21st november 2016 asx announcement auger … 5 56 pitt street sydney nsw 2000, australia tel: +61 2...
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Level 5 56 Pitt Street
Sydney NSW 2000, Australia
Tel: +61 2 8823 3100 Fax: +61 2 9252 8466 ABN: 53 121 582 607
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21st November 2016 ASX Announcement
AUGER DRILLING ACCELERATED WITH FOUR RIGS ON SITE Summary
Ø Planned 40,000m auger geochemical drilling program at the Dandoko and Moussala Projects progressing well with a total of four rigs on site and a further two rigs being mobilised to accelerate completion.
Ø Total of 736 auger holes for 7,530 metres drilled to date at an average hole depth of 10m.
Ø At Dandoko, auger drilling is initially testing the regional-scale trends extending from the high grade Diabarou and Disse gold discoveries prior to the systematic evaluation of other targets.
Ø At Moussala, regional auger drilling will further evaluate several large geochemical anomalies which remain untested by drilling, including areas where limited previous soil sampling returned peak gold-in-soil results of up to 0.54g/t Au.
Ø Planned 7,000m step out and resource definition RC drilling program at Disse and Diabarou scheduled to commence in late November.
Ø The aggressive drill programs are planned to continue through the dry season into 2017, being guided by ongoing results.
Ø Drilling activities are fully funded from existing cash reserves of circa $9.4 million.
Oklo Resources Limited (“Oklo” or “the Company”; ASX: OKU) is pleased to announce the following update on its 2016-17 drilling campaign underway at the Dandoko and Moussala Projects in western Mali (Figure 1). The Dandoko and Moussala Projects are located within the Kenieba Inlier of western Mali and lie within 30 kilometres to the east of B2Gold’s 5.15Moz Fekola Project and 50 kilometres to the south-southeast of Randgold’s 12.5Moz Loulo Mine.
ASX Announcement 21st November 2016
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Figure1:LocationofDandokoandMoussalaGoldProjectsinWestMali
Over the coming months, a series of early to advanced stage targets will be drill tested as part of an approved 47,000m program fully funded from the Company cash reserves, which currently stand at over $9.4 million. The initial 40,000m auger geochemical program in progress at Dandoko and Moussala is progressing well. Four drill rigs are currently operating at Dandoko, with a further two rigs being mobilised to expedite the program at Dandoko and commence at Moussala. At Dandoko, initial auger drilling is concentrating on regional extensions to the exciting gold discoveries at Diabarou and Disse before stepping out to test other potential targets on a 400m x 100m spacing within the remainder of the project area. At Moussala, auger drilling will evaluate several previously outlined geochemical and geological targets on a 400m x 100m spacing. The auger drilling is intended to improve the geochemical understanding of the target areas by cheaply and efficiently penetrating below the extensive tracts of lateritic and transported cover that mask the underlying geology. A total of 736 holes for 7,530 metres have been completed to date for an average hole depth of 10m (Figure 2).
ASX Announcement 21st November 2016
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Figure2:Plannedandcompletedaugerdrillholelocationsovergold-in-soilanomalies Following cessation of the wet season, the further drying and reduction of water levels at river crossings will shortly enable safe and efficient access for the heavier RC drilling rig and equipment to the Diabarou and Disse prospects. A program of approximately 7,000m of RC drilling is currently expected to commence in late November to further test the strike extension of the high grade gold mineralisation previously outlined at the Diabarou and Disse prospects.
ASX Announcement 21st November 2016
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Figure3:AugerrigsamplingatDandoko
It is anticipated that by year end, the drilling programs at the Diabarou and Disse prospects will have been materially progressed and the enhanced geochemical coverage over the other target areas will be available to highlight potential extensions to these prospects and new areas for follow-up evaluation. The receipt of results from these programs are expected from early December through to late January, placing the Company in a strong position to continue its aggressive programs through the remainder of the 2016-17 dry season.
– ENDS – For further information, please contact: Simon Taylor Phil Retter Managing Director Investor Relations T: +61 2 8823 3110 NWR Communications E: [email protected] T: +61 407 440 882 E: [email protected]
ASX Announcement 21st November 2016
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About Oklo Resources Oklo Resources is an ASX listed exploration company with gold, uranium and phosphate projects located in Mali, Africa. The Company’s focus is its large landholding of eight gold projects covering 1,389km2 in some of Mali’s most prospective gold belts. The Company has a corporate office located in Sydney, Australia and an expert technical team based in Bamako, Mali, led by Dr Madani Diallo who has previously been involved in discoveries totalling in excess of 30Moz gold.
Figure6:LocationofOkloProjectsinWestandSouthMali
Competent Person’s Declaration The information in this announcement that relates to Exploration Results is based on information compiled by geologists employed by Africa Mining (a wholly owned subsidiary of Oklo Resources) and reviewed by Mr Simon Taylor, who is a member of the Australian Institute of Geoscientists. Mr Taylor is the Managing Director of Oklo Resources Limited. Mr Taylor is considered to have sufficient experience deemed relevant to the style of mineralisation and type of deposit under consideration, and to the activity that he is undertaking to qualify as a Competent person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the 2012 JORC Code). Mr Taylor consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.