Okapi Resources (ASX:OKR) is currently preparing for its maiden drilling program for a planned 10 to 15 drillholes for 2,500m, at the Newnham Lake and Perch Uranium Projects in the Athabasca Basin, Canada.
The company reports the upcoming drill program is prepared for mid-2023 and aims to test the highest priority drill targets at both projects.
Okapi states that an extensive airborne geophysical survey has been completed at Newnham Lake and Perch Uranium, with processing and interpretation currently underway and expected to be completed by the end of May 2023.
Additionally, this process will provide ‘significant’ further refinement of the company’s high-priority drill targets at both projects to support the maiden drill program.
Commenting on the completion of the airborne survey, Okapi Resources Managing Director, Andrew Ferrier says: “The airborne survey is an important step in advancing our exploration assets in the Athabasca Basin.
“The airborne survey is an important step in advancing our exploration assets in the Athabasca Basin”
Both the Newnham Lake and Perch Uranium Projects share important characteristics of high-grade uranium deposits in the Athabasca Basin, including elevated uranium geochemistry and the right structural and lithological geological setting with relatively shallow targets.”
The airborne survey was specifically designed to test the conductors on the eastern part of the Newnham Lake Uranium Project and on the entire Perch Uranium Project.
Okapi states that the eastern half of Newnham Lake was lacking ‘high-quality’ geophysical data, until the recently completed airborne survey.
Additionally, historical drilling at the Newnham Lake Project has encountered multiple shallow intercepts with grades between 1,000 parts per million (ppm) uranium oxide (U3O8) and 2,000ppm U3O8, within a 25km conductive trend.
‘Significantly’, the company adds the depth to the Athabasca Basin unconformity at Newnham Lake is about 100m, mitigating the need to drill deep holes.
A single hole NL18-001 was drilled on the Newnham Lake Uranium Project in 2018 returning with 7.2m @ 310ppm, including 0.5m @ 1,274ppm U3O8.
Okapi reports this drillhole requires follow-up drilling to potentially locate the source of the uranium mineralisation at depth or along strike.
The Newnham Lake and Perch Uranium Projects are wholly owned by Okapi and consist of 15 mining claims, totalling nearly 18,500 hectares.
The properties are located adjacent to and across the northeast margin of the Athabasca Basin, about 75km east-southeast of the hamlet of Stony Rapids, and 60km east of the community of Black Lake, Saskatchewan.
Okapi Resources is an ASX-listed company focused on developing a portfolio of ‘advanced’, ‘high-grade’ uranium assets in prolific uranium districts in the United States and Canada. The company’s asset portfolio includes the Tallahassee Uranium and Maybell Uranium Projects in Colorado, the Rattler Uranium Project in Utah, and the Athabasca Basin Projects located in Canada.
Images: Okapi Resources Ltd
