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Oklo Resources exercises option to acquire 65% of Sari Gold Project in Mali

Last month Oklo received results from first pass shallow drilling, meeting the commitment to fund a minimum of €117,000 in exploration during the first year.

The project is less than one kilometre east of the company’s flagship Dandoko project in western Mali

Oklo Resources Ltd (ASX:OKU) has exercised its option to acquire a 65% interest in the Sari Gold Project in Mali which forms part of its strategy to acquire a significant landholding within the Birimian gold belt.

Securing the 65% option from Ecosud Sari was satisfied by the payment of €15,245 as well as the expenditure of €117,000 in exploration during the first year.

The company continues to hold the option to acquire the remaining 35% of the project in western Mali in June 2020 via a further payment of about €15,000 or the equivalent in Oklo shares.

READ: Oklo Resources confirms second bedrock discovery at Kouroufing; drilling continues at Dandoko

Oklo holds around 500 square kilometres of highly prospective ground in this emerging world-class gold region.

The company’s managing director Simon Taylor said: “Oklo’s strategy of building a significant foothold in this prolific region has delivered exceptionally well.

“We have already confirmed two bedrock gold discoveries at Kouroufing and first pass geochemical auger drilling at the adjoining Sari and Kossaya projects shows anomalous gold within these permits as well.

“We look forward to continued exploration across this recently acquired land package.”

READ: Oklo Resources identifies gold trends over 4 kilometres in length at Kouroufing in Mali

The Sari project covers 14 square kilometres within the Kenieba Inlier to the east of the regionally substantial Senegal Mali Shear Zone (SMSZ) and is within close proximity to several major gold projects.

These include the 7.1 million-ounce Fekola mine, the 12.5 million-ounce Loulo mine and the 15 million-ounce Sadiola mine.

If the company elects to apply for an exploitation licence (mining licence) Oklo shall grant Ecosud a 5% equity interest in the licence and a 1% net smelter return royalty (NSR).

Quick facts: Oklo Resources Ltd

Price: 0.255 AUD

Market: ASX
Market Cap: $128.41 m

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