ASX-listed explorer Okapi Resources is set to kick off its maiden drill program at its Enmore gold project in NSW as it continues to search for new drill targets at its West Australian Mt Day project. The company says it is also on the hunt for new projects as it gears up for a busy year ahead.
Okapi picked up the Enmore gold project only a few weeks ago and has wasted no time preparing for the rotary truth diviner to arrive.
A successful capital raising campaign has left the company cashed-up in preparation for its maiden drill campaign at Enmore, whilst target delineation works at the Mt Day project continue, courtesy of a soil sampling program.
A flurry of activity at Enmore has seen Okapi conduct field reconnaissance works, hold meetings with landowners and most importantly, lodge applications for drilling permits with the New South Wales Government. The company says the rigs should be drilling by April at two exciting targets, the Sunnyside and Bora prospects where historical works have revealed some eye-catching intervals that are begging for follow up.
At Sunnyside, numerous shallow intercepts over a 400-metre strike length have been recorded in the past. Best numbers include a stand-out hit of 22m grading 2.66 grams per tonne gold from surface including 4m @ 11.94 g/t, also from surface.
Another notable historic intersection is 20m at 1.7 g/t gold from 18m, incl 4m @ 4.4 g/t Au from 21m.
Bora is bolstered by past results also which include 13m at 7.1 grams per ton gold from 100m depth and 4m at 6 g/t from 90.7m amongst others.
High-grade gold mineralisation has been identified at the project across a 2.6-kilometre strike length with multiple rock chip sampling providing strong encouragement for the company. Testing of historical underground mining works and trenches at the property has returned some spectacular grades including 0.45m at 234 grams per tonne gold, and 0.45m at 33 grams per tonne.
Enmore is located some 30km south-east of Armidale near the historic Hillgrove antimony-gold mine in north-eastern NSW. According to the company, the 135 square kilometres of tenure remains underexplored and shows potential for economic high-grade gold mineralisation at existing targets and beyond. The project is home to similar geological structures to those present at Hillgrove, yet limited testing of these structures has been undertaken in past exploration.
Meanwhile, Okapi is also chipping away at the Mt Day Project located in central Western Australia. Hosting the Lake Johnston Greenstone Belt, Mt Day is situated within ten kilometres of the old Maggie Hays and Emily Ann nickel mines held by ASX-listed miner Poseidon Nickel.
Last month the company released the results of a soil sampling survey at the project covering some 400m by 50m, consisting of around 520 samples. Encouragingly, the program verified historical results and has identified a gold-in-soil anomaly over a two-kilometre strike length, as well as three lesser defined anomalies at the property.
Okapi is now getting closer to pin-pointing its drill targets through a more detailed soil survey commencing this month, together with some ground-based magnetics. The company is looking to increase its landholdings further in the region through the acquisition of an adjoining concession. An application has already been lodged and its granting is expected to happen in mid-May. Drilling is planned for both tenements in due course.
It also has its eye on further expansion through project acquisition. The company says it is in discussions with several parties holding the rights to precious metals and base metals projects.
As the calendar year continues to accelerate and the holiday season becomes a fading memory, Okapi has its hands full as it heads into a big year for news flow – possibly its biggest yet.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
