Asarian Energy Renews Namibplaas EPL for Continued Exploration
News related to:Asarian Energy Limited · 3 min read
Asarian Energy, a Toronto-based uranium exploration company, has announced that the Ministry of Industry, Mines and Energy of the Republic of Namibia has renewed its Exclusive Prospecting Licence (EPL) 3638 for a further two years until September 2028. The renewed EPL covers the Namibplaas uranium deposit, which is part of the company's Norasa Project, together with the adjacent Valencia uranium deposit. The Ministry's decision to extend the licence is seen as a significant endorsement of the company's exploration efforts in the region.
The renewed EPL 3638 enables Asarian Energy to continue its exploration and mineral resource work at Namibplaas, which together with the adjacent Valencia uranium deposit, forms the Norasa Project. The company plans to undertake additional drilling and review the data supporting the Norasa Project's 2024 Mineral Resource Estimate (MRE). This work is planned to be completed before the end of December 2026 and is intended to improve the Mineral Resource classification of the deposit. The renewal of EPL 3638 also enables the company to advance exploration and mineral resource assessment work at Namibplaas, which hosts an existing Mineral Resource.
The Mineral Resource Estimate for the Norasa Project, as at 30 April 2024, is reported at a cut-off grade of 40ppm U3O8 from within a conceptual pit-shell. The estimate is based on information compiled or reviewed by Mr David Princep, a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to fulfill the requirements of a Qualified Person as per NI 43-101. Mr Princep consents to the inclusion of the matters based on his information in the form and context in which it appears.
The company intends to carry out additional drilling at Namibplaas, followed by a review of the data supporting the 2024 MRE. The current MRE at Namibplaas was classified as Inferred based on the underlying drilling information, and the proposed drilling program is intended to address this limitation and support the potential upgrading of portions of the Mineral Resource to the Indicated category. This work is expected to be completed by the end of December 2026. Subject to the results of the planned drilling and data review, the company will consider updating the original definitive feasibility study (DFS) completed in 2015. The 2015 DFS is considered historical as it was prepared using processes, cost, and uranium price assumptions that differ materially from current conditions and accordingly, it should not be relied upon as a current indication of the Norasa Project's economics.
The renewal of EPL 3638 is a significant step forward for Asarian Energy's Norasa Project, as it provides the company with the necessary exploration and resource assessment time to potentially upgrade the mineral resource classification and update the feasibility study. With the nuclear industry showing signs of a resurgence and the forecast for uranium supply tightening in the mid-term, the company sees this as a timely opportunity to reassess the potential for development of the Norasa Project. The company's management is optimistic about the future prospects of the project and appreciates the support of the Namibian Ministry in securing the necessary exploration and development rights.
The Norasa Project is wholly-owned by Asarian Energy's 100% subsidiary Valencia Uranium (Proprietary) Ltd., which holds the Valencia uranium deposit under Mining Licence 149 and the Namibplaas uranium deposit under EPL 3638. The company's management is committed to advancing the Norasa Project and building a proven team capable of converting vision into reality, with the objective of becoming a globally significant uranium producer. The company's plans include expanding its project footprint to attain a multi-jurisdiction status through merger and acquisition efforts, alliance development, and joint ventures.