Oar Resources has entered a binding agreement to acquire full interest in two EPLs in the Erongo region of Namibia.

These EPLs are close to significant uranium deposits and show high potential for Alaskite hosted uranium mineralisation as well as Calcrete-Gypcrete hosted mineralisation.

Additionally, Oar has announced the completion of pegging applications for two parcels of land in Brazil, which are prospective for uranium and ionic clay rare earth elements.

These tenements span 230km², further diversifying Oar’s exploration interests.

The Namibian EPLs, numbered 9725 and 9652, are located near Walvis Bay, Namibia’s principal international port, and the coastal city of Swakopmund.

EPL 9725, covering 38.62km², is adjacent to Bannerman Energy’s Etango Project, which has recently commenced early development works after being granted a mining licence in December 2023.

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Encompassing 189.69km², EPL 9652 is situated next to Deep Yellow’s Tumas Project.

Applications for these EPLs were submitted in September 2023, and the company expects they will be granted in the second quarter of 2024.

Following the grant, environmental studies will be conducted to secure an environmental clearance certificate.

Oar also plans to lodge an environmental impact assessment (EIA) with the Namibian Ministry of Mines and Energy, which will pave the way for fieldwork and the development of its maiden permitted drilling programme on these promising tenements.

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.”