24 Nov

Exploration Commences at Rattler Uranium Project

2 4 November 2021 Exploration Commences At Rattler Uranium Project Highlights • Commencement of on - ground exploration activities at the Rattler Uranium Project , Utah • Okapi’s i n - country Exploration Manager and team are undertaking a detailed review of historical work ings , geological mapping and rock chip sampling • D etailed mapping and assessment program expected to be completed by year - end, followed by completion of dril l targeting • Rock chip assays due in Q1 2022 • Drilling scheduled to commence in Q1 2022 • Rattler Uranium Project contains the Rattlesnake Open Pit Mine and is along strike from and has a similar geological setting to Energy Fuels’ La Sal Project • The Rattlesnake Open Pit Mine produced 285,000 tonnes of ore @ 2,800ppm U 3 O 8 and 1.0% V 2 O 5 for 1.6 million pounds of U 3 O 8 and 4.5 million pounds of V 2 O 5 1 • La Sal hosts a total of 4.5Mlbs of U 3 O 8 @ 1, 700ppm U 3 O 8 and 23.4Mlbs of V 2 O 5 @ 8,880ppm V 2 O 5 2 • La Sal is fully permitted for mining and was in operation between 2006 to 2012 with ore process ed at the nearby White Mesa Uranium Mill Okapi Resources Limited (ASX: OKR) ( Okapi or the Company ) is pleased to report that it has commenced initial field program s at its high - grade Rattler Uranium P roject with Okapi’s exploration team on - site this week to conduct a n initial review of the historical workings , undertake geological mapping to gather information for future programmes and to undertake rock chip sampling . The Company expects to have rock chip assays by February and also plans to commence drilling in Q1 of 2022, subject to rig availability. 1 “Rattler Vanadium - Uranium Project” prepared by North American Mine Services, February 2021, 12 pages, unpublished. 2 Technical Report on La Sal District Project (Including the Pandora, Beaver and Energy Queen Projects), San Juan County, Utah, USA. Prepare d for Energy Fuels Inc. by Douglas C. Peters, Peters Geosciences. March 25, 2014. Figure 1 – La Sal Uranium District, including the Rattler Uranium The Rattler Project area includes the historic Rattlesnake Open Pit Mine with h istoric production from the reportedly totall ing 285,000 tonnes of ore @ 2,800ppm U 3 O 8 and 1.0% V 2 O 5 for 1.6 million pounds of U 3 O 8 and 4.5 million pounds of V 2 O 5 . The Rattler Project is located immediately along strike from the Energy Fuels’ owned La Sal Project . The Rattlesnake deposit is the only outcropping deposit in the immediate area and therefore should respond well to simple surface exploration . All other deposits have been discovered with exploration drilling. Extensional m ineralisation has reportedly been discovered immediately down - di p to the north of the Rattlesnake mine via exploration drill ing, the data is currently not available to the Company . Energy Fuels’ La Sal Project is fully permitted for mining and operated from 2006 to 2012. In 2014 Energy Fuels reported remaining resources at La Sal totalling 1. 3 Mt at 1,700ppm U 3 O 8 and 8,880ppm V 2 O 5 , for 4.5 million pounds U 3 O 8 and 23.4 million pounds of V 2 O 5 . Prior to 1991 h istoric production from the La Sal district is estimated at 6.4 million pounds of U 3 O 8 at 3,200ppm U 3 O 8 and 29 million pounds of V 2 O 5 at 1 .4% V 2 O 5 2 . Figure 4 – Uranium - Vanadium mineralisation within the adits at the base Rattlesnake Pit Figure 2 – Looking east - northeast towards the Energy Queen Mine from the Rattlesnake Pit Figure 3 – Rattlesnake Pit with adits in the lower pit wall Figure 5 – Location map showing the proximity of the Rattler Uranium Project to the White Mesa Uranium/Vanadium Processing Facility. Annual General Meeting The Company advises that the proposed Resolution 3 for the upcoming Annual General Meeting (AGM) has been withdrawn following the retirement of Mr David Nour at the conclusion of the AGM as announced on 19 November 2021. This announcement has been authorised for release by the Board of Okapi Resources Limited . For further information please contact: Leonard Math Executive Director & Company Secretary Okapi Resources Ltd T: 08 6117 9338 E: leonard.math@okapiresources.com W: www.okapiresources.com About Okapi Resources Okapi Resources Limited recently acquired a portfolio of advanced, high grade uranium assets located in the United States of America. Assets include a strategic position in one of the most prolific uranium districts in the USA – the Tallahassee Creek Uranium District in Colorado. The Tallahassee Uranium Project contains a JORC 2012 Mineral Resource estimate of 27.6 million pounds of U 3 O 8 at a grade of 490ppm U 3 O 8 with significant exploration upside. The greater Tallahassee Creek Uranium District hosts more than 100 million pounds of U 3 O 8 with considerable opportunity to expand the existing resource base by acquiring additional complementa ry assets in the district. The portfolio of assets also includes an option to acquire 100% of the high - grade Rattler Uranium Project in Utah, which includes the historical Rattlesnake open pit mine. The Rattler Uranium Project is located 85km from the Whit e Mesa Uranium Mill, the only operating conventional uranium mill in the USA hence provides a near term, low - capital development opportunity. In addition Okapi is currently conducting due diligence over a portfolio of high - grade exploration assets in the w orlds premier uranium district , the Athabasca Basin . The Athabasca Basin is home to the world’s largest and highest grade u r an ium mines. Okapi’s clear strategy is to become a new leader in North American carbon - free nuclear energy by assembling a portfolio of high - quality uranium assets through accretive acquisitions and exploration. JORC 2012 Mineral Resource Estimate for the Tallahassee Uranium Project Property Measured Indicated Inferred Total Tonnes (000) Grade U 3 O 8 (ppm) Lbs U 3 O 8 (000) Tonnes (000) Grade U 3 O 8 (ppm) Lbs U 3 O 8 (000) Tonnes (000) Grade U 3 O 8 (ppm) Lbs U 3 O 8 (000) Tonnes (000) Grade U 3 O 8 (ppm) Lbs U 3 O 8 (000) Taylor and Boyer - - - 7,641 520 8,705 14,865 460 15,172 22,506 480 23,877 High Park 2,450 550 2,960 24 590 30 434 770 734 2,907 580 3,724 Total 2,450 550 2,960 7,665 520 8,735 15,299 470 15,906 25,413 490 27,601 Notes: Calculated applying a cut - off grade of 250ppm U 3 O 8 . Numbers may not sum due to rounding. Grade rounded to nearest 10ppm. Competent Person s Statement Information on the Mineral Resources presented, together with JORC Table 1 information, is contained in the ASX announcement titled “Okapi’s Maiden JORC 2012 Resources of 27.6m Pounds of U 3 O 8 ” which was released as an announcement on 19 October 2021. The Company confirms that it is not aware of any new information or data that ma terially affects the information in the relevant market announcements, and that the form and context in which the Competent Persons findings are presented have not been materially modified from the original announcements. Where the Company refers to Miner al Resources in this announcement (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and techni cal parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially cha nged from the original announcement. T he information in this report that relates to geology, exploration historic results is based on information compiled by Mr Ben Vallerine, a Competent Person who is a Member of the Australasian Institute of Geoscientists. Mr Vallerine is a director and shareholder of Okapi Resources. Mr Vallerine has sufficient experienc e that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, M ineral Resources and Ore Reserves’. Mr Vallerine consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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