Connected Minerals Updates ASX Announcement with Correct Location Map
CML (CML) Share Update December 2024 Tuesday 17th
Connected Minerals Corrects Location Map in Recent ASX Announcement
Connected Minerals Limited (ASX: CML) has issued a correction to its recent announcement regarding the completion of its maiden exploration program at the Etango North-East Project in Namibia.
Instant Summary:
- Correction issued for incorrect location map in ASX announcement.
- Maiden exploration program at Etango North-East Project completed.
- High-grade uranium mineralisation confirmed with rock chip samples.
- Drilling targets to be defined for Q1 2025 based on exploration results.
Correction to ASX Announcement
On 18 December 2024, Connected Minerals Limited (ASX: CML) announced a correction to its previous ASX release regarding the completion of its maiden exploration program at the Etango North-East Project. The original announcement contained an incorrect location map of the company's Namibian projects.
The updated announcement now includes the correct figure, ensuring accurate representation of the project locations. This correction was authorized by the company's Board of Directors.
Completion of Maiden Exploration Program
Connected Minerals has successfully completed its maiden exploration program at the Etango North-East Project, which commenced following the company's readmission to the ASX in late October 2024. The exploration activities included reconnaissance sampling, trenching, geological mapping, and various surveys.
Significant results from the rock chip samples revealed high-grade uranium mineralisation, with notable samples showing up to 2,086 ppm U3O8. These promising results have encouraged the company to plan for its maiden drilling program, expected to start in the first quarter of 2025.
Exploration Activities and Future Plans
The exploration program covered a 1km x 2.5km zone along strike from Bannerman Energy's Etango Uranium Project. The activities included the collection of 23 reconnaissance samples, completion of a 139m trench, and a detailed scintillometer survey, among others.
Connected Minerals anticipates receiving the remaining rock chip results by mid-late January, which will be crucial in defining drill targets for the upcoming drilling program. The exploration team, led by experienced geologist Herbert Roesener, aims to further investigate the potential of the Etango North-East Project.
The correction of the location map in the ASX announcement is unlikely to have a significant impact on Connected Minerals' stock price. However, the completion of the maiden exploration program and the confirmation of high-grade uranium mineralisation could positively influence investor sentiment and stock performance.
Investor Reaction:
Analysts are likely to view the correction as a minor administrative update, while the successful completion of the exploration program may boost confidence in Connected Minerals' strategic direction and potential for future growth.
Conclusion:
Investors should keep an eye on the upcoming results from the rock chip samples and the commencement of the maiden drilling program in early 2025. These developments could provide further insights into the project's potential and impact on Connected Minerals' market position.