Okapi has six exploration projects in Canada’s Athabasca Basin, best known as the world’s leading source of high-grade uranium and responsible for about 20% of the world’s uranium.
The Athabasca Basin is home to the world’s largest and highest-grade uranium mines including
Cameco’s McArthur River and Cigar Lake uranium mines which contain total mineral reserves of 165.6mlbs @ 15.9% U3O8 and 391.9mlbs @ 6.9% U3O8 respectively.
Okapi’s Athabasca portfolio includes 75 granted mineral claims covering over 55,000 hectares located along the margin of the Athabasca Basin or in the Carswell Impact Structure where depth to the unconformity is relatively shallow being 300 metres or less and typically closer to 100 metres, making them ideal for targeting shallow high-grade uranium deposits.
Middle Lake Project (80%)
The Middle Lake Project comprises three claims totalling 4,833ha and adjoins the former Cluff Lake Mine, which was operated by French multinational nuclear fuel company Orano (formerly Areva), producing 64.2mlbs of U3O8 @ 0.92% U3O8 between 1980 to 2002. The project is also located 10km north of Orano-UEX’s Shea Creek deposit (resources of 96mlbs @ 1.3% U3O8), 75km north of NextGen’s Arrow Deposit (resources of 337.4mlbs @ 1.8% U3O8), and 75km from Fission Uranium Corp’s Triple R Deposit (Resources of 135.1mlbs @ 1.8% U3O8). Boulder-trains with grades of up to 16.9% U3O8 have been discovered in the northern portion of the project.
During the June quarter of 2022, Okapi received from the Ministry of Environment, Government of Saskatchewan, a Crown Resource Land Work Authorization, an Aquatic Habitat Protection Permit, a Temporary Work Camp Permit, and Forest Product Permit. Together these permits will allow the company to drill up to 10,000m in 24 drill holes at its Middle Lake Uranium Project as well as conduct ground based geophysical surveys of up to 100-line kilometres. The permit is valid through to October 2023.
Newnham Lake Project (100%)
Newnham Lake consists of 14 claims totalling 16,940 hectares where multiple intercepts with grades between 1,000ppm U3O8 and 2,000ppm U3O8 have been intersected in relatively shallow historical drilling within a 25km folded and faulted conductive trend. Importantly, the depth to the Athabasca Basin unconformity at Newnham Lake is approximately 100m deep mitigating the need to drill deep holes in order to discover either sandstone or basement hosted uranium mineralisation. Several high-impact drill targets have been identified at Newnham Lak. A single hole was drilled on the property in 2018 returning 7.2m @ 310ppm including 0.5m @ 1,274ppm U3O8.