Okapi Resources Ltd: Enmore Gold Project Update
Perth, Australia - Okapi Resources Ltd. (ASX:OKR) (FRA:26O) (OTCMKTS:OKPRF) previously announced that a diamond drilling program was expected to commence at its 100% Enmore Gold project in northern New South Wales in late March 2022 (see announcement 11 March 2022).Unseasonal heavy rain that has severely impacted the north-eastern region of New South Wales has resulted in damage to existing access routes to the proposed drilling sites, necessitating repair work to be carried out.
Ongoing rain events have delayed this work but Okapi is working with landowners and contractors to complete these repairs as soon as possible. The appointed drilling contractor will be providing a tracked drilling rig and support truck to facilitate access to the sites.
The drilling program is expected to commence in the June quarter of 2022.
Enmore Gold Project
The Enmore Gold Project is located in the New England Fold Belt, approximately 30km south of the regional centre of Armidale in northern New South Wales (Figure 1*). The operating Hillgrove Gold Mine (ASX:RVR) is located approximately 20km north of Enmore and has produced over 730,000oz of gold.
Gold was first discovered in the Enmore area in 1876 and intermittently mined till 1940, with mining continuing today at the nearby Hillgrove Mine. Most previous exploration has targeted very shallow mineralisation, with approximately 233 holes completed prior to Okapi's involvement. Of these, 153 holes are less than 50m in depth and only 41 holes are greater than 100m in depth.
There is significant exploration potential at Enmore, with 36 identified mineral occurrences - the majority of which are untested by deep drilling, modern geophysics or other targeting methods applied across the project.
The mineralisation at Enmore generally comprises structurally controlled orogenic style gold (with antimony) mineralisation.
Okapi completed 10 Reverse Circulation (RC) drillholes for 1,257m during 2021 across three prospects at Sunnyside East, Sunnyside West and Bora. Assay results returned significant results from all 10 of the holes.
The proposed program will follow up on these results by testing for down plunge mineralisation at Sunnyside and Sherwood Prospects (Figure 2*).
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/27VL8ON0
About Okapi Resources Ltd:
Okapi Resources Ltd. (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.
Source:
Okapi Resources Ltd.
Contact:
Andrew Ferrier Managing Director E: info@okapiresources.com P: +61 8 6117 9338 Gareth Quinn Investor Relations E: gareth@republicpr.com.au P: +61 417 711 108
