OAR expands uranium operations into Namibia
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Oar Resources Limited is has announced the signing of a binding agreement to acquire a 100% interest in two EPLs in the world-class Erongo region of Namibia, known for its large active uranium deposits.
The EPLs are currently in application phase, but are expected to be granted in the near term.
The company has also successfully completed pegging applications for two packages of prospective uranium and ionic clay rare earth tenements in Brazil, covering a total of 230 km2.
Highlights:
- Namibia is a globally recognised mining jurisdiction and listed as the world’s third largest producer of uranium, delivering 11% of global supply.
- Acquisition of 100% of EPL 9652 and EPL 9725 will expand and diversify OAR’s global portfolio, with both EPLs considered highly prospective for in-demand and high-value uranium.
- OAR has also pegged approximately 230 km2 of prospective ground for Rare Earth Elements (REE) and uranium in Paraiba and Parana, Brazil.
- In-country exploration teams to be developed in Namibia and Brazil, before exploration activities are expedited across the two regions.
OAR Resources CEO Paul Stephen said:
“We are strategically diversifying our portfolio as part of the company’s exploration strategy, with these tenements marking a great opportunity to develop uranium focused exploration in tier one destinations. The acquisition in Namibia is significant, with both EPLs located close to a well-known uranium-enriched structural corridor and considered prospective for multiple styles of uranium mineralisation.
Encouragingly, both tenements share boundaries with the highly prospective Deep Yellow Limited’s Tumas Project and world-class Bannerman Energy Ltd’s Etango Project, located along strike from the Husab, Rossing, Valencia and Norasa deposits.
The company has also leveraged its vast experience and resources to secure an extensive package of mining rights in Brazil, where we’re witnessing a significant change in policies around uranium mining and exploration.
Strategically expanding our portfolio is our priority, and the company has worked diligently over the last quarter to find the right projects with strong resource and growth opportunities.”
Read the article online at: https://www.globalminingreview.com/mining/03042024/oar-expands-uranium-operations-into-namibia/
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