Okapi kicks off exploration at Rattler Uranium Project, plans drilling in Q1 2022
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Okapi Resources has started initial field programs at its Rattler uranium project in Utah, USA – with the goal to review historical workings, undertake geological mapping and rock chip sampling.
The company expects to complete mapping by year-end, followed by drill targeting – and rock chip assays are expected to be completed by February.
Okapi (ASX:OKR) plans to commence drilling in Q1 of 2022 subject to rig availability.
The company said the Rattlesnake deposit is the only outcropping deposit in the immediate area and “should respond well” to simple surface exploration – since all other deposits have been discovered with exploration drilling.
The Rattler project area includes the historic Rattlesnake open pit mine and is along strike from and has a similar geological setting to Energy Fuels’ (TSE:EFR) La Sal Project – which hosts a total of 4.5Mlb of U3O8 at 1,700ppm U3O8 and 23.4Mlb of V2O5 at 8,880ppm V2O5.
For context, historic production at Rattlesnake reportedly totalled 285,000 tonnes of ore at 2,800 parts per million U3O8 and 1.0% V2O5 for 1.6 million pounds of U3O8 and 4.5 million pounds of V2O5.
In addition, the Rattler Project is just 85km from the White Mesa Uranium Mill, the only operating conventional uranium mill in the USA – which provides the company a near term, low-capital development opportunity.
Notably, the company commenced trading on OTCQB on 22 November, providing North American investors with the opportunity to purchase Okapi stock as the company executes its strategy to become a new leader in North American carbon-free nuclear energy.
The company’s cross-trade allows Okapi shares to be traded on the OTCQB market under the company’s ticker code OKPRF.
This article was developed in collaboration with Okapi Resources Limited, 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.