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Oklo Resources Ltd

Oklo Resources advances $5 million gold drilling program in Mali

Assays are pending for drilling at the Kouroufing, Sari and Kossaya projects.

Gold nugget set against a historic map of Africa
Oklo is undertaking extensive drilling at its West African gold projects

Oklo Resources Ltd (ASX:OKU) (FRA:JYA) is making good progress with $5 million drilling campaigns at its gold projects in Mali, West Africa.

The company reported that it was “progressing well”, having undertaken concurrent activities at its Dandoko and Kouroufing projects.

Oklo has also been engaging in reconnaissance auger drilling on regional targets at its Kouroufing, Kossaya and Sari projects.

READ: Oklo Resources has 'pipeline of projects' and 'soon to have 7 drill rigs going'

Assays are pending after 5,084 metres of aircore drilling in 160 holes and 177 metres of diamond drilling in 1 hole at Kouroufing.

Auger drilling of 22,488 metres in 1,548 holes has also taken place at the project, with assays pending from 1,324 holes.

Reverse circulation (RC) drilling is now underway at Kouroufing, with the first of seven planned holes for 1,100 metres.

Last week Oklo's managing director & CEO Simon Taylor told Proactive Investors he expected short-term news flow on Dandoko and its Seko prospect.

Today the company said a contract had been awarded for Dandoko drilling, with work expected to start in two weeks.

Line clearing has been undertaken at Dandoko to allow a multipurpose rig to access the site for follow-up aircore, RC and diamond drilling at Seko, Dabia, Sory and other targets along the project’s 12-kilometre gold corridor.

These will follow RC intersections from Sory, 1.5 kilometres south of Seko, which included 44 metres grading 1.37 g/t gold from 33 metres and aircore intersections from Dabia, 1.5km north of Seko, such as 25 metres grading 2.5 g/t from 65 metres.

Dandoko is about 30 kilometres east of B2Gold Corp’s (TSE:BTO) (FRA: 5BG) 7.1 million ounce Fekola mine and 50 kilometres south-southeast of Barrick Gold Corp's (NYSE:GOLD) (TSE:ABX) (ETR:ABR) 12.5 million ounce Loulo mine.

READ: Oklo Resources confirms extensions to Seko prospect at Mali gold project

Four auger drill rigs are running at Sari and Kossaya projects, with assays pending for 8,950 metres of drilling completed in 639 holes.

Sydney-based Oklo has gold, uranium and phosphate projects in Mali and is focused on eight key projects covering 1,400 square kilometres on the African country’s prospective gold belts.

The company is led by Dr Madani Diallo who has been involved in discoveries totalling more than 30 million ounces of gold.

Oklo had $12.6 million cash at the end of December quarter 2018 and expected to spend $3.9 million in March quarter 2019.

The exploration and evaluation spend was tipped to be $3.5 million.

Quick facts: Oklo Resources Ltd

Price: $0.11

Market: ASX
Market Cap: $45.32 m
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Oklo Resources adding to and advancing portfolio of West Mali gold projects

Oklo Resources Ltd (ASX:OKU) managing director and chief executive Simon Taylor speaks to Proactive Investors about the team and strategy propelling the Mali-focused gold explorer. "Big landholding, fantastic jurisdiction, really good team to implement the projects, and I think the other key...

on 07/10/2018

3 min read