Okapi has lodged applications for permits to drill high priority uranium targets at identified by a recent field program at its Newnham Lake and Perch projects in Canada’s Athabasca Basin.

The field program, based on earlier satellite analysis and consisting of prospecting, outcrop, and boulder sampling, as well as ground radiometric survey measurements, successfully identified favourable locations at both projects that are suitable for hosting uranium mineralisation.

Okapi Resources (ASX:OKR) also identified uranium mineralisation along a poorly tested 5km trend within a 25km conductive trend extending into outcropping basement rocks.

The drill permits are expected to be issued for a period of 18 months and would enable a comprehensive diamond drilling campaign for up to 40 holes over 5,000m of drilling. The applications follow the successful completion of the North American summer exploration program.

“Okapi continues to make great progress advancing its Newnham Lake and Perch projects in the Athabasca Basin since we acquired the projects earlier in the year,” managing director Andrew Ferrier said.

“We are very excited about planning our inaugural drill program in the Athabasca where we plan to apply a modern exploration approach to historical data and in upcoming drill programs.”

Historical potential

Newnham Lake includes relatively shallow historical drilling which returned grades between 1,000 parts per million (ppm) U3O8 and 2,000ppm U3O8 within a 25km conductive trend.

While previous drilling had focused on areas under the Athabasca Basin sediments where mineralisation has been identified, the company noted that the same mineralised structures continue to the North West past the edge of the basin.

These areas have not been tested and will be a priority moving forward as there is significant potential for basement hosted deposits akin to the Triple R and Arrow deposits.

Historical exploration for deeper basement style mineralisation has also been limited despite extensive alteration, anomalous geochemistry and favourable rock type.

Over at Perch, historical exploration has highlighted a prospective 4km long conductive trend with one of the two holes drilled returning up to 498ppm U3O8 and anomalous copper-nickel-zinc, which are pathfinders for uranium mineralisation.

 

 

 

This article was developed in collaboration with Okapi Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Featured Companies

You might be interested in