Oar Minerals see shares rise 33% on news of massive Brazilian land increase

Multi-minerals explorer Oar Resources Limited (ASX:OAR) has increased its landholding in Brazil by 283 percent, pegging an additional 650 kilometres of territory in the states of Rio Grande Do Sul and Goiás, bringing its overall footprint in the country to 880 kilometres worth of assets.

And the market has responded pleasingly to the news, with Oar’s share price rising by 33.33 percent since the opening bell, sitting at 0.2 cents by 11:36 AEST.

The projects at the centre of Oar’s newly pegged land are Amorininpolis and Grande, and both are prospective for uranium hosted in sandstone and sediments, as well as lying within 10 kilometres of historical uranium occurrances, as identified by governmental authority the INB (Indústrias Nucleares do Brazil).

The next stage for Oar will be beginning exploration activity on the project territory, once permits have been lodged with the respective authorities.

CEO Paul Stephen said that picking up these tenements meant the company was well-placed to address the planet’s future energy needs.

“The acquisition of these two highly prospective tenements in the Rio Grande Do Sul and Goiás states of Brazil support our strategic objective of developing a diversified project portfolio for a decarbonised future,” he said.

“The additional Amorinopolis and Grande Project tenements are well located within 10 kilometres of historic uranium occurrences identified by INB and we are working closely with INB to ensure we can rapidly develop these projects over time.

“Field work with Oar’s in country team is starting in June to identity prospective drill
targets.”

The company already has a portfolio of varied mineral projects across the Americas and Australia, including the Chimu Gold Project in Peru, the Douglas Canyon Gold-Silver Project in Nevada, and the Oar Graphite Project in South Australia’s Eyre Peninsula.