Australian resources company Oklo Uranium (Oklo) has acquired rights to a 70% interest in the Hoasib uranium project, located near the operating Langer Heinrich uranium mine in Eastern Namibia, in a cash/share transaction valued at approximately AUD20m.
Under the terms of the agreement, Oklo will acquire 70% of Green Mineral Resources (GMR), a company incorporated in Namibia and owner of exploration licences EPL 3664 A&B in Namibia. The vendor of the shares in GMR is Africa Uranium (AUL).
The consideration for the acquisition is to be made up of approximately 309M Oklo shares (valued at approximately AUD17m) and AUD3m cash. As part of the transaction, Oklo will undertake a capital raising for the outstanding cash portion of the transaction as well as sufficient funds to undertake an exploration and drilling program with the objective of identifying a major new uranium resource.
The Hoasib uranium project is prospective for high tonnage low grade palaeo-channel hosted uranium mineralization such as the prevalent mineralization at the Trekkopjie deposit and Langer Heinrich uranium mine. The Langer Heinrich has a mineral resource of 74,415t U3O8 at a grade of 600ppm and Trekkopjie has a mineral resource of 360,000,000t at a grade of 100ppm.