ASX-listed OAR Resources has signed a binding agreement with Bullrun Capital, Cityscape Asset and Impala Consulting to acquire a 100% interest in two exploration prospecting licences (EPLs) in the renowned Erongo region of Namibia, known for its significant active uranium deposits.

The EPLs are currently in the application phase and are expected to be granted in the near future.

Additionally, the company has successfully completed pegging applications for two parcels of promising uranium and ionic clay rare earth tenements in Brazil, covering a total area of 230 km².

"We are strategically diversifying our portfolio as part of the company's exploration strategy, with these tenements representing an excellent opportunity to develop uranium-focused exploration in top-tier locations.

“The acquisition in Namibia is particularly significant, as both EPLs are situated in close proximity to a well-known uranium-enriched structural corridor, showing promise for multiple styles of uranium mineralisation,” OAR Resources CEO Paul Stephen said on April 3.

The tenements share boundaries with Deep Yellow’s highly prospective Tumas project and Bannerman Energy’s significant Etango project, positioned along strike from the Husab, Rossing, Valencia and Norasa deposits.

“Moreover, the company has leveraged its extensive experience and resources to secure a comprehensive package of mining rights in Brazil, a region where we are witnessing significant shifts in policies regarding uranium mining and exploration. Strategically expanding our portfolio remains our primary focus," Stephen added.

The two EPL applications in Namibia – EPL 9725 and EPL 9652 – are strategically located near Walvis Bay, which is host to the nation's largest international port and the coastal city of Swakopmund. This location provides access to infrastructure, services and resources.

Both EPLs are in proximity to several significant uranium deposits, making them highly prospective for alaskite-hosted uranium mineralisation and calcrete-gypcrete-hosted mineralisation, similar to the geological settings of most major uranium deposits on the Namibia uranium belt.

OAR expects these exploration areas will exhibit comparable mineralisation styles, given their proximity to globally renowned deposits with well-established characteristics.

The EPL applications were submitted in September last year, with the typical process taking between 6 and 12 months for approval. As such, OAR expects the granting of both EPLs in the second quarter of this year.

Upon approval, the tenements will undergo an environmental study to obtain an environmental clearance certificate. OAR plans to then submit an environmental-impact assessment to the Namibian Ministry of Mines and Energy. This process will enable the company to conduct field work on the EPLs in preparation for its inaugural permitted drilling programme.

OAR said that it intends to establish an in-country team with expertise in Namibian uranium mineralisation and begin with the compilation and review of current state geological data and historical data from previous explorers.

Preliminary research is already underway, with plans for surface scintillometer surveys and radiometric geophysical surveys in OAR's maiden exploration programme. These surveys will aid in identifying priority areas for future aircore and reverse circulation drilling programmes.