Okapi Resources (ASX:OKR) is making steady progress on its application for a Conditional Use Permit (CUP) to provide a development pathway for its Tallahassee Uranium Project in Colorado.
The approval of the CUP for the Hansen and Picnic Tree deposits within the project area will allow the $36.76 million market capitalisation company to complete a focused drill program to supplement the ‘significant’ existing data on the project.
Okapi says it has received a positive recommendation from the County Planning Commissioners after completing a detailed technical review and public meeting. The company will now seek approval from the Board of County Commissioners, which will make the final determination at a public hearing.
Okapi notes that Tallahassee continues to progress through the key approval milestones on the back of ‘positive’ price momentum, with spot uranium prices sitting at US$70.50/lb.
The Tallahassee Uranium Project is located in Colorado’s Tallahassee Creek uranium district and hosts more than 100 million pounds of uranium oxide (U3O8).
Okapi Resources is an ASX-listed uranium explorer and developer currently developing a portfolio of ‘advanced, high-grade’ uranium assets in the US and Canada.
As of 30 June 2023, the company had $1.469 million cash and cash equivalents at hand, according to its latest quarterly report. Subsequent to the end of the quarter, the company raised $1.5 million via a placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Okapi Resources
