The greater tenement package was originally identified by Lithium Australia targeting lithium mineralisation. The revision allows Okapi to focus on the high priority gold targets and reduce expenditure commitments.
As announced on
Okapi has the exclusive right to earn a 75% interest in mineral rights, other than lithium, over tenement E63/1903 only;
Okapi will undertake a minimum expenditure of
Okapi will be entitled to earn a 75% interest in tenement E63/1903 by undertaking exploration expenditure of not less than
If Okapi earns the Farm-in Interest, Okapi must free carry Lithium Australia until completion of a mine plan which is accepted by the
Tenement E63/1903 is located at the southern end of the Lake
As previously advised, Okapi has applied for an adjacent tenement (E63/2039), to cover a coincident structural and geochemical defined target. The area has been the focus of nickel and lithium exploration with limited follow up on the gold potential. The main target at the
At the
For full details and JORC Table 1,2 please refer to ASX announcement date 3 rd
From the data review undertaken by Okapi, the historical drilling appears to have targeted outcropping material and historical workings, with the main geochemical target not drilled tested. The soil sample results also coincide with a number of anomalous rock chip samples and historical workings. Most of the available rock chip samples appear to have been focussed on old workings and not on the main gold in soils trend, presenting an opportunity for Okapi. Historical drilling appears to have been focussed on rock chip results and not the adjacent soil anomaly.
Drilling results from drilling undertaken by LionOre in 2003 include:
LJPC004 (RC): 26-28m, 2m @ 11.04 g/t Au
LJPC005 (RC): 26-27m, 1m @ 1.64 g/t Au
LJPC0058 (RC): 71-74m, 3m @ 1.74 g/t Au
LJPC0094 (RC): 52-59m, 3m @ 0.88 g/t Au, including 1m @ 1.48 g/t Au from 56m
LJPD0105 (DD): 43.85-44.15m, 0.3m @ 1.14 g/t Au
In addition to the gold opportunity the region hosts nickel deposits in the same geological sequence present in the
Tenement Application E63/2039
Okapi has applied for tenement ELA63/2039 to cover the regional structure and anomalous gold in soil anomaly. The tenement contains the historical
Contact:
Company Secretary
Tel: 08 6117 9338
Email: leonard.math@okapiresources.com
Okapi resources Overview
CAUTION REGARDING FORWARD LOOKING INFORMATION
This Announcement may contain forward looking statements concerning the projects owned or being earned in by the Company. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions.
Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on the Company's beliefs, opinions and estimates of the Company as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
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