Okapi Resources Ltd (ASX:OKR) has extended the closing date for the proposed acquisition of uranium assets in the Athabasca Basin of Canada to no later than January 28, 2022.
The company is acquiring a portfolio of six advanced exploration projects from ALX Resources Corp in the world’s premier high-grade uranium district
Okapi’s management team has 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.
Moving forward, the data review and high priority target generation are well advanced and Okapi will outline the exploration strategy going forward on the Athabasca properties upon closing the transaction in late January 2022.
“High-grade exploration assets”
Okapi managing director 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.”
Athabasca portfolio
The Athabasca properties include six projects across 75 granted mineral claims covering in excess of 55,000 hectares.
Importantly, all of the projects are along the margin of the Athabasca Basin or in the Carswell Impact Structure where the 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.