Connected Minerals advances maiden drilling program in Angola
- Connected Minerals has commenced a maiden resource drilling programme comprising approximately 6,000m at the Bailundo Carbonatite Project in Angola.
- Bridging funding of US$600,000 was provided by Ilwella to enable ongoing preparation and exploration activities ahead of transaction completion.
- The upcoming drilling programme is designed to confirm mineralisation continuity and support the company's maiden JORC mineral resource estimate.
Connected Minerals (ASX:CML) has launched a maiden drilling programme of approximately 6,000m at the Bailundo Carbonatite Project in Angola following positive target validation from an independent specialist review.
The exploration milestone follows shareholder approval on July 28 for the acquisition of 100% of Frontier Group CRM, which holds an 80% interest in the project.
"Bailundo is one of the larger, and importantly underexplored, carbonatite complexes on the planet," said carbonatite specialist Dr Pete Siegfried.
To maintain exploration momentum prior to deal completion, 33.3% shareholder Ilwella provided US$600,000 in bridging funding for site establishment and contract execution.
The company stated that the planned reverse circulation and diamond drilling will gather data needed to generate a maiden JORC mineral resource estimate.
Following the announcement, the Connected Minerals share price was up at $0.36.
The Bailundo Carbonatite Complex extends over approximately 7km in diameter and features surface-expressed niobium and rare earth element targets.
The company recently completed ground geophysical surveys to enhance target selection for shallow, open-pit mining potential across the property.
