Connected Minerals has slowed momentum on its Namibian uranium portfolio, placing further exploration at Etango North-East under review and carrying out no work at its Swakopmund project during the March quarter as the junior preserved cash at A$2.8 million.
The Australian Securities Exchange-listed explorer said its Namibian assets comprise two granted Exclusive Prospecting Licences in the country’s main uranium-producing region, where the company has previously promoted the portfolio as a strategic landholding close to established mines, deposits and regional infrastructure.
At the Etango North-East Project, Connected said it has completed Phase 1 and Phase 2 drilling programmes, with the second phase comprising 23 holes for 3,134 metres.
The company said 17 of those 23 holes returned economic uranium grades, contributing to an overall drilling success rate of more than 80% across the project to date.
Connected added that drilling intersected multiple stacked mineralised alaskites, a leucogranite host associated with uranium deposits in central Namibia, reinforcing its view that the project shares geological similarities with the nearby Etango Uranium Project being advanced by Bannerman Energy.
Despite those results, the company said further exploration programmes at Etango North-East are currently under review, signalling no immediate follow-up drilling campaign at a time of renewed investor interest in Namibia’s uranium sector.
At the larger Swakopmund Project, which covers 125 square kilometres under EPL 9162, the company reported no activity during the quarter.
Connected holds an 80% interest in the Etango North-East licence, EPL 6933, through Wine Berry Investments Pty Ltd and an 80% interest in the Swakopmund licence through Ploschad Investments Pty Ltd.
The company ended the quarter with approximately A$2.8 million cash and no debt. Staff costs during the period totalled A$113,000, exploration expenditure was A$142,000, while administration and corporate costs came to A$79,000. Connected also received A$100,000 in mining royalty income.
The subdued Namibia update comes as the country’s uranium sector gathers momentum, with projects such as Etango Uranium Project, Langer Heinrich Mine, Rössing Uranium and Husab Mine drawing renewed attention amid stronger long-term uranium prices and growing global demand for nuclear fuel.
