Okapi Resources: Update on the Athabasca Exploration Program

July 15, 2022

Athabasca Exploration Program Update

Program Highlights:

  • Surface exploration has begun at the Newnham Lake & Perch uranium projects
  • Focused on the potential for uranium mineralization hosted in Archean basement rocks
  • The objective of the exploration program is to prioritize drill targets to be tested in the Athabasca Basin in the winter of 2023

Okapi Resources Limited (ASX: OKR, OTCQB: OKPRF) (Okapi or the Company) is pleased to announce that it has commenced its extensive field exploration program at the Newnham Lake and Perch uranium projects in the Athabasca Basin. The exploration program will consist of prospecting, outcrop and boulder sampling with potential soil and vegetation sampling to help identify favorable structural scenarios suitable for hosting uranium mineralization and will use the results of satellite analysis and compilation work received from Axiom Exploration Group to aid exploration. efforts in specific areas of interest.

Okapi Managing Director, Mr. Andrew Ferrier said:

We are excited about our first field exploration program in the Athabasca Basin. Our properties at Newnham Lake and Perch remain our highest priority, with historic drilling showing anomalous radioactivity in several drill holes, favorable lithologies and untested subsoil harboring potential at relatively shallow depth. The field program is primarily helicopter supported and a great deal of pre-planning work was required to enable us to commence our exploration program. I thank our team and consultants for arranging everything on time and on schedule.”

Figure 1: Exploration geologists in the field at Lake Newnham

Project Overview – Newnham Lake & Perch Projects

Okapi’s 100% owned Newnham Lake and Perth projects, which straddle the northeast margin of the Athabasca Basin. The two projects consist of 15 mining titles totaling nearly 18,500 hectares. The properties are located at the northeastern edge of the Athabasca Basin, approximately 75 km east-southeast of the hamlet of Stony Rapids and 60 km east of the community of Black Lake, Saskatchewan.

Summer Exploration Program

The initial phase of the Company’s exploration programs involved analysis of recently completed satellite imagery data across the Newnham Lake and Perch projects; the company also completed an extensive data review and summary of all historical exploration work performed on both projects.

Satellite imagery data analysis included Synthetic Aperture Radar (SAR), Sentinel and Aster multispectral data. The data collected was processed, analyzed and interpreted and generated several target areas that focus on the east-west structural corridors and the intersection of those with north-south and northeast-southwest trending faults.

Surface exploration research focused on the relatively underexplored areas that make up the northeast Priority 1 and Priority 2 zones at Newnham Lake (Figure 2) and the zones north of the unconformity contact in exposed Archean rocks in Perch, have now begun. These areas have been identified as Archean bedrock rocks at or near the surface that exhibit weathering and oxidative characteristics consistent with the potential to host uranium mineralization.

Figure 2: Newnham Lake & Perch Projects – Prospecting Areas

Newnham Lake Project

At the Newnham Lake project, there are four areas of interest, not ranked in order of priority, from A to D, for the ongoing surface exploration program shown in Figure 3. The program is focused on the edge of the Athabasca Basin, with the goal of identifying areas that may span basement fault extension and areas with multiple intersecting faults. These target areas are considered promising for uranium mineralization hosted in the basement:

Zone A focuses on the historically recognized Karen Lake area, containing the Karen Lake Seeps uranium showing. In addition to multiple intersecting fault zones, there are historic radioactive pegmatitics (greater than 10,000 counts per second) and granitic boulders (greater than 1000 cps) in the area.

Areas B and C focus on testing intersections of east-west trending faults with north-south to northeast-southwest trending faults that coincide with magnetic lows and interpreted local electromagnetic conductors, testing the superficial expression of these characteristics.

Zone C also tests the Camp Lake and Cyprian Fault extents on the southern portion of the Newnham Lake property.

Zone D tests the northern extent of the Cyprian fault on the property, where it coincides with magnetic lows, historical radioactive boulders, low gravity anomalies as well as east-west trending fault intersections. All four zones also show areas of elevated hydrothermal alteration and gossans, interpreted from recent analysis of satellite imagery.

Satellite imagery analysis will be combined with historical three-dimensional surface geological modeling and drilling data that includes approximately 200 drill holes to define drill targets for the winter 2023 season in North America.

Figure 3: Newnham Lake – Prospecting areas (left), fieldwork in progress at Newnham Lake (right)

Perch Project

At the Perch project, a strong east-west structural fabric intersecting northeast-southwest structures has been identified in exposed or near-surface Archean basement rocks that lie north of the d-group sediment unconformity contact. ‘Athabasca – these intersections appear to coincide with historically identified Uranium anomalies. events and require follow-up.

There are 4 main target areas, A through D, and exploration is focused outside of the Athabasca Basin with the goal of delineating areas that may span basement fault extension and areas with multiple intersecting faults and focus on east-west trending fault trends (Figure 4).

Zone A focuses on an area of ​​strong hydrothermal and gossan alteration, interpreted from analysis of satellite imagery, as well as coincident historical ground radiometric anomalies and a granitic outcrop with anomalous uranium.

Zone B focuses on an area with multiple intersecting faults and high hydrothermal alteration, coinciding with the regional Brink Fault and historical survey magnetic ruptures and depressions.

Zone C focuses on local fault intersections with associated interpreted hydrothermal alteration and gossan, with the aim of locating surface expression of features.

Zone D focuses on the Brink Fault test, north and south of Zone B, with the South Zone (D2) also coinciding with a fork in the magnetic low and located in the Athabasca Basin sandstone.

Figure 4: Perch Project – Prospecting areas

Athabasca uranium projects

Athabasca’s uranium projects include 75 granted mining claims covering over 55,000 hectares. It is important to note that all of the projects are located along the margin of the Athabasca Basin or within the Carswell Impact Structure where the depth of the unconformity is relatively shallow at 300 meters or less and generally closer of 100 meters, making them ideal for targeting high-grade shallow unconformities. related uranium deposits.

Figure 5: Okapi Uranium Projects in Athabasca

This announcement has been cleared for publication by the Board of Directors of Okapi Resources Limited.

Further information :

André Ferrier

Gareth Quinn

General director

Investor Relations

E: [email protected]

Email: [email protected]

Such. : +61 8 6117 9338

Such. : +61 417 711 108

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Okapi Resources Ltd. published this content on July 14, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Jul 14, 2022 11:33:02 PM UTC.

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