Australian company agrees to acquire two uranium greenfield EPLs

AN Australian exploration company, Oar Resources Limited, has agreed to acquire a 100% interest in two Namibian greenfield uranium EPLs, 9725 and 9652, from Bullrun Capital, Cityscape Asset Pty Ltd and Impala Consulting for N$1.7 million (C$125.000).

The EPLs near Walvis Bay port town are currently in the application phase but are expected to be granted soon.

EPL 9725 covers 38.62 km2 and shares a border with Bannerman Energy’s Etango Project, while EPL 9652, which covers 189.69 km2, shares a border with Deep Yellow Limited’s Tumas Project. The EPLs were applied for in September 2023 and typically take six to 12 months to be granted. However, Oar Resources expects the EPLs to be granted in the second quarter of 2024.

Oar Resources is currently completing due diligence to assess the feasibility and suitability of the EPLs and will have the right to access and conduct non-ground disturbing exploration on the EPLs.

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