Quarterly Activities Report
Perth, Oct 29, 2021 AEST (ABN Newswire) - Okapi Resources Limited (
ASX:OKR) (26O:FRA) is pleased to report activities completed during the 30 September 2021 quarter.
Highlights
- Acquisition of 100% of Tallahassee Resources Pty Ltd and its portfolio of large, high-grade uranium projects in the United States completed in August 2021 including the Tallahassee Uranium Project and the Rattler Uranium Project
- Acquisition of the past-producing Sunnyside Uranium Mine in Utah (historical uranium production at grades of 1,500ppm U3O8 and 1.5% V2O5) completed in September 2021
- Outstanding drill results at the Enmore Gold Project, NSW including 174m @ 1.83g/t gold, from surface ending in mineralisation with 3m @ 8.86 g/t gold from 171m to EOH announced in September 2021
- Tallahassee Uranium Project Maiden JORC 2012 Mineral Resource of 27.6 million pounds of U3O8 at 490ppm U3O8 announced in October 2021
- Planning of maiden drill programs at the Company's North American uranium projects and Enmore Gold Project well advanced
- Okapi well-funded with A$5.76m in cash and cash equivalents
- Okapi also has 17.9 million listed options on issue (ASX:OKRO) expiring on 31 March 2023, if all are exercised Okapi's cash balance will be supplemented by a further $5.37 million
- Clear strategy to become a new leader in North American carbon-free nuclear energy by assembling and developing a portfolio of high-quality uranium assets through accretive acquisitions and exploration
Okapi Resources Executive Director, David Nour, said:
"This is has been a truly transformational quarter for Okapi with the completion of the acquisition of Tallahassee Resources and its portfolio of large, high-grade North American uranium projects. We have not only acquired a portfolio of high-quality assets but also a team of experienced mining executives with a track record of successfully identifying and developing North American uranium assets. Tallahassee remains focussed on executing its strategy to become a new leader in North American carbon-free nuclear energy."
"Okapi also had success at the Enmore Gold Project, with drilling results showing the potential for a very large, shallow and high-grade gold deposit. The depth potential is also very encouraging and we have multiple prospects that remain untested. We are now busy planning for the next drilling campaign at the Enmore Gold Project."
To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/6J9D8FTN
About Okapi Resources Limited
Okapi Resources Limited (ASX:OKR) recently acquired a portfolio of advanced, high grade uranium assets located in the United States of America and in the Athabasca Basin, Canada.
Assets include a strategic position in one of the most prolific uranium districts in the USA - the Tallahassee Creek Uranium District in Colorado. The Tallahassee Uranium Project contains a JORC 2012 Mineral Resource estimate of 27.6 million pounds of U3O8 at a grade of 490ppm U3O8 with significant exploration upside. The greater Tallahassee Creek Uranium District hosts more than 100 million pounds of U3O8 with considerable opportunity to expand the existing resource base by acquiring additional complementary assets in the district.
The portfolio of assets also includes an option to acquire 100% of the high-grade Rattler Uranium Project in Utah, which includes the historical Rattlesnake open pit mine. The Rattler Uranium Project is located 85km from the White Mesa Uranium Mill, the only operating conventional uranium mill in the USA hence provides a near term, low-capital development opportunity.
In January 2022, Okapi acquired a portfolio of high-grade exploration assets in the world's premier uranium district, the Athabasca Basin. The Athabasca Basin is home to the world's largest and highest-grade uranium mines.
Okapi's clear strategy is to become a new leader in North American carbon-free nuclear energy by assembling a portfolio of high-quality uranium assets through accretive acquisitions and exploration.
| ||
|
