Okapi Resources (ASX: OKR) is set to acquire a 51% stake in the Hansen Uranium Project in Colorado after signing a binding term sheet with current owner STB Minerals.
The project, which is situated immediately adjacent to Okapi’s 100%-owned Taylor and Boyer Uranium Deposits, encompasses two uranium deposits dubbed ‘Hansen’ and ‘Picnic Tree’, and comes with an existing JORC 2012 Mineral Resource Estimate of 22.2 million pounds U3O8 @ 610 ppm U3O8.
Importantly, the resource is 100% attributable to Okapi, providing its combined Tallahassee Uranium Project with an updated JORC 2012 MRE of 42.0 million tonnes @ 540ppm for 49.8 million pounds of U3O8. This represents an 81% increase in size, and a 10% increase in grade.
Addressing the news, Okapi Resources Managing Director Andrew Ferrier said: “This acquisition represents a very important transaction for Okapi and its shareholders. 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 stand-alone asset.
“we now have sufficient resource inventory to advance the Tallahassee Uranium Project as a stand-alone asset”
Recent geopolitical events have put increased focus on the importance of the US revitalising its domestically sourced uranium, which will undoubtably 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 (Source: U.S. Energy Information Administration – Sources and shares of total US purchases of uranium in 2020).”
Okapi notes that both Hansen and Picnic Tree have been subject to ‘significant’ historical drilling, on tight drill spacing of 30.5m. Hansen has delivered some of the best grades and widths in the district, within flat-lying tabular horizons up to 50m thick, between 150m and 200m below surface.
Updated map of the Tallahassee Uranium Project including Hansen and Picnic Tree. Image: Images: Okapi Resources LimitedWith the greater Tallahassee Creek Uranium District hosting over 100 million pounds of U3O8, Okapi reports that it is continuing to asses further opportunities to expand its existing resource.
