Oar Resources (ASX:OAR) has executed a memorandum of understanding (MoU) with Indústrias Nucleares do Brasil (INB) to collaborate on developing potential uranium feedstocks from rare earths and uranium projects in Paraiba, Goiás, and Rio Grande do Sul.
INB is a state-owned entity which exercises the development, production, and commercialisation of nuclear materials in Brazil.
Under the MoU, Oar’s subsidiary Mineração Remo will use INB’s guidance, conduct analysis on mining licences with the aim of confirming and delineating uranium prospecting potential. Oar aims to enter into a definitive agreement within the next three years based on the results from the analysis conducted.
Both parties will use all commercially reasonable efforts to take the necessary measures to promote mutual interests, including any commercialisation of any discoveries made by Oar in its exploration work, respecting the spirit of close collaboration and mutual assistance at all times, as well as respecting INB’s constitutional premises and relevant Brazilian legislation.
CEO Paul Stephen says the signing of the MoU is a transformative milestone providing the company with the opportunity to be a first-mover in the hunt for uranium in Brazil.
“Oar Resources currently holds 880km2 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,” Stephen says.
“Oar’s extensive management and operational experience along with reputation in-country have created this truly unique opportunity.
“Uranium as a commodity is back as an attractive option for investment with the perfect storm of decarbonisation, efficient electrification, and the need for green clean energy, which has never been higher on a global scale.”
Stephen adds this agreement provides Oar with the opportunity to be at the forefront of the legislative changes in Brazil.
Oar has prioritised exploration at its São José and Amorinopolis projects. A preliminary exploration plan has been designed to test three historic uranium occurrences at the Amorinopolis Project and to test the extension of an interpreted mineralised trend from a historic deposit at São José.
The exploration activities will include detailed field mapping and sampling aimed at accurately determining the nature of the historic anomalies, mapping prospective lithologies, and allowing for more selective sampling and more efficient reconnaissance in the field.
The preliminary exploration plan comprises three phases. Phase one encompasses fieldwork at both projects, as Oar mobilises two field teams, both equipped with scintillometers to complete early-stage ground work.
Results from both field programs will feed into future exploration plans, aimed at delineating drilling targets.
Phase two will comprise detailed aerial radiometric and magnetic surveys being flown across high-priority target areas at both projects.
These surveys will identify mineralised trends and subsurface structures, which will support designing future drilling programs and delineating targets. The results will also improve the company’s understanding of the area and drive further field programs, as well as uncover new prospects to investigate.
Meanwhile, phase three consists of detailed field mapping, sampling, and surveying using a scintillometer of additional targets generated from the aerial surveys, following up geophysical anomalies with detailed field investigations in preparation for a drilling program.
Oar believes this multi-phased approach is timely and cost effective to explore for uranium across its assets.
Ora Resources is a junior mineral explorer focused on its projects across Namibia, Australia, and Brazil.
Write to Aaliyah Rogan at Mining.com.au
Images: Oar Resources
