- Okapi Resources (OKR) is set to commence an airborne geophysical survey in March at its Newnham Lake and Perch uranium projects in Canada’s Athabasca Basin
- The survey will provide the company with a new dataset in preparation for its maiden drilling program at the Newnham Lake project, for which it recently received permits
- OKR says it expects to uncover new targets and advance existing high-priority targets
- Managing Director Andrew Ferrier says the exploration targets at both projects were shallow, making for a “very compelling” exploration opportunity
- Shares in OKR are up 2.86 per cent and trading at 18 cents at 1:18 pm AEDT
Okapi Resources (OKR) has announced its plans to carry out an airborne geophysical survey at its Newnham Lake and Perch uranium projects in Canada’s Athabasca Basin.
The survey is scheduled for March 2023, with results due in Q2 2023, providing the company with a new dataset that will prepare it for its maiden drilling program at the Newnham Lake project.
OKR Managing Director Andrew Ferrier said the survey work was an important step in the right direction to advance its uranium projects in the highly prospective north-eastern area of the Athabasca Basin.
“Both projects demonstrate important characteristics of high-grade uranium deposits in the Athabasca Basin, including elevated uranium geochemistry and the right structural and lithological geological setting,” Mr Ferrier said.
“The exploration targets at both projects are also shallow, with target depths of less than 100 metres, making the exploration opportunity very compelling.”
The company said the survey would offer it the chance to refine its high-priority targets and locate new targets in preparation for the upcoming summer drill program.
OKR said the survey will also better define the conductors to the eastern part of the project and on the entire Perch project. The conductors are considered to be concurrent with structures that could host uranium mineralisation.
The company was recently awarded permits to begin drilling up to 40 holes at its Newnham project. They last until July 2024, with permit applications for the Perch project still awaiting approval.
Drilling is expected to commence in Q2 2023 at the Newnham Lake uranium project, following the completion of the airborne geophysical survey.
Okapi boasts six exploration programs in Canada’s Athabasca Basin, which accounts for around 20 per cent of the world’s uranium.
Shares in OKR were up 2.86 per cent and trading at 18 cents at 1:18 pm AEDT.