Okapi’s latest results further define gold footprint at Mambasa
Okapi Resources (ASX:OKR) has completed its Stage 2 infill sampling program at the Mambasa Gold Project in the Ituri Province of the Democratic Republic of Congo (DRC).
Encouragingly, Stage 2 soil and rock chip sample program results return up to 0.31 g/t gold in soil. 500 samples taken have targeted areas of interest defined by the Stage 1 program.
By way of background, Mambasa is a brownfields project with several historical colonial gold workings and current artisanal gold activity covering over a 600-metre strike length and up to 25 metres in depth.
The project comprises two granted licences, PE364 and PE480, located around18 kilometre to the south of the town of Mambasa, in the Mambasa district of Ituri Province in the north-eastern DRC (an emerging African Nation that investors should take into consideration when determining their investment focus as there are still risks involved).
Mambasa sits in a region of well documented gold production and has impressive potential within a favourable stratigraphic and structural setting that is similar to other large-scale gold deposits within the region including AngloGold Ashanti's Geita (20Moz) mine in Tanzania and Loncor Resources Inc's recently defined Makapela (1Moz) and Kilo Gold’s Adumbi (1.3Moz) gold projects.
The Stage 2 infill program was designed to better understand anomalous gold results at Mambasa, as defined by the Stage 1 soil sampling program completed in the March quarter.
This initial Stage 1 program outlined a north-west trend — the same regional trend that hosts large-scale gold deposits within the area such as the aforementioned Geita, Makapela and Adumbi.
Anomalous results continue to support the original interpretation of Stage 1 results and refine targets for further work.
Follow-up activity includes detailed ground mapping around priority targets, which will take place in October (weather permitting), further review of multi-element associations in the December quarter, as well as costeaning and scout drilling.
Promisingly, OKR has also met is Year 1 expenditure commitments for the Mambasa Project, as defined by the JV agreement with Kalubamba SARL and Medidoc FZE.
Managing director, Nigel Ferguson, commented: “Okapi is pleased to announce the results of the Stage 2 soil sampling program at Mambasa. The project continues to pass through gates.... great location, favourable structural setting, rocks that are known to host sizable gold deposits in the district and anomalous soil results.”
“The latest results further define the gold footprint at Mambasa and is allowing us to vector in on the primary gold source that local artisanals are exploiting. Given continued success, the next stage at Mambasa is to refine the surface anomalies with some detailed mapping to better locate costeans and scout drilling. We have already commenced discussions with drilling service providers to begin to add some detail to what a drilling program at Mambasa would look like,” said Ferguson.
“It is also pleasing to have met our year one earn-in commitments at Mambasa — we are well on our way to earning our interest in the project.”
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.