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Oar Resources bring in critical cash

21 November 2022 12:06
ASX: OAR

Oar Resources continue its move towards critical metals and have completed the sale of its non-core Bamfield Iron Ore project in an all-cash deal.

Bamfield has been sold to a subsidiary of Vietnamese steelmaker Hoa Phat Group for a settlement of $440,000 as a key part of Oar’s strategy to commit focus towards critical minerals.

Oar now has cash in the bank to be put towards exploring its critical minerals-focused portfolio, including a 6.32Mt graphite project in South Australia and its newly acquired and highly prospective Denchi Lithium project.

Located just 120 km from the 156Mt Kathleen Valley lithium deposit in Western Australia’s Goldfields, initial reconnaissance has already confirmed the presence of Lithium-Caesium-Tantalum pegmatites across the project.

The company said the sale strengthens its position to move on critical metals.

“A field team is heading to the site this week to investigate multiple pegmatite outcrops across the project area as part of an aggressive exploration campaign,” chief executive Paul Stephen said.

Taking his spot at the helm of Oar earlier this month, Stephen brings aboard a proven record of turning exploration into production, and now has two key battery metal projects to focus on — and ultimately drill out a resource.

OAR’s Australian Stock Exchange-listed share price was trading at 0.5c today (11.58 am UTC+ 8 hours).

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