ASX-listed Okapi Resources has expanded its US uranium portfolio after staking more than 460 claims covering 3,600 hectares to acquire the high-grade Maybell Uranium project in Colorado. According to the company, the tenement’s historical production figures of 5.3 million pounds of uranium trioxide boasts a cracking average grade of around 1,300 parts per million.
On completion, Okapi will have secured a large piece of the Maybell mineralised trend which houses the historical production area as well as several other prospective zones. Based on past production figures, the company says its newest asset could host a bevy of additional near-surface uranium deposits. Okapi plans to undertake a comprehensive data review before kicking off an exploration program at the venture.
Okapi Resources Managing Director, Mr Andrew Ferrier said:"We are excited by the opportunity to acquire the Maybell Uranium Project in Colorado, USA. This adds another uranium asset to Okapi’s North American portfolio. Completing the Maybell Uranium Project acquisition clearly exhibits the strength of the management team to identify and acquire highly prospective uranium projects in the USA.”
The Maybell Uranium Project sits 5 kilometres east of Maybell and 40km west of Craig in Moffat County, Colorado - a rural area that is notable for past uranium mining as well as current coal and natural gas production. The project also covers an extensive area that follows the occurrence of the uranium-bearing Browns Park Formation sandstones where uranium is abundant throughout, with the most significant mineralisation hosted in the upper sandstones. Uranium is also known to exist in the underlying Wasatch formation.
According to Okapi, the permeable sandstones have physical properties that make them suitable for heap leach processing as well as being ideal candidates for ISR or “In-Situ Recovery” production. In situ recovery involves dissolving the ore in the ground and pumping the pregnant solution to the surface, where the minerals can be recovered. As a result, there is little surface disturbance and no rock or tailings waste.
Pending formal completion of the acquisition and the granting of exploration permits, Okapi intends to run out a comprehensive uranium hunt at Maybell with the campaign aimed at validating historical data before tabling a resource estimate for the project area.
The company has been steadily building up an assortment of high-grade uranium projects in North America, with its most recent acquisition adding to a burgeoning portfolio that already includes the Tallahassee project in Colorado and the Rattler uranium project in Utah.
With countries around the world now running at full speed to decarbonize global markets, nuclear energy could quickly emerge as a key player in the new energy renaissance. If proven true, Okapi's freshly gained ground could position it as a front-runner amongst a wave of energy players ready to fill the void.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
