following 24 months. Core Energy is manager of the joint venture during the earn-in period.

Results will determine whether the model holds

The immediate test is not a resource definition exercise. The interpreted mineralisation envelope shown in the announcement is based on historical data and is expressly not a JORC 2012 Mineral Resource estimate or an Ore Reserve. Core Energy plans to use downhole gamma readings, geological logging, surveying and laboratory assays to assess continuity and refine its structural model.

The first results could therefore be useful even if they do not immediately support a resource calculation: they will indicate whether the historical sheets persist into the untested areas targeted by the company. Samples are expected to be sent to ALS Laboratories, with material results to be reported after quality assurance and interpretation. A further 12 holes, also totalling approximately 2,640 metres, are scheduled for 2027.

The Nova licences sit in Namibia's Erongo Region, adjacent to Bannerman Energy's Etango project and within a uranium corridor that includes Husab, Rössing, Tumas and Langer Heinrich. The tenements are in the Namib-Naukluft National Park and are currently described as being in good standing, although EPL3669 and EPL3670 are due to expire in December 2026 and renewal applications are expected to be submitted.