Core Energy Minerals (ASX:CR3) Begins Drilling at Barking Gecko Uranium Prospect in Namibia

Sonal Goyal

12 November 2026 06:09 PM AEDT

Core Energy Minerals (ASX:CR3) Begins Drilling at Barking Gecko Uranium Prospect in Namibia

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Highlights

Core Energy Minerals (ASX:CR3) has commenced drilling at the Barking Gecko uranium prospect within the Nova Joint Venture Project in Namibia.
Diamond and Reverse Circulation Drilling will target alaskite-hosted uranium mineralisation at this advanced prospect on tenement EPL3669.
The initial phase consists of 12 holes for an estimated 2,650m of combined diamond and RC drilling.
CR3 holds a binding earn-in agreement for up to 51% of the Nova tenement package alongside Deep Yellow Ltd (ASX:DYL) and former ASX-listed Toro Energy Ltd.

Core Energy Minerals Limited (ASX:CR3), a mineral exploration company focused on critical minerals and uranium, has announced the commencement of drilling at the Barking Gecko uranium prospect, the first drill target within the Nova Joint Venture Project in Namibia. The company described the mobilisation as proceeding on schedule, with the Torque drilling team established on the first drill site and diamond drill coring now underway.

Latest Development

The initial phase of drilling is planned to consist of 12 holes for an estimated 2,650 metres of combined diamond and reverse circulation (RC) drilling. The program's first priority is to confirm CR3's revised interpretation of high-grade mineralisation identified in historical drilling, followed by step-out drill fences designed to assess the extent of the mineralised footprint.

Project Background

The Barking Gecko prospect is located on EPL3669, one of the tenements included in the Nova Joint Venture package. Core Energy holds a binding earn-in agreement for up to a 51% interest in the Nova tenements, alongside uranium sector participants Deep Yellow Ltd (ASX:DYL) and former ASX-listed Toro Energy Ltd. The Nova tenement package also includes EPL3670, while Core Energy additionally holds 100%-owned Erongo tenements EPL9725 and EPL9652 in Namibia.

Namibia is an established global uranium producer, with the Rössing and Husab mines among the world's larger uranium operations. The country's alaskite-hosted uranium deposits represent a distinctive geological style, where uranium mineralisation is associated with leucocratic granite intrusions (alaskites) emplaced within the Damara Belt. This style of mineralisation is well understood in the regional context, and Core Energy has referenced historical drilling at Barking Gecko as the basis for the geological model being tested in the current campaign.

Geological Model and Drilling Strategy

According to Core Energy, historical drilling at Barking Gecko identified high-grade uranium mineralisation that the company believes has been subject to a revised geological interpretation. The first phase of drilling is intended to test this reinterpretation directly, before step-out drill fences are used to assess the broader potential for mineralisation in adjacent areas. Down-hole Gamma logging and assay results will follow as the program progresses.

Company Overview

Core Energy Minerals aims to advance a portfolio of critical minerals and uranium Assets across Namibia, Brazil, and Australia. The company describes its goal as refining focus and unlocking Shareholder value across these jurisdictions, with uranium seen as a key strategic Commodity given the increasing global attention being paid to nuclear energy as part of a low-carbon energy transition.

Sector Context

Uranium has experienced a notable resurgence in Demand interest over recent years, driven by renewed policy commitments to nuclear power across Europe, Asia, and North America. Namibia, as an established Mining Jurisdiction with existing uranium infrastructure and a stable regulatory environment, has attracted renewed exploration interest. Junior explorers with Namibian uranium exposure have been among those benefiting from improved sentiment toward the commodity.

Growth Drivers

For Core Energy, the Barking Gecko drilling campaign represents the first active field work at the Nova JV project under CR3's earn-in agreement. A successful drilling outcome — particularly one that confirms and potentially expands the interpreted high-grade mineralisation — could meaningfully advance the company's standing within its earn-in and provide a foundation for future resource definition work. The earn-in structure, allowing CR3 to work toward a 51% interest, also provides a pathway to controlling interest in the event of exploration success.

Risks and Challenges

Historical drilling results serve as a starting point, not a guarantee. The revised geological interpretation may or may not be confirmed by the current program. Uranium exploration in Namibia also involves regulatory and environmental considerations, and the earning of interest through an earn-in agreement means Core Energy must fulfill its expenditure obligations to retain its stake.

Investor Considerations

The Barking Gecko drilling campaign at Core Energy Minerals represents the company's first active test of its earn-in thesis at the Nova JV in Namibia. For investors in uranium explorers, the significance of this milestone lies in the transition from desk-based geological reinterpretation to actual drilling, which will either validate or require adjustment of the company's model. Namibia's established uranium industry infrastructure — including processing facilities, an experienced mining workforce, and a regulatory regime familiar to uranium project developers — reduces some of the jurisdictional uncertainty that can complicate exploration in emerging uranium regions. Uranium prices and broader sector sentiment have shifted meaningfully over recent years, increasing the attention paid to exploration-stage projects in well-regarded jurisdictions. However, with only the earn-in phase underway, the path from first drilling to any commercial outcome at Barking Gecko remains long and dependent on a chain of successful outcomes.

Key Insights

Core Energy Minerals has taken a tangible step toward validating the Barking Gecko uranium prospect by commencing the first drilling campaign at the Nova Joint Venture Project in Namibia. The 12-hole, approximately 2,650m program will test the company's revised geological interpretation of historical mineralisation before stepping out to explore adjacent areas. Assay results and down-hole gamma data are expected to inform future work planning as the program progresses.

FAQs

Q: What is the Barking Gecko uranium prospect?

A: It is the first drill target within the Nova Joint Venture Project in Namibia, located on tenement EPL3669. It hosts alaskite-hosted uranium mineralisation, as identified by historical drilling.

Q: What is Core Energy's interest in the Nova JV?

A: CR3 holds a binding earn-in agreement that allows it to earn up to a 51% interest in the Nova tenement package alongside Deep Yellow Ltd (ASX:DYL) and former ASX-listed Toro Energy Ltd.

Q: How many holes are planned and what methods will be used?

A: The initial phase comprises 12 holes for an estimated 2,650 metres of combined diamond and reverse circulation drilling, targeting confirmation of historical high-grade mineralisation and step-out testing.

Q: Why is Namibia considered a significant uranium jurisdiction?

A: Namibia is home to some of the world's larger uranium mines, including Rössing and Husab. Its established mining infrastructure, stable regulatory environment, and known alaskite-hosted uranium geology make it an attractive location for uranium exploration.

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