The ASX-listed company, Oar Resources, is reviewing its landholding in Namibia with a view to expansion.
The company recently acquired 100% interest in two uranium projects—Gemsbok (EPL9725) and Oryx (EPL9652)—in the highly prospective Erongo region.
Oar Resources acquired the EPLs from Bullrun Capital, Cityscape Asset Pty Ltd and Impala Consulting for N$1.7 million (C$125.000).
The two EPLs are adjacent to some of the world’s most prominent and prolific uranium deposits, and they have comparable exploration targets.
Gemsbok (under EPL 9725), covering 3,862 hectares, is along the geological trend that hosts rocks for the world-class CGN Husab and CNNC Rössing Uranium Mines, Bannerman’s Etango, and Forsys’ Valencia Deposits.
Oryx (EPL 9652) is an 18,968-hectare exploration application. It can potentially contain the extension of the drainage system which hosts Deep Yellow’s Tumas deposit.
The EPLs were applied for in September 2023, with the process typically taking between 6 to 12 months to be granted. OAR expects both EPLs to be granted in Q2, 2024.
OAR has planned an environmental study to obtain an environmental clearance certificate (ECC) once the EPLs are granted and will then lodge an environmental impact assessment (EIA) to enable fieldwork to begin in the lead-up to generating a maiden drilling program.
A dedicated in-country team with expertise in uranium mineralisation within the region will support this strategic expansion into Namibia.
Collation and review of current state geological and historical data and preliminary research began during the March 31, 2024, quarter.
Further exploration activity planning also started, with the aim of embarking on a maiden exploration program once permitted.
