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The Ministry of Industry, Mines and Energy has renewed Asarian Energy’s Namibplaas exclusive prospecting licence (EPL) 3638 for a further two years.
EPL 3638 covers the Namibplaas uranium deposit, which forms part of the company’s Norasa Project1, together with the adjacent Valencia uranium deposit.
The renewal enables the company to continue exploration and mineral resource work at Namibplaas, which together with the adjacent Valencia uranium deposit, forms the Norasa Project.
With the licence extension now secured, the company intends to carry out additional Mineral Resource drilling at Namibplaas, followed by a review of the data supporting the 2024 MRE.
The current Namibplaas MRE was classified as inferred based on the underlying drilling information, and the proposed drilling program is intended to address the limitation and support the potential upgrading of portions of the Mineral Resource to the Indicated category.
“This work is expected to be completed by the end of December 2026. Subject to the results of the planned drilling and data review, the Company will consider updating the original definitive feasibility study (DFS) completed in 2015.
“The 2015 DFS is considered historical as it was prepared using processes, cost and uranium price assumptions that differ materially from current conditions and accordingly, it should not be relied upon as a current indication of the Norasa Project’s economics,” said the company.
The renewal of EPL 3638 enables the company to advance exploration and mineral resource assessment work at Namibplaas, which hosts an existing mineral resource.
“Following the new management’s assessment of the Norasa Project, we believe the planned mineral resource drilling and data review will help provide a stronger understanding of the resource base at Namibplaas and establish a sound basis for planning and potentially updating the definitive feasibility study.
“With the nuclear industry undergoing a strong resurgence, and the forecast for uranium supply to tighten over the mid-term, we believe it is timely and justified to re-evaluate the potential for development of the Norasa Project,” said John Borshoff, Director, President and Chief Executive Officer.
