Okapi Resources Ltd (ASX:OKR) is preparing to explore a portfolio of six advanced projects in a premier high-grade uranium district, the Athabasca Basin in Canada.
The Athabasca properties, which is being acquired from ALX Resources Corp (TSX-V:AL), includes 75 granted mineral claims covering about 55,000 hectares.
Notably, the Athabasca Basin is home to the world’s largest and highest-grade uranium mines including Cameco’s McArthur River and Cigar Lake uranium mines.
A number of world-class discoveries have been made in recent years in the Athabasca Basin including the Triple R, Arrow and Hurricane discoveries.
Athabasca Projects
Okapi’s management team have been working closely alongside a highly reputable, independent technical services firm based in Saskatchewan to assist in ranking and prioritising the properties by geological prospectivity.
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.
Okapi will be focused on drill programs on two of the six properties which include Middle Lake and Newnham Lake, which have been identified as having the best exploration potential.
ALX, on behalf of Okapi, has already lodged a permit to drill on the Middle Lake Project prior to closing and is in the process of submitting a drill for Newnham Lake.
Okapi will also be looking to consolidate and expand its positions in the Athabasca Basin through some highly accretive acquisitions during 2022.
Tallahassee Uranium Project, Colorado
Okapi holds a 100% interest in mineral rights that cover about 7,500 acres in the Tallahassee Creek Uranium District of Colorado, USA.
During the quarter, Okapi revealed a maiden resource for the Tallahassee Uranium Project estimated at 25.4 million tonnes at 490ppm uranium for 27.6 million pounds of uranium using a 250ppm cut-off grade.
Okapi also acquired additional high-grade uranium pounds located immediately alongside and contiguous with the company’s High Park Deposit.
Additionally, the company added a further 640-acre landholding through the execution of a mining lease with the State of Colorado.
Rattler Uranium Project, Utah
The Rattler Uranium Project comprises 98 Bureau of Land Management (BLM) unpatented Federal mining claims totalling of about 1,960 acres in the La Sal Uranium District.
During the quarter, Okapi commenced initial field programs at Rattler with the company’s exploration team on-site to conduct an initial review of the historical workings, undertake geological mapping to gather information for future programs and to undertake rock chip sampling.
The rock chip samples are awaiting being sent for assaying.
Okapi is currently in the process of submitting permits to drill at Rattler with the BLM, State and County regulators, and plans to commence drilling in March or April subject to permits and drill rig availability.