OKAPI COMMENCE EXPLORATION ACTIVITY AT TWO PROJECT SITES
Okapi Resources Limited has announced that following the successful listing on the ASX, the Company is pleased to provide an update on exploration activities to be undertaken for its Mambasa and Crackerjack Projects.
Two technical teams have been engaged and briefed on exploration programs to be undertaken on the Mambasa and Crackerjack Projects, within the DRC and Western Australia respectively. The DRC team will be mobilised to site this week and complete the initial investigations to test prospectivity of the licences. The Crackerjack team will be mobilised in the second week of October to commence operations on site.
In commenting on the projects, Okapi Managing Director Nigel Ferguson said “With the Company now successfully listed on the ASX, we are committed and focused on launching our exploration programs across the Mambasa and Crackerjack Projects.
“In addition to advancing the two projects we are also actively seeking acquisition opportunities that would both strengthen the portfolio and add value to shareholders. We look forward to updating the market on these opportunities as they come through.”
The Mambasa Project
These two licences were targeted due to the area’s impressive exploration potential within favourable stratigraphic and structural settings, similar to other large-scale gold and mineral deposits within the region including AngloGold Ashanti’s Geita (20Moz) mine in Tanzania and Loncor Resources Inc’s recently defined Makapela (1Moz) and Adumbi (1.9Moz) gold projects.
The Mambasa Project is a brownfields project and contains several historical colonial gold workings and current artisanal gold workings over 600m length and 25m in depth.
Work to be undertaken will include mapping, sampling of outcrops and soil sampling in an effort to define drill targets. Initial indications are positive for the licences given the geological setting; historical production of approximately 1,000kg from the area and the current artisanal activity. Efforts will be concentrated on licence PE364. Additional first pass work will be undertaken on PE480. The main structure being explored contains Kilo Golds 1.3moz defined resource along strike and to the NW.
The Crackerjack Project
Situated within the first gazetted goldfield in WA, the Crackerjack Project is a single licence with many historical mines located within its boundaries. The high grade nature; the geological setting and the sheer number of historical workings within the licence were a significant influence in selecting this licence for further work.
Primary gold deposits so far reported in the area are contained within the more strongly sheared and altered mafic volcanics or are hosted within, or proximal to Woodward Dolerite sills, particularly within the upper Biscay Formation/Eastern Greenstones. The intersection of these structures with occasional cross-cutting shears has resulted in dilational zones and lenses enriched in mineralised fluids, thereby creating the higher-grade gold deposits.
Many deposits contain a significant degree of quartz-sericite-calcite propylitisation within the alteration zones. They have also been shown to contain a high proportion of sulphides, which can form a significant base metal anomaly in themselves. Associated sulphides in order of abundance include; Arsenopyrite, Pyrite, Chalcopyrite, Galena and Sphalerite.
Prospectivity within the licence is high with check samples collected by Okapi returning up to 15.7 g/t gold. Initial planned work will include, further mapping, sampling and the possibility of channel sampling in order to define widths and continuity of mineralised trends to allow drilling to be planned.