Okapi Resources Ltd (ASX:OKR) through its wholly-owned subsidiary Usuran Resources Inc. has received approval from Colorado State’s Division of Reclamation, Mining and Safety (DRMS), to drill at its Tallahassee Uranium Project.
The permit is valid to December 3, 2027, and covers the Taylor-Boyer deposits within the Tallahassee Project in Colorado. It allows for up to 18,200 metres of drilling in up to 60 holes.
Drilling will be applied to exploration, hydrological testing and geotechnical investigations in order to further the development of the Taylor-Boyer Prospect to a mining decision.
Okapi will also be seeking an additional Notice of Intent (NoI) from the DRMS to cover the recently acquired 51% ownership in the Hansen and Picnic Tree deposits and obtaining the Conditional Use Permits (CUPs) as required from Fremont County, Colorado before drilling can start.
“This is another important milestone for Okapi, as the company continues to progress and advance its uranium projects in North America," Okapi’s managing director Andrew Ferrier said.
"Obtaining the initial permit to drill at our 100% owned Taylor-Boyer Prospect within the larger Tallahassee Uranium Project in Colorado provides the opportunity for the company to move forward with exploration and development work in a district known to contain significant uranium resources.”
Scope to expand estimate
The new work program will help Okapi to determine whether it can expand the existing JORC-compliant resource estimate.
Okapi holds a 100% interest in the mineral rights at Taylor-Boyer that covers approximately 7,500 acres, with large portions untested or poorly tested by drilling.
The work program is required to fully define the boundaries of the prospective mineralised channel or channels.
It should be noted that the approval from DMRS to drill has been granted on lands where both the surface and mineral rights are privately owned. Okapi has obtained a private land access agreement with the surface landowners at the Taylor Ranch and Boyer Ranch that allows access for the permitted drilling activities.
About Okapi
Okapi acquired a portfolio of advanced, high-grade uranium assets in North America, with some strategically positioned in one of the most prolific uranium districts in the USA – the Tallahassee Creek Uranium District in Colorado.
Tallahassee Uranium Project contains a JORC 2012 mineral resource estimate of 49.8 million pounds of U3O8 at a grade of 540ppm 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.
Okapi’s portfolio of assets 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 85 kilometres from the White Mesa Uranium Mill, the only operating conventional uranium mill in the USA hence providing 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 in Canada. The Athabasca Basin is home to the world’s largest and highest-grade uranium mines.
Okapi’s 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.