INTERIM FINANCIAL REPORT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2017
The Mambasa Gold Project is a brownfields project with several historical colonial gold workings and current artisana gold activity of covering over a 600m strike length and up to 25m in depth. The Mambasa Project consists of two granted licences, PE364 and PE480, located approximately 18km to the south of the town of Mambasa, in the Mambasa District of Ituri Province in the north-eastern DRC.
These two licences are located in a region with impressive exploration potential within favourable stratigraphic and structural settings, 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. Map 1 shows the Mambasa licences with the interpreted NE trending structural fabric.
Earn-in Agreement Terms
The Company executed the Mambasa Joint Venture Agreement with Kalubamba Sarl and Medidoc FZE which granted the right to earn a 70% interest in the Mambasa Project and to act as the manager. The agreement was conditional upon the successful ASX listing of Okapi Resources Limited and which was achieved 28 September 2017.
The Mambasa Joint Venture Agreement provides for an exploration expenditure earn-in by the Company over an approximately 4 year period, with a minimum spend of US$150,000 on exploration work (Phase 1 Assessment) within 12 months of the ASX listing date and before it has the right to withdraw from the joint venture.
Exploration Activities for the Half-year
During the half-year and post its successful ASX listing, the Company commenced its Phase 1 Assessment exploration program at Mambasa. A total of 997 soil samples were collected from the licence areas and subsequently submitted to a commercial laboratory for analysis. This work is designed for drill target generation and to facilitate scoping of the next phase of work. These results are expected before the end of the March 2018 quarter and remain pending at the date of this report.
POSITIVE INITIALRESULTS FROM TECHNICALDUE
DILIGENCE ON THE KATANGA COPPER-COBALT PROJECT
Mr. Eckhof,Chairman commented, “We are verypleased to report on duediligence progress of the Katanga Copper and Cobalt Project.The assetsare withinthe worldclass copper cobalt belt ofthe DRCand contain substantial strike lengths ofuntested, but what appear tobe mineralisedRoan GroupMine sequenceand Kundulungu units. These rock unitsare hostto severalworld class Cu & Codeposits such as Tenke and Kamoa. We look forward toannouncing further updates on thisexciting phase of the developmentof the Company.”
Okapi Resources Limited (ASX:“OKR”) (“Okapi” & “Company”) is pleased to announce that,
further to its announcement of 24 January 2018, it has completed the issue of 2,142,857 fully paid
ordinary shares at an issue price of $0.70 per share raising A$1.5 Million before costs.
An Appendix 3B is attached with respect to the new securities issued and the Company gives notice
(i) the provisions of Chapter 2M of the Act as they apply to the Company; and
(ii) section 674 of the Act; and
Quarterly Activities Report
For the Quarter ended 31 December 2017
HIGHLIGHTS FOR THE QUARTER
Crackerjack Project, Western Australia
Mambasa Project, DRC
Katanga Copper-Cobalt Project
Okapi Resources Limited (ASX: OKR, “Okapi”, “Company”) is pleased to report on activities completed during the December 2017 quarter.
OKAPI SECURES OPTION FOR 70% INTEREST IN THREE
COPPER/COBALT LICENCES IN DRC
“Luisha” and “Ntondo” licences collectivley known as “The Katanga Copper-Cobalt
Project”, prospective for copper and cobalt.
proximity and along strike to either substantial copper cobalt mines (including the Tenke
Fungurume Mine some 50km to the east) or know mineral occurrences.
o limited outcrop, but with visible mineralisation evident in adjacent outcrops;
o potential strike extensions under alluvial covered low lying ground; and extensively
un-explored utilising modern exploration techniques.
© 2000 - 2018 HotCopper. All Rights Reserved.