Okapi leads Aussie charge into US nuclear sector with historic Maybell Uranium Project
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Around 468 claims across 3,600 hectares have been staked following the acquisition of the Maybell Uranium Project in Colorado’s famed Moffat County, known for uranium, coal and natural gas production.
A substantial proportion of the Maybell mineralised trend has been secured, in a district where historical production of 5.3 Mlb of uranium at an average grade of 1,300 ppm has been reached.
Based on exploration data, Okapi believes there is significant potential for further delineation and discovery of near surface uranium resources.
Now, the company is in the process of data accumulation, compilation, and planning future exploration to determine the potential of developing shallow open pit orebodies.
Okapi (ASX:OKR) managing director Dr Andrew Ferrier said this acquisition is directly on trend for Okapi who are looking to provide its shareholders with a “diversified exposure” to uranium in North America.
“We are looking to acquire assets in the right circumstances with the aim of expanding the portfolio,” he said.
“We continue to believe that the uranium space is in an upward trend and Okapi is currently assembling and developing the right portfolio of assets to create value for shareholders.”
For an 11-year period and between 1954 – 1964, Union Carbide operated a series of shallow open pits along a 2km strike where records show the mine produced around 4.3 Mlb at an average grade of 1,300ppm.
Annual production jumped in 1958 with the construction of an on-site processing facility and for the next seven years, produced up to 720,000 lbs of uranium per year.
When the price of uranium rose sharply in the mid-1970’s, Union Carbide resumed mining in 1976 through an open-pit and heap leaching of lower grade material.
A portable ion exchange unit was installed at site and the eluate was trucked to Union Carbide’s mill in Gas Hills, Wyoming.
Production continued until 1981 when falling prices bottomed out.
About 1.0 Mlb of U 3 O 8 was produced over this period.
Plans are moving ahead with an integrated exploration program at Maybell, after the necessary exploration permits have been received, to confirm the historical information with the intention of producing a resource estimate for the project area.
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.