Okapi Resources Ltd (ASX:OKR) has pushed back the proposed acquisition of a 51% interest in the Hansen Uranium Project in Colorado, USA, by a further 15 days to no later than July 17, 2022.
The extension allows both parties sufficient time to finalise and execute the definitive agreement.
Details of the acquisition were announced to the market on April 7. At the time, managing director Andrew Ferrier said: “This acquisition represents a very important transaction for Okapi and its shareholders."
Revitalisation of US domestic uranium
“By securing this strategic 51% interest in the Hansen Uranium Project, we now have sufficient resource inventory to advance the Tallahassee Uranium Project as a standalone asset," he said
“Recent geopolitical events have put increased focus on the importance of the US revitalising its domestically sourced uranium, which will undoubtedly place a significant premium on US uranium assets such as Hansen.
“The issue is significantly compounded by the fact that 46% of US uranium is currently sourced from Russia, Kazakhstan and Uzbekistan.”
Access to 22.2-million-pound resource
The Hansen Uranium Project is right next to Okapi’s 100%-owned Taylor and Boyer uranium deposits, consisting of two deposits known as Hansen and Picnic Tree.
Hansen and Picnic Tree deposits contain a JORC (2012) mineral resource of 22.2 million pounds U3O8 at 610 parts per million (ppm) U3O8, 100% of which is attributable to Okapi through its 51% mineral interest.
Once the project is under Okapi’s control, the company’s updated mineral resource for the Tallahassee Uranium Project will be 42 million tonnes at 540ppm for 49.8 million pounds of U3O8 representing an 81% increase to the size and an increase of 10% to the grade of its existing mineral resource.
About Okapi Resources
Okapi Resources recently acquired a portfolio of advanced, high-grade uranium assets in the US and in the Athabasca Basin, Canada, and has assumed 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 mineral resource estimated at 49.8 million pounds of U3O8 at a grade of 540ppm U3O8 with significant exploration potential.
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 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.