Gold

Perth, Australia (ABN Newswire) - Okapi Resources Limited (ASX:OKR) (FRA:26O) (OTCMKTS:OKPRF) is pleased to provide a quarterly development and corporate update.

DEVELOPMENT

Athabasca Projects, Canada

During the quarter, the Company has entered into a binding, conditional agreement with ALX Resources Corp (CVE:AL) to acquire a portfolio of six advanced exploration projects in the Athabasca Basin (Athabasca Projects), the world's premier high grade uranium district.

The Athabasca properties includes six projects across 75 granted mineral claims covering approximately 55,000 hectares. Importantly, all of the projects are located along the margin of the Athabasca Basin or in the Carswell Impact Structure, the depth to the Athabasca Basin - Precambrian Basement unconformity is relatively shallow at 300 metres or less and typically closer to 100 metres, making them targets for shallow high-grade unconformity-related and basement hosted uranium deposits.

The Athabasca Basin is home to the world's largest and highest-grade uranium mines including Cameco's McArthur River and Cigar Lake uranium mines. A number of world-class discoveries have been made in recent years in the Athabasca Basin including the Triple R, Arrow and Hurricane discoveries.

The material terms of the Property Purchase Agreement between Okapi and the vendor, ALX, (Acquisition Agreement) are summarised below:

- Acquisition: Okapi has agreed to purchase and ALX has agreed to sell an undivided 100% legal and beneficial interest in five of the six Athabasca Projects and an 80% interest in the sixth Athabasca Project, the Middle Lake Exploration Project, for the consideration and subject to the conditions precedent set out below.

- Consideration:

o pay ALX cash in the amount of A$1,000,000;
o issue ALX with A$1,050,000 worth of fully paid ordinary shares in Okapi Shares calculated by way of the 10-day volume weighted average price of Shares up to the day prior to that date which is Five business days following the satisfaction or waiver of the conditions precedent; and
o grant to ALX a 1.5% net smelter returns royalty (NSR) on minerals produced from certain mineral claims the subject of the acquisition that do not bear existing royalties. Okapi may at any time acquire up to 50% of the NSR from ALX by payment to the Vendor of CAD$1,000,000.

- Voluntary escrow: The Consideration Shares will be escrowed as follows:

o 33% of the Consideration Shares shall be released six months after the Closing Date;
o 33% of the Consideration Shares shall be released on the date that is nine months after the Closing Date;
o 34% of the Consideration Shares shall be released on the date that is 12 months after the Closing Date.

In addition to the consideration set out above, the Company has agreed to issue Geonomik Pty Ltd (or their nominee) A$400,000 worth of fully paid ordinary shares in Okapi (the Fee Shares) in consideration for finder and introduction services provided to Okapi from 14 September 2021 in relation to the acquisition of the Athabasca Projects from ALX. The value of the Fee Shares shall be calculated by use of the 10-day volume weighted average price of Shares up to the day prior to Completion. The Fee Shares will be issued to Geonomik Pty Ltd (or their nominee) who are not related parties of the Company and subject to a voluntary escrow whereby 25% of the Fee Shares are released from escrow after each of three, six, nine and twelve months from completion respectively.

Okapi's management team have been working closely alongside a highly reputable, independent technical services firm based in Saskatchewan to assist in ranking and prioritising the properties by geological prospectivity.

The data review and high priority target generation is well advanced, and Okapi will outline the exploration strategy going forward on the Athabasca properties upon closing the transaction in late January 2022.

The company will be focused-permitting drill programs on two of the six properties which include Middle Lake and Newnham Lake, which have been identified as having the best exploration potential. ALX, on behalf of 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 for Newnham Lake.

The Company will also be looking to consolidate and expand its positions in the Athabasca Basin through some highly accretive acquisitions during 2022.

Tallahassee Uranium Project, Colorado

Okapi holds a 100% interest in mineral rights that cover approximately 7,500 acres in the Tallahassee Creek Uranium District of Colorado, USA.

During the quarter, the Company announced a Maiden 2012 Mineral Resource for the Tallahassee Uranium Project estimated at 25.4Mt @ 490ppm U3O8 for 27.6 million pounds of U3O8 using a 250ppm cut-off grade.

The Company also acquired additional high-grade uranium pounds located immediately alongside and contiguous with Okapi's High Park Deposit. The Company added a further 640 acre landholding through the execution of a mining lease with the State of Colorado. The New Project Area was previously drilled out on 30 metre centres with approximately 550 holes drilled for 26,000m completed in the late 1970's. This New Project Area has a JORC 2012 Resource 2.48 million pounds of U3O8 at 570ppm U3O8.

Rattler Uranium Project, Utah

The Rattler Uranium Project comprises ninety-eight (98) Bureau of Land Management (BLM) unpatented Federal mining claims totalling of approximately 1,960 acres in the La Sal Uranium District.

During the quarter, the Company commenced initial field programs at its high-grade Rattler Uranium Project with Okapi's exploration team on-site to conduct an initial review of the historical workings, undertake geological mapping to gather information for future programmes and to undertake rock chip sampling. The rock chip samples are awaiting being sent for assaying.

The Company is currently in the process of submitting permits to drill at Rattler with the BLM, State and County regulators, and plans to commence drilling in March or April subject to permits and drill rig availability.

Lake Johnston and Crackerjack Projects

During the quarter, no exploration activity was conducted on Lake Johnston and Crackerjack Project.

Enmore Gold Project, NSW

Okapi's Enmore Gold Project is located approximately 20km south of the operating Hillgrove Gold Mine (ASX:RVR), where past production exceeds 730,000 ounces of gold.

During the previous quarter, the maiden drilling program intersected significant, thick, shallow gold mineralisation with exceptional results received including 174m @ 1.83 g/t gold, from surface, with this hole, OSSRC06, ending in mineralisation, with the deepest interval returning 3m @ 8.86 g/t gold from 171m to EOH.

During the quarter, Okapi's shareholders approved the issue of shares 620,023 at the Annual General Meeting as part of the Milestone 1 payment to acquire the Enmore Gold Project.

CORPORATE

Managing Director Appointment

During the quarter, highly experienced mining executive, Mr Andrew Ferrier was appointed as Managing Director.

Mr Ferrier has more than 15 years of experience in both management, corporate finance and principal investing roles in the global mining sector. He has previously held senior roles for Pacific Road Capital, a large mining-focused private equity investment firm where he worked for 12 years across USA, Canada and Australia. Mr Ferrier has significant knowledge and understanding of the North American Uranium space having been heavily involved in the development, permitting and sale of the Reno Creek ISR Uranium project in Wyoming, USA.

Executive Director, Mr David Nour retired at the Company's Annual General Meeting.

OTCQB Trading in the USA

Okapi commenced trading on OTCQB market on 22 November 2021 in the USA, 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. No new shares have been issued to facilitate this quotation. B. Riley Securities acted as the Company's OTCQB sponsor.

The Company is currently seeking approval for Depository Trust Clearing (DTC) eligibility to facilitate real-time electronic trading in the USA which will further enhance liquidity and trading activity in the USA.

Cashflow for the Quarter

Okapi held cash reserves at end of quarter of approximately $4.0 Million and investment in listed entities currently valued at approximately $0.45 Million.

During the quarter, a total amount of approximately $188,000 (as shown in 6.1 of Appendix 5B) was paid to directors and officers which includes consulting fees and superannuation payments. These payments were paid in accordance with the directors' and officer's contracts.

The Company paid approximately $597,000 (capitalised and expensed) on exploration and evaluation activities including geological consulting services, drilling and field expenses, assay costs, property lease and annual rates payments.

To view the Quarterly Report with tables, please visit:
https://abnnewswire.net/lnk/8SMBD2PU



About Okapi Resources Ltd:

Okapi Resources Limited (ASX:OKR) is a minerals exploration company focused on the discovery and commercialisation of mineral deposits in Australia.

Okapi's primary objective is to discover and develop mineral resources from its current portfolio. The Company has carefully selected projects with historical workings and excellent results. Okapi has a team of professionals with an exemplary record of success and with a particular history in Australia.

Okapi is also pursuing a growth strategy that aims to appraise and secure further exploration and development opportunities within gold and mineral endowed districts.



Source:
Okapi Resources Ltd



Contact:
Andrew Ferrier
Managing Director
Okapi Resources Ltd
T: 08 6117 9338
E: andrew.ferrier@okapiresources.com
W: www.okapiresources.com

News Provided by ABN Newswire via QuoteMedia

AL:CA
ALX Resources

ALX Resources

Overview

ALX Resources Corp. (TSXV:AL,FWB:6LLN,OTC:ALXEF) is dedicated to providing shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include gold, nickelcoppercobalt and uranium. Using the latest technologies, ALX plans and executes well-designed exploration programs and holds over 200,000 hectares of prospective properties in Saskatchewan and Ontario, Canada. Aiming for international expansion, ALX Resources also has properties in Norway with its Draco VMS project.

Having operations in stable Canadian jurisdictions strategically positions ALX Resources in key exploration areas with strong potential for economic base metals deposits, producing gold mines and the richest uranium deposits in the world. This includes the recently acquired Firebird nickel (formerly Falcon nickel) and Flying Vee nickel-copper-cobalt projects, and the Sceptre gold project, all located in Northern Saskatchewan.

In 2019, ALX Resources acquired the Vixen gold project located in the historic Red Lake Mining District of Ontario, Canada. To date, the Red Lake Mining District has produced over 28 million ounces of gold since mines began production in 1925. Historic gold mines in the Red Lake camp include the Campbell mine, the Red Lake mine, and the Couchenour-Williams mine, which have all been multi-million ounce gold producers.

The Vixen North property lies within the Birch-Uchi greenstone belt, a geological trend located to the northeast of Red Lake. This area hosts numerous historical gold mines and is highly prospective for new showings of gold mineralization. In 2019 and 2020, high-resolution airborne magnetic surveying and site visits were conducted, which confirmed prospective geology and surface gold mineralization.

ALX Resources has demonstrated that key partnerships can increase the potential for success in the company’s primary projects. The company owns a 100 percent interest in the Firebird nickel project, which is now under option to Rio Tinto Exploration Canada Inc. Through an agreement announced in August 2020, Rio Tinto Exploration Canada can earn up to an 80 percent interest in the Firebird nickel project by carrying out C$12 million in exploration expenditures and making cash payments of $125,000 to ALX Resources.

Additionally, the company holds interests in a number of uranium exploration properties in Northern Saskatchewan, including a 20 percent interest in the Hook-Carter uranium project. Denison Mines Corp. purchased an 80 percent interest in Hook-Carter and has been operating exploration since 2016.

The Hook-Carter property measures 24,262 hectares over 82 claims in the southwest part of the Athabasca Basin. Located in the prolific Patterson Lake Corridor, this region hosts new and expanding uranium discoveries, including the Triple R Deposit, Arrow Deposit and the Spitfire Zone. Drilling by Denison in 2018-2019 totaling 11,757 metres in fifteen completed drill holes exhibited the hallmarks of a widespread, intense alteration system.

Along with ALX Resources’ rich portfolio of diverse assets in world-renowned jurisdictions, identifying undervalued and underexplored assets is the company’s strong suit. As early adopters of new methods of exploration, the company embodies innovation with its willingness to utilize new geochemical and geophysical technologies. This includes the use of artificial intelligence recognition methods and other emerging science-focused exploration tools.

ALX Resources has a world-class management team with shareholders who have diverse expertise in mineral and gold exploration. The board of directors and officers of the company currently hold 8.54 million shares representing 5.67 percent of ALX’s issued and outstanding common shares. Holystone Energy Company, a private investment company, owns 25.59 million shares for a 16.98 percent interest. Dundee Corp. (TSX:DCA) and Orano Canada own 11.72 percent and 2.65 percent interests, respectively.

Company Highlights

  • Uses the latest technologies to execute well-designed exploration programs in their primary projects located in the stable jurisdictions of Saskatchewan and Ontario.
  • In October 2019, high grade nickel was located on surface from the company’s first site visit to the Firebird nickel project in Saskatchewan with the additional presence of copper anomalies.
  • Rio Tinto Canada Exploration Inc. recognized Firebird’s potential and through an option agreement announce in August 2020 can earn up to an 80% interest for C$12.0 million in exploration expenditures and cash payments to ALX Resources totaling $125,000.
  • Owns and explores properties within the Red Lake Mining District, a region that has produced over 28 million ounces of gold since mines began production in 1925.
  • High-resolution airborne surveys have been completed in the Red Lake district and the company’s ground sampling programs in 2019-2020 have found gold mineralization on the Vixen gold project with samples ranging up to 23.9 g/t gold.
  • Acquired by staking the Javelin Uranium Project in northern Saskatchewan, Canada with no underlying royalties.

Key Projects

Firebird Nickel

Saskatchewan presents a rich mineral endowment with the presence of uranium, gold, base metals and diamonds. For example, over 1.6 million ounces of gold have been produced at the Seabee gold mine, which has been operating since 1991. Saskatchewan hosts the richest uranium mines in the world and was ranked in the world’s Top Ten mining jurisdictions in a 2019 survey conducted by the Fraser Institute.

ALX Resources has acquired 20,400 hectares at its 100 percent owned Firebird nickel project. Firebird hosts three historical nickel-copper-cobalt deposits: Axis Lake, Rea Lake and Currie Lake. Under the option earn-in granted by the company in 2020, Rio Tinto Exploration Canada can earn up to 80 percent in interest in Firebird.

Strategically positioned, Firebird is located near advantageous infrastructure, including an all-weather road and airport, which are both within 10 kilometers of the property. Its close proximity to the town of Stony Rapids, SK, and access to hydroelectric power offers increased efficiencies for exploration.

ALX Resources is applying modern exploration techniques at Firebird to a rare, undeveloped magmatic nickel sulfide deposit. In October 2019, high-grade nickel ranging up to 3.13 per cent was located in surface rock samples from ALX’s first site visit. Soil and lake sediment samples collected in 2019-2020 showed coincident nickel and copper anomalies over an airborne conductor. These findings increased investor interest in ALX’s exploration endeavors, which eventually led to the option deal with Rio Tinto Exploration Canada.

During the Firebird winter drilling program in 2020, three holes were drilled totaling 600 meters. Nickel-copper mineralization was intersected in two of the three holes, which are promising results for the expansion of this project.

Vixen Gold

The 100 percent owned Vixen gold project is located in the Red Lake Mining District of Ontario and consists of three sub-projects totaling 10,069 hectares staked within the Birch-Uchi greenstone belt, approximately 60 kilometers east of the town of Red Lake, Ontario. The jurisdiction is favourable for exploration, with winter access to Vixen North and a series of roads leading directly to the Vixen South property.

Using the latest imaging technology, ALX carried out a high-resolution airborne magnetic and VLF-EM survey that has collected preliminary data defining an approximate 3,000 meter-long high magnetic trend in conjunction with the newly-identified Vulpin Zone. Additional samples were collected in October 2020 along the iron formation associated with gold mineralization that was mapped in August 2020. ALX’s 2020 rock sampling at the Vulpin Zone showed values of up to 8.41 g/t gold.

Other prospecting targets at Vixen include detailed follow-up of gold mineralization found within a fluorite occurrence southeast of the Vulpin Zone that may represent a genetic phase of porphyry-hosted gold deposition. Recent sampling at the Dickenson Zone located rock samples ranging up to 17.7 g/t gold.

Flying Vee Nickel Project

Like the Firebird nickel project, the Flying Vee nickel project in Saskatchewan is highly-prospective for nickel-copper-cobalt, and hosts a gold showing. Flying Vee is located north of Stony Rapids in an underexplored district with high potential for discovery. With neighboring projects held by companies like Kobold Metals and UEX Corporation, a staking rush occurred in the Spring of 2019. In July 2020, ALX was the first company since 1988 to prospect the Day Lake gold showing at Flying Vee, and samples up to 8.34 g/t gold were found.

Management Team

Warren Stanyer - Chairman and CEO

Warren Stanyer has over 24 years of experience in the mineral exploration industry, focused mostly on uranium in the Athabasca Basin. Stanyer began his career with Pioneer Metals, a diverse explorer for gold, base metals and uranium, with properties in New Mexico, British Columbia, Manitoba and Saskatchewan. In 1999, Pioneer signed an option agreement with Cameco Corporation, which led to the formation of UEX Corporation in 2002. Stanyer held the positions of Corporate Secretary and Vice President of Corporate Development in both Pioneer and UEX, prior to the acquisition of Pioneer by Barrick Gold Corporation in 2006.

In 2008, Mr. Stanyer accepted the role of President and CEO of Northern Continental Resources, a junior exploration company focused on uranium in the Athabasca Basin. He steered the successful sale of the company in 2009 to Hathor Exploration Limited, in competition with Denison Mines.

He became Chairman of Guyana Frontier Mining Corp. in December 2010 and was President and CEO from September 2011 to December 2012. As a Director of Alpha Minerals Inc., a predecessor company of ALX, and following the Patterson Lake uranium discovery in 2012, he served as Chairman of the Special Committee in 2013 during the acquisition of the company by Fission Uranium Corp. and subsequently served as a Director of Fission until 2014. Currently, Mr. Stanyer serves as President, CEO and a Director of Nevada Sunrise Gold Corporation, a junior exploration company focused on gold, copper, cobalt and lithium in Nevada, USA. He is also a Director of New Moon Minerals Corporation, a private mineral exploration company.

Patrick Groening CPA, CA - CFO

Patrick Groening’s previous roles with public companies including serving as CFO for both Strathmore Minerals Corp. and Fission Energy Corp. for more than nine years combined. He filled the same role for Jalna Minerals Ltd., Sernova Corp. and Papuan Precious Metals Corp, and dual roles of CFO and Corporate Secretary For Wolf Capital Corp. and Pacific Asia China Energy Inc.

Sierd Eriks – Technical Advisor

Sierd Eriks has worked in mineral exploration for over 35 years with a focus on uranium exploration for the past two decades. From 1979 to 1998, he gained geological and managerial experience with major mining companies, including Saskatchewan Mining and Development Corporation (now Cameco Corporation), Falconbridge Limited, Noranda Exploration Co. Ltd. and Cogema Resources Inc. (now Orano Canada) in base metals, gold, platinum group metals and uranium exploration.

In 1999, he became a consulting geologist and worked on numerous uranium exploration programs in the Athabasca Basin. Prior to joining ALX, he was Vice-President of Exploration with UEX Corporation from 2007 to 2014. In this position, Eriks managed projects with annual exploration budgets of up to $29 million and directed drilling programs leading to the establishment of mineral resources for three uranium deposits in the eastern Athabasca Basin in Northern Saskatchewan.

Christina Boddy – Corporate Secretary

Ms. Boddy is a member of the Canadian Society of Corporate Secretaries and has acted as Corporate Secretary for a number of public companies in recent years, including Levon Resources Ltd. (TSX:LVN), Nevada Sunrise Gold Corporation (TSXV:NEV), Aton Resources Inc. (TSXV:AAN), and Resinco Capital Partners Inc. (TSXV:RIN). Ms.Boddy acts as a consultant to public and private companies through Rhodanthe Corporate Services, a B.C.-based private company.

David Quirt – Technical Advisor

Mr. Quirt is a consulting geoscientist residing in Saskatchewan with 45 years of geological, mineral exploration, and Research and Development (“R&D”) experience, both in the consulting sector and within the mineral exploration industry. His applied science work has been primarily in economic geology (uranium, diamonds, gold, base metals, Rare Earth Elements), uranium deposit metallogenesis, geochemistry, and host-rock alteration mineralogy. Throughout his career, David has been a highly-sought speaker at numerous scientific conferences and corporate presentations, and has authored and co-authored technical reports, journal papers and conference-extended abstracts that have resulted from these works.

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