Perth, Australia – 29 August 2024 | Oar Resources Limited (ASX: OAR) ("Oar" or "the Company") is pleased to announce the discovery of multiple uranium mineralisation occurrences at its 100%-owned Amorinópolis Project, in the Brazilian state of Goiás. This discovery includes two prospects with uranium values that exceed 100 ppm.
Highlights:
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Uranium Prospects: Oar has successfully identified two uranium prospects at the Amorinópolis Project. Scintillometer surveys at surface recorded up to 131.5 ppm (155.1 ppm U₃O₈), indicating strong uranium mineralisation potential within a large anomalous zone, coincident to a granite-sandstone contact.
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Historical Drill Holes: During exploration, the team uncovered previously unknown historical drill holes drilled by Nuclebrás in the 1970s. These findings, combined with the newly identified anomalies, underscore the prospectivity of the area.
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Sampling Program: Oar is planning an expanded sampling program to map and characterise the anomalies in detail at both prospects. This will assist in defining drilling targets.
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Exploration Strategy: The Company intends to conduct a systematic soil sampling campaign to map the uranium anomalies within the recently discovered prospects, including areas where highest scintillometer readings were seen, covering approximately 1.9km² along strike of the historic Nuclebrás drill area.
Paul Stephen, Managing Director of Oar Resources, commented: “This is exactly the start we were hoping for in Phase One of our new program. Confirmation of Uranium mineralisation at surface on our first visit to the site is an excellent result and gives us early confidence in our exploration strategy. We now need to action our detailed Phase Two exploration plan at Amorinópolis to define our first drilling targets. Our field team will now move to our next Project Area at São José in the Northeast of Paraíba State to undertake similar first pass reconnaissance work. We are all extremely energised by this early success and with a focus on defining economic resources, we look [forward] to working in partnership with Indústrias Nucleares do Brasil (“INB”), as set out in the recently announced work program and MoU (OAR ASX Announcement dated 7 August 2024).”
Upcoming Plans:
Oar intends to continue systematic reconnaissance of the remaining historic uranium locations identified by Nuclebrás, as well as the geophysical targets identified recently over the tenement area. The program will involve multi-element soil geochemistry sampling in order to define potential targets for drilling.
Paul Stephen
Managing Director
+61 8 6117 4797
info@oarresources.com.au
Jane Morgan
Investor Relations
+61 (0) 405 555 618
jm@janemorganmanagement.com.au
About us:
About Oar Resources Limited:
Oar Resources Limited (ASX: OAR) is a mineral exploration company with a high potential asset portfolio in safe jurisdictions and diversified across commodities. 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
Jane Morgan Management
Investor Relations
jm@janemorganmanagement.com.au