- Okapi Resources (OKR) further consolidates its Maybell uranium project in Colorado with the acquisition of 45 new mining claims and one state mineral lease
- The company will first pay the vendors a refundable US$50,000 (A$73,100) cash deposit upon execution, followed by US$25,000 cash and $80,000 in Okapi shares
- Managing Director Andrew Ferrier believes Maybell has potential to be a significant project as the uranium renaissance in the US continues to build
- Okapi has engaged an engineering firm to commence work in Q1 2023 to identify the significant potential and next steps around the project moving forward
- Shares in Okapi were trading at 15.5 cents as of 1:20 pm AEDT
Okapi Resources (OKR) has further consolidated its Maybell uranium project in Colorado with the acquisition of 45 new mining claims and one state mineral lease.
As agreed, the company will pay US$50,000 (A$73,100) cash upon execution of the agreement, which is refundable.
Upon completion, Okapi will pay US$25,000 and issue the vendors $80,000 of Okapi shares based on the deemed issue price equal to the 20-day volume weighted
average price (VWAP) immediately preceding completion.
The vendors will also be granted a royalty of 0.5 per cent of the gross smelter return on all materials produced from the new acquisitions. Additionally, Okapi may acquire half of the royalties from the vendors by paying US$100,000 in cash.
The company said the acquisition will greatly improve its coverage of a recognised uranium trend at Maybell, which previously produced over 5.3 million pounds at an average grade of 1,300 parts per million triuranium octoxide.
Managing Director Andrew Ferrier said Maybell has potential to be a significant project as the uranium renaissance in the US continues to build.
“The next steps at Maybell include reviewing and analysing the recently acquired data package ahead of implementing exploration and drilling programs to validate existing mineralisation and delineate additional mineralisation and evaluate the potential of developing a shallow open pit operation.”
So far, the company has engaged an engineering firm to commence work in Q1 2023 to undertake a high-level study to identify the significant potential and next steps around the project moving forward.
Okapi anticipates lodging drilling permits in the first half of 2023 and anticipates drilling to begin on the property shortly after.
Shares in Okapi last traded at 15.5 cents as of 1:20 pm AEDT.