Update on Athabasca Exploration Program

Okapi Resources Limited (ASX: OKR, OTCQB: OKPRF) (Okapi or the Company) is pleased to announce that it has started its extensive field exploration program at the Newnham Lake and Perch Uranium Projects in the Athabasca Basin. The exploration program will consist of prospecting, outcrop, and boulder sampling with potential soil and vegetation sampling to help identify favorable structural scenarios suitable for hosting uranium mineralisation and will utilise the results from the satellite analysis and compilation work received from Axiom Exploration Group to assist exploration efforts in specific areas of interest.

Highlights:

• Surface Exploration has started at the Newnham Lake & Perch Uranium Projects
• Focused on uranium mineralisation potential hosted within Archean Basement rocks
• The aim of the exploration program is to prioritise drill targets for testing in the Athabasca Basin Winter of 2023

Okapi’s Managing Director, Mr Andrew Ferrier said:

“We are excited about our maiden field exploration program in the Athabasca basin. Our properties at Newnham Lake and Perch remain our highest priority, with historical drilling showing anomalous radioactivity within multiple drillholes, favourable lithologies and untested basement hosted potential at a relatively shallow depth. The field program is mainly helicopter supported and plenty of pre-planning work was required to allow us to commence our exploration program. I thank our team and consultants in getting everything organised on time and on schedule.”

Figure 1: Exploration geologists in the field at Newnham Lake

Project Overview - Newnham Lake & Perch Projects

Okapi’s 100% owned Newnham Lake and Perth Projects which straddle the north-eastern margin of the Athabasca Basin. Both Projects consist of 15 mining claims totalling close to 18,500 hectares. The properties are located at the northeast margin of the Athabasca Basin approximately 75 km east-southeast of the hamlet of Stony Rapids and 60 km east of the community of Black Lake, Saskatchewan.

Summer Exploration Program

The initial phase of the Company’s exploration programs involved recently completed satellite image data analysis over the entire Newnham Lake and Perch Projects; the company also completed an extensive data review and summary of all the historical exploration work carried out on the two projects.

The analysis of satellite image data included synthetic aperture radar data (SAR), multispectral Sentinel and Aster data. The data collected was processed, analysed, and interpreted and has generated several target areas that concentrate across east-west structural corridors, and the intersection of those with north-south and northeast-southwest trending faults.

Surface exploration investigations focusing on the relatively under-explored areas that make up the northeastern Priority 1 and Priority 2 areas at Newnham Lake (Figure 2), and the areas north of the unconformity contact in exposed Archean rocks at Perch, has now begun. These areas have been identified as Archean Basement rocks at, or near, the surface that exhibit alteration and oxidation characteristics consistent with potential to host Uranium mineralisation.

Figure 2: Newnham Lake & Perch Projects - Prospecting Areas

Newnham Lake Project

At the Newnham Lake project, there are four areas of interest, not in order of priority, A through D, for the surface exploration program underway a shown in Figure 3. The program is focusing on the edge of the Athabasca Basin, with the goal of identifying areas that may cover basement fault extension and areas with multiple intersecting faults. These target areas are deemed prospective for basement-hosted uranium mineralization:

Zone A is focused on the historically recognized Karen Lake area, containing the Karen Lake Seeps uranium showing. In addition to the multiple intersecting fault zones, there are historical radioactive pegmatitic (more than 10,000 counts per second) and granitic boulders (more than 1000 cps) in the area.

Zones B and C are focused on testing east-west trending fault intersections with north-south to northeast- southwest trending faults that coincide with magnetic lows and local interpreted electromagnetic conductors, testing for surficial expression of those features.

Zone C is also testing the Camp Lake and Cyprian Fault extents on the southern portion of the Newnham Lake property.

Zone D is testing the northern extent of the Cyprian Fault on the property, where it is coincident with magnetic lows, historic radioactive boulders, gravity low anomalies as well as coincident with east-west trending fault intersections. All four zones also show areas of elevated hydrothermal alteration and gossan, interpreted from recent satellite image analysis.

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