Okapi Resources (ASX:OKR) has staked an additional 69 claims around its wholly owned Maybell Uranium Project in Colorado, US.
The new claims cover 384 hectares, increasing the $26.26 million market capitalisation company’s land position in the area to 520 claims across a 4,145-hectare area.
These new claims cover areas of recently recognised mineralisation for which Okapi did not own the mineral rights, according to the company.
Okapi now plans to submit applications for a drilling program, with the aim of undertaking exploration drilling during next year.
The Maybell Uranium Project historically produced over 5.3 million pounds of triuranium octoxide (U3O8).
BRS Engineering compiled historical drill data that confirmed mineralised trends in the area back in July.
Okapi Resources Managing Director Andrew Ferrier says the company is ‘excited’ about the potential of the Maybell project and the expansion of its land package in the ‘historic’ district.
“These new claims further solidify our land position and show our commitment to the project. The additional consolidation at the Maybell Uranium Project follows from the positive outcome of the data review and compilation work completed earlier in the year.
The informational collated gave us significant insight into the uranium potential of the district, which has been an important historical producer.”
The Maybell Uranium Project is located at the southern end of the Sand Wash Basin between the towns of Maybell and Lay in Moffat County, Colorado.
Okapi Resources is a uranium explorer and developer with assets in the US and Canada. The company’s projects include the Tallahassee, Rattler, Athabasca Basin, and Maybell uranium projects.
As of 30 June 2023, Okapi had $1.469 million cash and cash equivalents at hand, according to its latest quarterly report. On 4 September, the company launched a share placement to raise $1.5 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Okapi Resources
