Why is OKR under the radar of Uranium investors?, page-93

• 21 JUNE, 2023
  • EXPLORATION

Okapi Resources submits CUP applications for 2 deposits within Tallahassee Uranium Project, US

Australian uranium explorer Okapi Resources (ASX:OKR) has lodged a Conditional Use Permit (CUP) application covering the Hansen and Picnic Tree deposits within its Tallahassee Uranium Project in Colorado, US.

The company reports the submission of the CUP will be followed by the submission of a Notice of Intent to Conduct Prospecting Operations (NOI) with the State of Colorado Division of Reclamation, Mining and Safety (DRMS).

The company presented at the 2023 Gold Coast Investment Showcase today (21 June 2023).

The lodging of the CUP is an important next step in the process for Okapi, as it acquired the mineral rights and has executed land and access agreements for both deposits over the past 12 months.

Approval of the CUP permit for the deposits will allow Okapi to complete a focused drill program to enlarge the existing data on the project. This data will be used to complete a Scoping Study on the project by mid-2024, which the company says will be a ‘significant’ milestone in demonstrating the potential of Tallahasse

Approval for the permit is expected in Q4 2023, following a review and recommendations by the Planning Commission and a public hearing conducted by the Board of County Commissioners.

Over the next 6 months, Okapi reports it will be focused on receiving approval for the CUP permit and subsequently conducting a drill program at Hansen while simultaneously advancing technical work on the project.

This proposed drill program will focus on collecting technical data to support and build upon the ‘significant’ historical data that exists at Hansen and Picnic Tree.

Additionally, the drillholes will be designed to test ‘critical’ areas where additional data is required to ‘rapidly’ advance mining studies. The company plans for the holes to aid in its understanding of the geological controls on the mineralisation, help obtain geotechnical and rock mechanics data, and collect samples for geochemical and metallurgical testing.

Commenting on the CUP application, Okapi Resources Managing Director Andrew Ferrier says: “This is an important milestone for Okapi, as it provides a clear pathway for developing and advancing the Hansen and Picnic Tree deposits in the Tallahassee Uranium Project.

We look forward to working closely with Fremont County as we undertake our exploration and development programs at the Tallahassee Uranium Project.”

Okapi reports Hansen and Picnic Tree are ‘key’ deposits within the Tallahassee Project, comprising 22.2 million pounds of uranium at 610 parts per million (ppm) U3O8. The Hansen deposit also contains some of the ‘highest’ grades and widths in the district, with intervals greater than 50m at a depth of between 150m and 200m.

As part of the process for lodging the CUP, the company has executed land and road access agreements with landowners at the project. This agreement provides access for Okapi to perform exploration activities for up to 7 years. Additionally, Okapi says the agreements were a ‘vital’ step in the permitting process to allow for the submission of exploration permits with both the State of Colorado and Fremont County.

Okapi Resources is an Australian uranium explorer with a portfolio of assets across North America. These assets include the Maybell and Tallahassee projects in Colorado, the Rattler Project in Utah, and the Athabasca Basin projects in Saskatchewan, Canada.

Additionally, the company also holds the Enmore Gold Project in the New England Fold Belt of New South Wales.