Okapi Resources Ltd (ASX:OKR)’s maiden JORC 2012 mineral resource for the Tallahassee Uranium Project in Colorado, US, has been estimated at 25.4 million tonnes at 490 parts per million (ppm) uranium oxide for 27.6 million pounds of uranium oxide using a 250 ppm cut-off grade.
This total includes measured, indicated and inferred resource categories.
The planning of the maiden drill program is well advanced and there is considerable scope to increase pounds through exploration and accretive acquisitions, with a clear strategy for the company to become a new leader in North American carbon-free nuclear energy.
"Significant milestone"
Okapi Resources executive director David Nour said: “This is yet another significant milestone for Okapi, achieving a maiden JORC 2012 mineral resource that provides a robust platform on which to add further pounds via exploration within our current landholdings and through further value-accretive acquisitions.
“The team is also well advanced in planning a maiden drilling program of circa 10,000m at the Tallahassee Uranium Project.”
Geology
The uranium deposits in the Tallahassee District are tabular deposits associated with redox interfaces.
Mineralisation is hosted in Tertiary sandstones (Echo Park Formation) and/or clay-bearing conglomerates (Tallahassee Creek Formation).
The Noah, Northwest Taylor and Boyer deposits are all hosted by the more favorable Echo Park sandstones, so mineralisation is generally thick and laterally continuous, and commonly comprises high-grade mineralisation within broader, lower-grade envelopes.
Scope to expand
Further work is required to fully define the boundaries of the prospective mineralised channel.
There is considerable scope to expand on this maiden JORC 2012 mineral resource through further exploration and accretive acquisitions.
Tallahassee holds a 100% interest in mineral rights that cover about 7,500 acres in the Tallahassee Creek Uranium District of Colorado, with large swathes of ground untested or poorly tested by drilling.
Next steps
Tallahassee expects to embark on an around 10,000 metres drilling program to:
- Expand the existing resource base;
- Improve confidence in the existing resource base; and
- Acquire samples that can be used for initial metallurgical test-work.
Depending on the results of this work, initial conceptual mine design work may be undertaken to help determine the most appropriate work programs to implement thereafter.
Tallahassee also considers there are opportunities to acquire additional mineral rights in close proximity to those it currently holds, with such areas providing the opportunity to:
- Expand the resource base through either discovery of additional resources on previously underexplored property or through acquisition of properties that contain known mineralisation, including, in some cases, historical resources; and
- Enhance the economics of developing a stand-alone mining operation by expanding the project’s resource base.