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Okapi Resources Limited (ASX:OKR) Quarterly Activities Report
During the quarter, Okapi Resources Limited (ASX:OKR) (FRA:26O) (OTCMKTS:OKPRF) closed its agreement with ALX Resources Corp (a company incorporated in British Columbia) (CVE:AL) to acquire a portfolio of six advanced exploration projects in the world's premier high-grade uranium district, the Athabasca Basin.

The Athabasca portfolio includes 75 granted mineral claims covering over 55,000 hectares. Importantly, all of the projects are located along the margin of the Athabasca Basin or in the Carswell Impact Structure where depth to the unconformity is relatively shallow being 300m or less and typically closer to 100m, making them ideal for targeting shallow high-grade uranium deposits.

As part of closing the acquisition, Okapi paid A$1,000,000 and issued 4,457,424 to ALX Resources Corp.

During the quarter, Okapi applied for a permit to drill Rattler after reporting high grade uranium mineralisation from its initial surface exploration program. 15 of 28 rock samples collected from the mines in December 2021 returned values greater than 1,000 ppm U3O8. Rattlesnake rock samples from the old open pit as well as from outcrops and dumps outside the entrances to old mine workings returned values up to 1.24% U3O8 (12,400ppm). Sunnyside rock samples from outcrops and dumps returned values up to 0.759% U3O8 (7,590ppm).

Subsequent to the end of the quarter, Okapi is now planning to drill, after its Notice of Intent to Conduct Exploration received all necessary government approvals. The drill program will test the extent and nature of the uranium mineralisation historically mined at the Rattlesnake and Sunnyside mines which both lie within Rattler's acreage.

During the quarter, Okapi completed the staking of 468 federal unpatented mining claims covering 3,600 ha to acquire the Maybell Uranium Project in Colorado, USA.

Okapi has secured a significant portion of the Maybell mineralised trend, which includes the area of historical production and other known mineralised occurrences and prospects. Based on the historical production and exploration data there is significant potential for the further delineation and discovery of near surface uranium resources at Maybell.

Staking Maybell is directly on strategy for Okapi which is looking to acquire assets in the right circumstances with the aim of expanding the portfolio and providing shareholders with a diversified exposure to uranium in North America.

Union Carbide operated a series of shallow open pits between 1954 and 1964, producing 4.3 Mlbs U3O8 at an average grade of 1,300ppm U3O8. Between 1958 and 1964, the Maybell area produced between 500,000 and 720,000 lbs of uranium per year.

During the quarter, Okapi announced it was expecting to commence a drilling program at Enmore in the June quarter 2022.

The objective of the drilling program is to follow up on the drilling completed in 2021 at the Sunnyside Prospect (see announcement dated 16 September 2021), which demonstrated potential extensions of the mineralised zone along strike and at depth. Okapi completed 10 Reverse Circulation (RC) drillholes for 1,257m during 2021 across three prospects at Sunnyside East, Sunnyside West and Bora. Assay results returned significant results from all 10 of the holes.

During the quarter, Okapi announced the appointment of Brian Hill as Non-Executive Chairman of Okapi Resources. Brian replaced interim Chairman Peretz Schapiro, who joined the Board in April 2021 and played a fundamental role in the transition and growth of Okapi over a short period of time.

*To view the full Quarterly Report, please visit:

Andrew Ferrier
Managing Director
P: +61 8 6117 9338

Gareth Quinn
Investor Relations
P: +61 417 711 108

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