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Okapi Resources elects to proceed with Enmore Gold Project acquisition

The company signed a binding heads of agreement in December last year to acquire the project that hosts two advanced walk-up drill targets, Sunnyside and Bora, and a number of high-quality exploration targets.

Okapi Resources Ltd - Okapi Resources elects to proceed with Enmore Gold Project acquisition
Topography of the Enmore Project with the Bora Fault highlighted.

Okapi Resources Ltd (ASX:OKR) has elected to proceed with the acquisition of Enmore Gold Project in northern NSW near the Hillgrove Gold-Antimony Mine that has recently been restarted by Red River Resources Limited (ASX:RVR).

In December last year, the company signed a binding heads of agreement to acquire the project from Providence Gold and Minerals Pty Ltd and decided to proceed after completing due diligence.

The project hosts two advanced walk-up drill targets, Sunnyside and Bora, and a number of high-quality exploration targets.

High grades returned

It has widespread occurrences of high-grade gold in rock chip sampling including 74.1 g/t, 56 g/t, 41 g/t and 26 g/t.

Historic sampling of underground workings and trenches returned up to:

  • 0.45 metres at 234 g/t gold;
  • 0.91 metres at 21 g/t;
  • 0.76 metres at 23 g/t;
  • 0.45 metres at 33 g/t;
  • 1.52 metres at 16 g/t; and
  • 3 metres at 15g/t.

Planning underway for drilling

Okapi executive director Andrew Shearer said: “The drill-ready and high-grade nature of these exciting gold projects has justified Okapi in taking the next step forward with the Enmore Project.

“Planning is well underway now to complete the 1,000 metres of drilling and $200,000 exploration program as part of Milestone One, allowing Okapi to decide to continue with the staged acquisition of the project.”

Okapi has started the approvals and land access processes to begin exploration, including planned drilling and geophysics.

Subject to approvals, COVID-19 border restrictions and drill rig availability, initial drilling is planned for early in the second quarter of 2021.

This is expected to include an initial six holes at the Sunnyside Prospect to test below shallower historic mineralised drill holes that define anomalous gold over 400 metres of strike.

Sunnyside sits within an anomalous gold trend over 2.5 kilometres, with a number of other targets.

Highly prospective

The Enmore Gold Project is largely underexplored and remains highly prospective for identifying potentially economic high-grade gold mineralisation on known prospects, and for discovering new mineralised areas.

Historical exploration has largely focused on the shallower gold mineralisation, with limited deeper drilling, despite a number of high-grade drill intercepts.

Okapi is very encouraged by the apparent high-grade potential and the limited relevant systematic exploration undertaken on the higher-grade gold reefs within the broader structural setting, providing exploration potential.

Quick facts: Okapi Resources Ltd

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ASX:OKR
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