West Leederville, WA, 29 May 2024 – Oar Resources Limited (ASX: OAR), an ASX listed mineral exploration company, is thrilled to announce a significant expansion of its uranium projects in Brazil. The company has secured an additional 650km² of highly prospective land, marking a 283% increase in its Brazilian holdings to a total of 880km².
The expanded territory includes the Amorinopolis and Grande Projects, situated within 10 kilometers of historical uranium occurrences, previously identified by Industrias Nucleares do Brasil (INB), the national authority on uranium exploration and development in Brazil. These projects are strategically located in the states of Rio Grande Do Sul and Goiás and are noted for their potential in sandstone and sedimentary hosted uranium mineralisation.
OAR Resources CEO, Paul Stephen, highlighted: “The acquisition of these two highly prospective tenements in the Rio Grande Do Sul and Goiás states of Brazil support our strategic objective of developing a diversified project portfolio for a decarbonised future. The additional Amorinopolis and Grande Project tenements are well located within 10 kilometres of historic uranium occurrences identified by INB and we are working closely with INB to ensure we can rapidly develop these projects over time. Field work with OAR’s in country team is starting in June to identity prospective drill targets. We look forward to providing further updates on these two projects as we continue to grow and develop into a diversified global resources company.”
The acquisition process has been meticulously planned and executed in close cooperation with INB to ensure full compliance with Brazilian regulations. Preliminary work has already begun on these sites, with field work scheduled to start in June to identify prospective drilling targets.
Oar Resources is committed to further developing these projects and is actively working to expedite the exploration permits with relevant Brazilian authorities. The company anticipates that these new assets will play a crucial role in its ongoing strategy to become a diversified global resources entity.
About us:
Oar Resources Limited (ASX:OAR) is a mineral exploration company with a high potential asset portfolio across diversified commodity in safe jurisdictions. OAR aims to advance its projects across Namibia, Brazil and Australia, refining its focus, and potentially unlocking shareholder value through divestment or spin out options for the Oar Graphite Project in South Australia. OAR is currently focussed on its uranium projects in Namibia and Brazil, with the Company exploring options to expand its land position.
Contact details:
Jane Morgan