Perth, Australia – 7 August 2024 | Oar Resources Limited (ASX: OAR) ("OAR" or "the Company") is pleased to announce the signing of a Memorandum of Understanding ("MoU") with Indústrias Nucleares do Brasil ("INB"). INB is the state-owned entity that is responsible for the development, production, and commercialisation of nuclear materials (including uranium) in Brazil.
This strategic partnership represents a significant milestone for OAR, as it will expand its exploration footprint in the highly-prospective regions of Paraiba, Goiás, and Rio Grande do Sul throughout Brazil.
Highlights:
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The Strategic Partnership: OAR and INB will be collaborating on the exploration and development of potential uranium feedstocks from OAR’s Rare Earth Elements (REE) and uranium projects. The partnership’s objective is to work towards a future agreement that is based on future uranium discoveries made by OAR.
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Expansion of Uranium Landholding: The MoU follows OAR’s recent 283% expansion of its Brazilian uranium landholding, which previously covered 230 km2 and now covers 880 km².
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Collaborative Exploration Potential: Under the MoU, OAR’s wholly-owned subsidiary, Mineração Remo Ltda, will conduct detailed exploration in collaboration with INB, focusing on high-priority projects including Amorinopolis, São José, Tunas, and Grande.
Paul Stephen, CEO of Oar Resources, commented: “We are extremely excited about our partnership with INB, and we look forward to working hand-in-hand to develop Brazil’s considerable critical and strategic mineral resources.”
“Oar Resources currently holds 880 km2 of enviable tenure in some of the most prospective regions for uranium within Brazil, and we look forward to exploring them in partnership with the INB.”
“The signing of this MoU is a transformative milestone providing OAR with the opportunity to be a first-mover in the hunt for uranium in Brazil, a country so rich in undiscovered mineral wealth with amazing infrastructure and support for exploration companies. OAR’s extensive Management and Operational experience along with reputation in-country have created this truly unique opportunity…”
“This agreement provides Oar with the opportunity to be at the forefront of the legislative changes in Brazil and provide investors with the opportunity to get into Brazilian uranium exploration from the ground up.”
The MoU outlines a phased exploration plan for advancing OAR’s Brazilian projects:
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Phase One: Field reconnaissance at Amorinopolis and São José, utilising scintillometers for detailed ground surveys and mapping. The initial work will focus on areas that are identified by historical exploration as having uranium anomalies.
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Phase Two: Aerial radiometric and magnetic surveys across high-priority target areas, designed to identify mineralised trends and subsurface structures.
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Phase Three: Follow-up field mapping, sampling, and surveying of additional targets will be generated from the aerial surveys, leading to the design of a new comprehensive drilling program.
This partnership with INB positions OAR to contribute to the development potential of Brazil’s uranium industry, also aligning with the country’s goals of decarbonisation and sustainable energy production.
Paul Stephen
Managing Director
+61 8 6117 4797
[email protected]
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 & Media Relations
[email protected]
