viewOklo Resources Ltd

Oklo Resources managing director supports West African gold strategy through on-market purchases

Simon Taylor has acquired 200,000 more shares and now holds 5.46 million shares.

Oklo Resources Ltd - Oklo Resources managing director supports West African gold strategy through on-market purchases
The company is primarily focused on the Witwatersrand Basin Project in South Africa

Oklo Resources Ltd (ASX:OKU) managing director Simon Taylor has demonstrated his support for the company’s West African gold strategy by acquiring 200,000 shares in on-market transactions.

These transactions on October 29 and 31 valued at more than $26,000 take his overall holding to 5.46 million shares in indirect interests, which at today's price is valued at $764,400.

Oklo’s shares increased from 9.9 cents on October 18 to 14.5 cents on October 30 and today the company is trading at 14 cents.

Placement raises $6 million

In early September the company received firm commitments from sophisticated and institutional investors for a placement of more than 57 million shares at 10.5 cents each to raise gross proceeds of $6 million.

Strong demand for the placement was fielded from existing and new domestic as well as offshore investors, exceeding the targeted amount.

Proceeds are being used to continue exploration activities at the company’s existing projects in Mali and for general working capital.

Drilling resumes

Late last month the company resumed drilling following the wet season at Dandoko Gold Project in the Kenieba Inlier of west Mali with a 10,000-metre program.

The company’s board has approved the drilling program comprising aircore, reverse circulation (RC) and diamond core drilling (DD) at Seko prospect ahead of a maiden mineral resource estimate scheduled for completion in Q2 2020.

The program will focus on infill drilling as well as closing off areas of near-surface mineralisation at Seko anomalies and surrounding areas to support the resource estimation work.

The initial aircore phase is expected to be completed about the end of November and, subject to availability, an RC and DD drilling program will follow immediately thereafter.

Quick facts: Oklo Resources Ltd

Price: 0.28 AUD

Market: ASX
Market Cap: $141 m

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