Connected Minerals acquires major Niobium-REE project
Connected Minerals (ASX:CML) announced a pivotal binding conditional agreement to acquire 100% of Frontier Group CRM, securing an 80% indirect interest in the Bailundo licence.
The move grants the company control over a substantial carbonatite complex in Angola, a site boasting a 7km diameter within a massive 2,054km² licence area.
Recent validation sampling has confirmed high-grade niobium and rare earth element mineralisation from the surface, with vertical channel samples returning up to 2.1% Nb₂O₅ and 7.7% TREO.
The results underscore the project’s potential, as the mineralisation is hosted within near-surface weathered saprolite and extends into fresh carbonatite.
The project is favourably located approximately 80km from Huambo city, benefiting from proximity to the Lobito Corridor, a vital export route supported by the US and EU.
To steer this new venture, the company has appointed Quentin Flannery as non-executive chairman and Stephen Wetherall as CEO, the latter bringing 12 years of essential in-country experience.
Wetherall noted that the combination of scale, grade, and infrastructure makes this a rare global opportunity.
To support rapid exploration and define the geometry of the mineralisation, Connected Minerals has initiated a $4.5 million capital-raising effort.
The acquisition places the company in a geological province analogous to world-class Brazilian carbonatites.
At the time of reporting, Connected Minerals’ share price was $0.35.
