20190612 oku exercise of option to acquire 65% of sari ......ecosud shall grant to oklo the right to...

3
PAGE 1 OF 3 12 th JUNE 2019 EXERCISE OF OPTION TO ACQUIRE 65% OF SARI Oklo Resources Limited (“Oklo” or “the Company”) is pleased to announce that the Company has exercised its option to acquire a 65% interest in the Sari Project 1 . The Company continues to hold the option to acquire the remaining 35% in June 2020. The acquisition of the Sari Project is central to the Company’s broader strategy to acquire a significant landholding within the Birimian gold belt in western Mali. The Company currently holds ~500km 2 of highly prospective ground in this emerging world-class gold region. The Sari Project is located less than one kilometre east of the Company’s flagship Dandoko Project in western Mali (Figure 1). Together with Kossaya and Kouroufing, the Sari Project forms part of a contiguous land holding of ~175km 2 . “Oklo’s strategy of building a significant foothold in this prolific region has delivered exceptionally well. We have already confirmed two bedrock gold discoveries at Kouroufing and first pass geochemical auger drilling at the adjoining Sari and Kossaya projects shows anomalous gold within these permits as well. We look forward to continued exploration across this recently acquired land package.” – Simon Taylor, Managing Director - Oklo Resources. The Sari Project covers an area of 14km 2 within the Kenieba Inlier to the east of the regionally significant Senegal Mali Shear Zone (“SMSZ”). The SMSZ and associated northeast-trending splay structures are spatially related to several major gold projects including: Fekola (7.1Moz), Loulo (12.5Moz), Gounkoto (5.4Moz), Yatela (3Moz), Sadiola (15Moz) and Sabodala (10Moz). Figure 1: Location of the west Mali gold projects including Sari. 1 19 th July 2018 ASX Announcement – Oklo Further Consolidates Land Position in West Mali. https://www.investi.com.au/api/announcements/oku/96f4260f-98a.pdf

Upload: others

Post on 27-Feb-2021

1 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 20190612 OKU Exercise Of Option To Acquire 65% Of Sari ......Ecosud shall grant to Oklo the right to acquire Ecosud’s 5% ownership interest for a fixed price of US$1,000,000 payable

PAGE 1 OF 3

12th JUNE 2019

EXERCISE OF OPTION TO ACQUIRE 65% OF SARI Oklo Resources Limited (“Oklo” or “the Company”) is pleased to announce that the Company has exercised its option to acquire a 65% interest in the Sari Project1. The Company continues to hold the option to acquire the remaining 35% in June 2020.

The acquisition of the Sari Project is central to the Company’s broader strategy to acquire a significant landholding within the Birimian gold belt in western Mali. The Company currently holds ~500km2 of highly prospective ground in this emerging world-class gold region. The Sari Project is located less than one kilometre east of the Company’s flagship Dandoko Project in western Mali (Figure 1). Together with Kossaya and Kouroufing, the Sari Project forms part of a contiguous land holding of ~175km2.

“Oklo’s strategy of building a significant foothold in this prolific region has delivered exceptionally well. We have already confirmed two bedrock gold discoveries at Kouroufing and first pass geochemical auger drilling at the adjoining Sari and Kossaya projects shows anomalous gold within these permits as well. We look forward to continued exploration across this recently acquired land package.” – Simon Taylor, Managing Director - Oklo Resources.

The Sari Project covers an area of 14km2 within the Kenieba Inlier to the east of the regionally significant Senegal Mali Shear Zone (“SMSZ”). The SMSZ and associated northeast-trending splay structures are spatially related to several major gold projects including: Fekola (7.1Moz), Loulo (12.5Moz), Gounkoto (5.4Moz), Yatela (3Moz), Sadiola (15Moz) and Sabodala (10Moz).

Figure 1: Location of the west Mali gold projects including Sari.

1 19th July 2018 ASX Announcement – Oklo Further Consolidates Land Position in West Mali. https://www.investi.com.au/api/announcements/oku/96f4260f-98a.pdf

Page 2: 20190612 OKU Exercise Of Option To Acquire 65% Of Sari ......Ecosud shall grant to Oklo the right to acquire Ecosud’s 5% ownership interest for a fixed price of US$1,000,000 payable

12th JUNE 2019

PAGE 2 OF 3

On the 27th May 2019, the Company announced the results from first pass shallow geochemical auger drilling with anomalies identified for follow up and a best intercept of 5m at 0.59g/t (Figure 2).2

This geochemical auger drilling met Oklo’s commitment to fund a minimum of €117,000 in exploration expenditure at Sari during the first year. The Company has now exercised its right to acquire 65% of the Permit through the payment of €15,245. Oklo has the right to increase its interest in the Permit to 100% via a further payment of 10,000,000 FCFA (approx. €15,000), or the equivalent in Oklo shares (at the vendor’s option) in June 2020.

Figure 2: Sari Gold Project, location of auger drill holes and max gold in hole values and contours

2 27thMay 2019 ASX Announcement – Second Bedrock Discovery Confirmed at Kouroufing. The Company is not aware of any new information or data that materially affects the information contained in this original ASX market announcement. https://www.investi.com.au/api/announcements/oku/c335373e-240.pdf

Page 3: 20190612 OKU Exercise Of Option To Acquire 65% Of Sari ......Ecosud shall grant to Oklo the right to acquire Ecosud’s 5% ownership interest for a fixed price of US$1,000,000 payable

12th JUNE 2019

PAGE 3 OF 3

TERMS OF THE AGREEMENT Oklo has acquired 65% of the Sari Project (“the Permit”) under its agreement with Ecosud Sarl (“Ecosud”). Oklo has the option to increase its ownership to 100% on the following terms:

1. On the second anniversary of the Agreement (June 2020), Oklo can earn the remaining 35% interest in the Permit for a further payment of 10,000,000 FCFA (approx. €15,000) or the equivalent in Oklo shares at the election of Ecosud.

2. The number of Oklo shares to be issued shall be determined by the VWAP (volume weighted average price) of Oklo shares on the Australian Securities Exchange over the 20 trading days preceding the Issue Date, at which time Ecosud will transfer a 35% interest in the Permit to Oklo.

If Oklo elects to apply for an Exploitation Licence (Mining Licence) in relation to any part of the area covered by the Permit, Oklo shall grant Ecosud a 5% equity interest in the Licence and a 1% NSR (‘Net Smelter Return’) royalty. Ecosud shall grant to Oklo the right to acquire Ecosud’s 5% ownership interest for a fixed price of US$1,000,000 payable in cash and the right to acquire Ecosud’s 1% NSR for a fixed price of US$1,000,000.

– ENDS –

For further information, please contact:

Simon Taylor Managing Director

T: +61 2 8319 9233 E: [email protected]