Closed Acquisition Of Athabasca Exploration Properties And Announcement Of Exploration Strategy

Okapi Resources Limited (ASX: OKR) (Okapi or the Company) is pleased to announce that it has closed its agreement with ALX Resources Corp (a company incorporated in British Columbia) (TSXV:AL) (ALX) to acquire a portfolio of six advanced exploration projects in the world’s premier high grade uranium district, the Athabasca Basin (AthabascaProjects).

Key Points:

• Closed acquisition to acquire six advanced exploration properties in the Athabasca Basin.
• Athabasca Basin is the world’s premier uranium district.
• Worked closely alongside a highly reputable technical services firm based in Saskatchewan to assist in ranking and prioritising the properties by geological prospectivity.
• Due diligence showed that there are numerous high priority targets across the properties.
• Focused on drilling on two of the six properties which include Middle Lake and Newnham Lake, identified as having the best exploration potential.
• Okapi has already lodged a permit to drill on the Middle Lake Project prior to closing and is in the process of submitting a drill permit for Newnham Lake.
• Drilling will proceed on selected targets once the necessary permits are in hand.
• The Company will also be looking to consolidate and expand its holdings in the Athabasca Basin through some highly accretive acquisitions during 2022.

The Athabasca Projects includes 75 granted mineral claims covering over 55,000 hectares. Importantly, all of the projects are located along the margin of the Athabasca Basin or in the Carswell Impact Structure where depth to the unconformity is relatively shallow being 300 metres or less and typically closer to 100 metres, making them ideal for targeting shallow high-grade uranium deposits.

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