Exploration Commences at Rattler Uranium Project
Perth, Nov 24, 2021 AEST (ABN Newswire) - Okapi Resources Limited (
ASX:OKR) (26O:FRA) (OKPRF:OTCMKTS) is pleased to report that it has commenced initial field programs at its high-grade Rattler Uranium Project with Okapi's exploration team on-site this week to conduct an initial review of the historical workings, undertake geological mapping to gather information for future programmes and to undertake rock chip sampling. The Company expects to have rock chip assays by February and also plans to commence drilling in Q1 of 2022, subject to rig availability.
The Rattler Project area includes the historic Rattlesnake Open Pit Mine with historic production from the reportedly totalling 285,000 tonnes of ore @ 2,800ppm U3O8 and 1.0% V2O5 for 1.6 million pounds of U3O8 and 4.5 million pounds of V2O5. The Rattler Project is located immediately along strike from the Energy Fuels' owned La Sal Project.
The Rattlesnake deposit is the only outcropping deposit in the immediate area and therefore should respond well to simple surface exploration. All other deposits have been discovered with exploration drilling. Extensional mineralisation has reportedly been discovered immediately down-dip to the north of the Rattlesnake mine via exploration drilling, the data is currently not available to the Company.
Energy Fuels' La Sal Project is fully permitted for mining and operated from 2006 to 2012. In 2014 Energy Fuels reported remaining resources at La Sal totalling 1.3Mt at 1,700ppm U3O8 and 8,880ppm V2O5, for 4.5 million pounds U3O8 and 23.4 million pounds of V2O5.
Prior to 1991 historic production from the La Sal district is estimated at 6.4 million pounds of U3O8 at 3,200ppm U3O8 and 29 million pounds of V2O5 at 1.4%.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/Z7723CF2
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.
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