Extension to Closing Date on Athabasca Projects Acquisition
Perth, Dec 20, 2021 AEST (ABN Newswire) - Okapi Resources Limited (
ASX:OKR) (26O:FRA) (OKPRF:OTCMKTS) is pleased to announce that it is has extended the Closing Date on the proposed acquisition of the Uranium exploration properties in the Athabasca Basin in Canada from ALX Resources (TSXV:AL) to no later than 28th January 2022. The details of the proposed acquisition were announced to the market on the 9th November 2021.
Okapi's management team have been working closely alongside an independent highly reputable technical services firm located in Saskatchewan to assist in ranking and prioritising the properties by geological prospectivity. The data review and high priority target generation is well advanced and Okapi will outline the exploration strategy going forward on the Athabasca properties upon closing the transaction in late January 2022.
Okapi's Managing Director, Mr Andrew Ferrier said:
"We are excited by the opportunity to acquire high grade exploration assets in the Athabasca basin, the world's premier uranium district. The assets will be highly complementary to Okapi's existing portfolio of North American uranium assets. The extension of the Closing Date allows Okapi more time to compile, review and analysis the substantial database of radiation, geochemical and geophysical data. Drilling data is also currently being reviewed and incorporated into the Company's database"
The Athabasca properties includes six projects across 75 granted mineral claims covering over 55,000 hectares. Importantly, all of the projects are located along the margin of the Athabasca Basin or in the Carswell Impact Structure where depth to the unconformity is relatively shallow being 300 metres or less and typically closer to 100 metres, making them ideal for targeting shallow high-grade unconformity-related uranium deposits. Okapi will initially focus on the Cluff Lake Exploration Project and the Newnham Lake Project where the team will be targeting high-grade unconformity-related uranium deposits.
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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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