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Oklo Resources exercises option to acquire stake in Mali gold project

The region hosts several major gold projects with multi-million-ounce deposits.

location map and other projects in Mali
The project builds on Oklo's gold portfolio in Mali

Oklo Resources Ltd (ASX:OKU) has acquired a 65% interest in the Kossaya Project in Mali, adding to its landholding in the Birimian greenstone belts.

Kossaya covers 70 square kilometres and is nearby to Oklo’s other projects including its flagship Dandoko Project.

Oklo received results from shallow auger drilling in May 2019 that showed gold mineralisation at Kossaya including 7 metres at 4.29 g/t gold.

The auger drilling met Oklo’s commitment to fund a minimum of €100,000 in exploration allowing it to exercise the option and pay €60,980 to gain the 65% stake.

Oklo can increase ownership to 100% by paying around €30,000 in cash or shares by July 2020.

READ: Oklo Resources appoints Mark Connelly as non-executive chairman

Oklo recently appointed Mark Connelly as non-executive chairman to its board.

The dealmaker has an impressive track record in Africa notably for his roles in the US$570 million merger of Papillon Resources with B2Gold Corp (TSE:BTO) in October 2014 and the USD$600 million merger of Adamus Resources with Endeavour Mining Corp (TSE:EDV) in September 2011.

He received Mining Journal’s Outstanding Achievement - CEO of the Year 2014 Award for his outstanding contribution to Papillon Resources.

Quick facts: Oklo Resources Ltd

Price: 0.29 AUD

Market: ASX
Market Cap: $146.03 m

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