Wednesday , April 24 2024

OAR Makes a Power Play in Namibia, Expanding Uranium Footprint

Johannesburg – In a move that strengthens their position as a key uranium player, Oar Resources Limited (OAR) announced this week that they have secured a foothold in Namibia, a country synonymous with large-scale uranium production. This expansion marks a significant step for OAR, venturing beyond their current projects and solidifying their presence in the global uranium market.

OAR secured a binding agreement to acquire a 100% interest in two Exclusive Prospecting Licenses (EPLs) situated within the Erongo region, renowned for its wealth of uranium deposits. “This acquisition represents a major coup for OAR,” said Managing Director, Peter Dassler. “Namibia is a world-class mining jurisdiction and a powerhouse in uranium production. By entering this established and well-regulated space, we gain access to highly prospective grounds with the potential to harbor significant uranium resources.”

The Erongo region is no stranger to large-scale uranium mining, currently housing some of the world’s most active deposits. Namibia itself sits comfortably as the third-largest producer of uranium globally, contributing a substantial 11% to the total supply. Industry experts believe the two EPLs acquired by OAR hold immense promise.

“These EPLs are situated in a prime location with a strong geological fingerprint for uranium,” commented Alistair Parker, a renowned geologist and uranium exploration specialist. “While they are currently in the application phase, the swift granting process in Namibia suggests OAR could be looking at exploration activities commencing much sooner than anticipated.”

Beyond the immediate gains in Namibia, OAR has also made strategic moves in Brazil. The company successfully secured pegging applications for a substantial landmass exceeding 230 square kilometers across Paraiba and Parana. These areas are considered prospective for not only uranium but also Rare Earth Elements (REE), a group of coveted metals crucial for modern technology.

With a team dedicated to exploration being established in both Namibia and Brazil, OAR is poised to expedite their activities across these new frontiers. This expansion showcases their commitment to diversifying their portfolio and capitalizing on the growing demand for uranium, a critical fuel source for nuclear power generation. The company’s proactive approach suggests they are well-positioned to become a significant player in the global uranium landscape.

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