Source: Okapi Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Okapi Resources (OKR) receives approval to conduct exploration within its Tallahassee uranium project in Colorado
  • The permit allows the company to drill 60 holes, for up to 18,200 metres, to target the largely untested Taylor-Boyer deposits and potentially reach a mining decision
  • MD Andrew Ferrier says the approval is an “important milestone” and gives the company the opportunity to advance exploration and development work in a uranium district
  • Next up, Okapi will seek another notice of intent for the recently acquired Hansen and Picnic Tree deposits which neighbours Tallahassee
  • OKR shares are trading in the grey at 24.5 cents

Okapi Resources’ (OKR) wholly-owned subsidiary has received approval to undertake drilling at the Taylor-Boyer deposits within the Tallahassee uranium project in Colorado.

The Colorado Division of Reclamation, Mining and Safety (DRMS) granted Usuran Resources the permit which is valid until December 31, 2027.

Okapi will drill up to 18,200 metres, across 60 holes, to assist with developing the largely untested Taylor-Boyer prospects to a mining decision.

Exploration will aim to fully define mineralisation and the company believes there’s potential to expand the existing mineral resource estimate.

Managing Director Andrew Ferrier said the approval is “another important milestone” for the company.

“Obtaining the initial permit to drill at our 100 per cent-owned Taylor-Boyer prospect within the larger Tallahassee uranium project in Colorado provides the opportunity for the company to move forward with exploration and development work in a district known to contain significant uranium resources,” Mr Ferrier said.

The company said the next course of action for the Tallahassee project is seeking another notice of intent from the DRMS to cover the recently acquired 51 per cent stake in the Hansen and Picnic Tree deposits.

The Hansen and Picnic Tree uranium deposits lie within the broader Hansen project that neighbours the Tallahassee project

Okapi will also look into obtaining the conditional use permits as required from Fremont County, Colorado, before drilling can begin.

OKR shares were trading in the grey at 24.5 cents at 3:41 pm AEST.

OKR by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…