Okapi Resources stake in Amani Gold

By Justin Ware. Published at Mar 7, 2019, in Mining

Okapi Resources Limited (ASX:OKR) has secured a stake in Amani Gold Limited (ASX:ANL), after subscribing for its full entitlement under a fully underwritten non-renounceable rights issue.

In addition, it has received a further entitlement after sub-underwriting part of the rights issue shortfall: a total of 260.3 million shares have now been allocated to OKR at an issue price of $0.002 each.

In December 2018, OKR initially participated in a strategic private placement into Amani, after subscribing for 50 million shares at an issue price of $0.004 each.

Amani owns 55.25% of the Giro Gold Project, which is made up of two exploration permits covering a surface area of 497km2. The Giro title is located within the Kilo-Moto Belt (which is found within the DRC), which is a significantly under-explored greenstone belt.

Numerous major gold projects are nearby, including AngloGold Ashanti and Barrick’s 16 million-ounce Kibali gold mine group of deposits, which are 35km east of the Giro Project.

OKR’s acquisition is part of its strategy to seek out mineral resource investment opportunities in the DRC.

About Okapi Resources

OKR holds the Mambasa Gold Project, which is located in the Ituri Province of the DRC.

The project features two granted licences, PE364 and PE480. Mambasa sits in a region of well documented gold production and has impressive potential within a favourable setting that is similar to other large-scale gold deposits within the region.

The company continues to progress its exploration activities at the site. Encouragingly, Stage 2 soil and rock chip sample results returned up to 0.31 g/t gold in soil. 500 samples were sourced from areas of interest defined by the Stage 1 program.

OKR also holds the Crackerjack Gold Project, which is located in the Kimberley Region of Western Australia. Assays recovered from the site have returned results of up to 5.0g/t gold.

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