Uranium-focused explorer and developer Okapi Resources (ASX:OKR) has confirmed the presence of mineralised trends and ‘higher-grade’ results within ‘thick, low-grade’ intervals at its Maybell Uranium Project in Colorado.
The company, which has a $21.28 million market capitalisation, says this new ‘valuable’ data was drawn from historical drilling work and highlights the ‘significant’ potential within Maybell.
As a result, Okapi reports it now has a ‘significant’ database to assist in expediting and focusing future work on the project. Therefore, the company will move forward with submitting an exploration permit by the end of this month ahead of a targeted drilling program in Q4, 2023.
These new mineralised trends and ‘higher-grade’ results were identified by a detailed review of available data conducted by BRS Engineering, which compiled and reviewed data from the United States Geological Survey (USGS) and various other sources to construct a database of historical drilling within the project.
Data compilation included the assay review of nearly 259 historical drill logs, 120 grade sheets, and numerous maps, diagrams, cross-sections, chemical test documentation, internal reports, scientific papers, and various other data sourced from government and private industry.
Speaking on the potential at Maybell, Okapi Resources Managing Director Andrew Ferrier says: “We are very excited with the potential of our Maybell Uranium Project following the outcome of the data review and compilation from BRS Engineering.
“The information collated allows the team to evaluate the potential for higher-grade zones within the thick sections of low-grade material”
The information collated allows the team to evaluate the potential for higher-grade zones within the thick sections of low-grade material. The scanning and digital conversion has given us significant insight into the uranium potential and upside of the district, which has been an important historical producer.”
Okapi Resources is a publicly listed explorer and developer providing ‘unique’ exposure to not only uranium exploration and development but to enrichment in the midst of a ‘nuclear energy renaissance’.
The company’s 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 had $2.7 million cash at hand as of 31 March 2023 following a $5 million placement, as stated in its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Okapi Resources Ltd
