An Australian exploration company, Oar Resources Limited, has agreed to acquire a 100% interest in two Namibian greenfield uranium EPLs, 9725 and 9652, from Bullrun Capital, Cityscape Asset Pty Ltd and Impala Consulting for N$1.7 million (C$125.000).
The EPLs near Walvis Bay port town are currently in the application phase but are expected to be granted soon.
EPL 9725 covers 38.62 km2 and shares a border with Bannerman Energy’s Etango Project, while EPL 9652, which covers 189.69 km2, shares a border with Deep Yellow Limited’s Tumas Project.
The EPLs were applied for in September 2023 and typically take six to 12 months to be granted. However, Oar Resources expects the EPLs to be granted in the second quarter of 2024.
Oar Resources is currently completing due diligence to assess the feasibility and suitability of the EPLs and will have the right to access and conduct non-ground disturbing exploration on the EPLs.
Once granted, the tenements will undergo an environmental study to obtain an environmental clearance certificate.
Oar Resources intends to lodge an environmental impact assessment with the Namibian Ministry of Mines and Energy to conduct fieldwork on the EPLs in the lead-up to generating its maiden permitted drilling program. The company also intends to build an in-country team with expertise in Namibian uranium mineralisation and begin collating and reviewing current state geological data and historical data from previous explorers. Preliminary research is already underway.
Surface scintillometer and radiometric geophysical surveys are planned for OAR’s maiden exploration program, which will help identify priority areas for future aircore and reverse circulation drilling programs.
Oar Resources CEO Paul Stephen said the company is strategically diversifying its portfolio as part of its 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, which are located along strike from the Husab, Rossing, Valencia, and Norasa deposits,” Stephen said.
