Core Energy Minerals (ASX:CR3) has executed a staged earn-in agreement over the Nova Uranium Joint Venture in Namibia, giving it exposure to advanced drill-defined targets alongside Deep Yellow and former ASX-listed Toro Energy interests.
The deal allows Core to earn up to 51% of the Nova JV through staged exploration spending, while also taking over management of the project during the earn-in period.
Barking Gecko changes the starting point
The headline target is Barking Gecko.
Historical drilling there returned intersections including:
- 45m @ 222ppm eU3O8 from 120m
- 21m @ 886ppm eU3O8 from 199m
- 27m @ 251ppm eU3O8 from 234m
The system is already defined by multiple stacked mineralised zones, giving Core something far more advanced than a blank-sheet exploration target.
Figure 1: Barking Gecko Prospect NW-SE long section showing mineralisation open at depth.
Bigger footprint, better pipeline
Combined with its 100%-owned Gemsbok and Oryx licences, Core now controls or can earn into 826.9km² across Namibia’s Erongo uranium province.
That package gives it a spread from early-stage greenfields targets through to advanced systems ready for follow-up drilling.
Management called the deal transformational and pointed to the company’s growing position across the same broader uranium province that hosts Husab, Rössing, Etango and Tumas.
Figure 2: Nova JV Tenements EPL3669 and EPL 3670, CR3’s 100% owned Erongo tenements EPL9725 and EPL 9652, regional stakeholders and uranium deposits.
What’s next
Core plans to begin on-ground work in the September quarter, integrating the Nova datasets, ranking targets and preparing a maiden CR3 drilling program across priority basement and palaeochannel targets.
The uranium ground was already there, now Core has the targets, the scale and the drill pipeline to match.
