Okapi Resources Ltd (ASX:OKR) Acquires Historical Sunnyside Uranium Mine

Okapi Resources Limited (ASX:OKR) (FRA:26O) is pleased to report it has acquired a 100% interest in the historical Sunnyside Uranium Mine by staking mining claims that cover 960 acres adjacent to Okapi's existing Rattler Uranium Project in Utah, USA.

The Sunnyside Uranium Mine comprises several small past-producing pits and adits where uranium was mined in the early 1900s at grades reported to have been 1,500 ppm U3O8 and 1.5% V2O5. The acquisition of the Sunnyside Uranium Mine complements the Company's existing Rattler Uranium Project which is contiguous with Energy Fuels' La Sal Project.

The 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 1.3Mt at 1,700ppm U3O8 and 8,880ppm V2O5, for 4.5 million pounds U3O8 and 23.4 million pounds of V2O5.

Okapi's planning for its maiden, high-impact exploration programs at Rattler and Sunnyside is well advanced.

Okapi Resources Executive Director David Nour commented:

"The acquisition of a 100% interest in the past-producing, high-grade Sunnyside Uranium Mine demonstrates the deep in-country knowledge and expertise of Okapi's team. This acquisition represents yet another highly value-accretive acquisition for Okapi shareholders. The team remains focussed on executing its strategy as it becomes a new leader in North American carbon-free nuclear energy."

Sunnyside Uranium Mine

The acquisition of the Sunnyside Uranium Mine increases Okapi's total landholding in Utah by 90%, from approximately 1,020 acres to a total of approximately 1,960 acres. The Company's expanded project area in the La Sal Uranium District now comprises ninety-eight (98) Bureau of Land Management (BLM) unpatented Federal mining claims located approximately 85km north of Energy Fuels Inc's White Mesa Uranium/Vanadium mill in Utah - the only operating conventional uranium mill in the USA (see Figure 2*).

The new claims are located immediately along strike from Okapi's Rattler Uranium Project which includes the historical Rattlesnake open pit mine, which was discovered around 1948 and was in production until about 1954. Historic production from the Rattlesnake Open Pit Mine reportedly totalled 285,000 tonnes of ore @ 2,800ppm U3O8 and 1.0% V2O5 for 1.6 million pounds of U3O8 and 4.5 million pounds of V2O5.

Okapi's claims at Sunnyside and Rattler are contiguous with Energy Fuels' La Sal Project. The 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 1.3Mt at 1,700ppm U3O8 and 8,880ppm V2O5, for 4.5 million pounds U3O8 and 23.4 million pounds of V2O5.

Up until 1991, historic production from the La Sal district is estimated to comprise around 6.4 million pounds of U3O8 at 3,200ppm U3O8 and 29 million pounds of V2O5 at 1.4% V2O5.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/O5L4R26B


About Okapi Resources Limited

Okapi Resources Limited (ASX:OKR) recently acquired a portfolio of advanced, high grade uranium assets located in the United States of America and in the Athabasca Basin, Canada.

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 U3O8 at a grade of 490ppm U3O8 with significant exploration upside. The greater Tallahassee Creek Uranium District hosts more than 100 million pounds of U3O8 with considerable opportunity to expand the existing resource base by acquiring additional complementary 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 White Mesa Uranium Mill, the only operating conventional uranium mill in the USA hence provides a near term, low-capital development opportunity.

In January 2022, Okapi acquired a portfolio of high-grade exploration assets in the world's premier uranium district, the Athabasca Basin. The Athabasca Basin is home to the world's largest and highest-grade uranium 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.

 

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