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Okapi’s latest results further define gold footprint at Mambasa


Published 11-SEP-2018 11:21 A.M.


3 minute read

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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.

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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