Okapi Resources Delivers JORC’s First Mineral Estimate to Tallahassee 27.6 Million Pound Uranium Oxide Uranium Project
The company’s strategy is to become a new leader in carbon-free nuclear power in North America by bringing together a portfolio of high-quality uranium assets through acquisitions and exploration.
Okapi Resources (ASX: OKR) established a first JORC 2012 mineral resource estimate for the Tallahassee uranium project in Colorado of 25.4 million tonnes at 490 parts per million uranium oxide for 27.6 million pounds, using a cut-off grade of 250 ppm.
Today’s announcement compares to Peninsula Energy’s (ASX: PEN) JORC resource for its US Lance project of 50.7 Mt at 480 ppm uranium oxide for 53.6 Mlb, measured at a cut-off level of 200 ppm. Here they are side by side.
While Peninsula currently has a market cap of over $ 270 million, Okapi’s is under $ 60 million.
Okapi Executive Director David Nour said following today’s landmark announcement that the company will seek to continue adding ounces to its U.S. uranium holdings through the exploration and acquisition.
“This is yet another important milestone for Okapi, the completion of a first JORC 2012 mineral resource that provides a robust platform on which to add additional pounds through exploration within our current land holdings and through development. ‘other value-added acquisitions,’ he said.
“The team is also well advanced in planning an initial drilling program of approximately 10,000 meters at the Tallahassee uranium project.”
Large tracts of untested land
OKR owns a 100% interest in mineral rights to 7,500 acres in the Tallahassee Creek Uranium District in Colorado, with large tracts of untested or poorly drilled land.
Further work is required to fully define the boundaries of the promising mineralized channel.
The asset portfolio also includes an option to acquire 100% of the Rattler high-grade uranium project in Utah, which includes the historic Rattlesnake open pit mine.
Rattler is 85 km from the White Mesa uranium plant, the only operating conventional uranium plant in the United States and offers a short-term, low-capitalization development opportunity.
Drilling to extend and improve confidence in resources
The 10,000m drill program will be conducted to expand the existing resource base, improve confidence in the existing resource base and acquire samples that can be used for initial metallurgical test work.
Based on the results of that work, Okapi said initial mine design work could be undertaken to help determine the most appropriate work programs to be implemented next.
Geology and mineralization
The Tallahassee District uranium deposits are tabular deposits associated with redox interfaces.
Mineralization is hosted in Tertiary sandstones (Echo Park Formation) and / or clay conglomerates (Tallahassee Creek Formation).
These formations were deposited in a braided river system (or palaeo-canal) which is now extinct.
The paleochannels were then partially buried by the extrusion of andesite Thirtynine Mile, which preserved the sedimentary sequences and allowed them to gradually become enriched in uranium.
The Noah, Northwest Taylor, and Boyer deposits are all hosted in the more favorable Echo Park sandstones, so the mineralization is generally thick and laterally continuous, and generally includes high grade mineralization in wider and lower envelopes. content.
This article was developed in conjunction with Okapi Resources, a Stockhead advertiser at the time of publication.
This article is not advice on financial products. You should consider getting
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