Oar Resources Limited (ASX: OAR) has announced the signing of a Memorandum of Understanding (MoU) with Indústrias Nucleares do Brasil (INB), marking a significant step in expanding its exploration activities in Brazil.
INB, a state-owned entity, is responsible for the development and commercialisation of nuclear materials, including uranium, in Brazil.
The partnership will focus on the exploration and development of uranium feedstocks from OAR’s Rare Earth Elements (REE) and uranium projects.
This collaboration aims to establish a future agreement contingent on new uranium discoveries by OAR.
The MoU follows a substantial increase in OAR’s uranium landholding in Brazil, expanding from 230 square kilometres to 880 square kilometres, a 283 per cent growth.
Under the MoU, OAR’s subsidiary, Mineração Remo Ltda, will work with INB on detailed exploration projects in regions such as Amorinopolis, São José, Tunas, and Grande.
The phased exploration plan includes field reconnaissance, aerial surveys, and comprehensive drilling programs to identify and develop uranium resources.
Paul Stephen, CEO of Oar Resources, expressed enthusiasm about the partnership, highlighting the opportunity to be a first-mover in Brazilian uranium exploration.
He emphasised the strategic importance of this agreement in aligning with Brazil’s goals for decarbonisation and sustainable energy production.
The exploration plan is divided into three phases:
- Phase One: Initial field reconnaissance using scintillometers for ground surveys and mapping in areas with historical uranium anomalies.
- Phase Two: Conducting aerial radiometric and magnetic surveys to identify mineralised trends and subsurface structures.
- Phase Three: Follow-up field mapping, sampling, and surveying to design a comprehensive drilling program.
This partnership positions OAR to significantly contribute to the development of Brazil’s uranium industry, leveraging the country’s rich mineral resources and supportive infrastructure for exploration companies.