As per an ASX announcement today, Oklo Resources Limited (ASX: OKU) confirmed four operating drill rigs across its Dandoko and Kouroufing Projects in West Mali. The sites are located within the Kenieba Inlier of western Africa, approximately 30 kilometre east of B2Gold’s 7.1Moz Fekola Mine and 50-kilometre south-southeast of Randgold’s 12.5Moz Loulo Mine.
Oklo currently owns approximately 500-kilometre square of the highly resourceful site in the world-class gold region of Mali, West Africa. The cost estimate of the drilling program is $5 million. It comprises of 35,000m of AC (Alternate Current), DD (Diamond Drilling) and RC (Reverse Circulation) drilling. It includes approximately 25,000m of low-cost shallow auger drilling.
Oklo Resources is an ASX listed exploration company with gold, uranium and phosphate projects spread across Sydney, Australia and Mali, West Africa. The company’s focus is its large landholding of eleven gold projects covering 1,405-kilometre square in some of Mali’s most prospective gold belts.
As stated by Oklo’s Managing Director Simon Taylor, the company has ramped up diamond drilling at Seko (Dandoko Project), testing penetration extensions to estimate the mineralization. The diamond drill field complements the aircore and two auger fields which have been operating at Kouroufing since November.
The DD drilling at SK3 will target at testing the mineralized site to the north and south, including follow-up testing of the northern-most hole. Additionally, the DD drilling at SK2 will test high-quality mineralisation and other structural concepts developed over the wet season.
The deeper aircore drill testing of the Kouroufing auger gold corridor is now well advanced whereas the two auger fields continue to test the northern and southern extensions of the identified 6-kilometre gold zone. Out of planned 9600m, a total of 5,129m AC program has been completed.
2019 project plans
Oklo 2019 exploration objective includes 35,000m of AC, RC, DD drilling and approximately 25,000m of low-cost shallow auger drilling. The drilling cost is estimated to be $5 million. The Company will be releasing regular updates on its various drilling operations across various sites.
Oklo recently released its 2018 annual financial report. As per the report, the company reported an increase in operating loss to $18,03,491 during CY2018 as compared to $15,14,153 during CY2017. Basic loss per share is recorded at 0.006 cents per share. Investing cash outflow of $55,866 and financial cash inflow of $46,658 is reported for the company this year, totaling to a net annual cash outflow of $9,208. Net assets total to $ 50,218,356 and Net liabilities total to $2,098,425 for the company.
Oklo’s stock has witnessed a strong performance downturn of 35% till date this year. In the last three months, the company’s share price is down by 10%. The company has a market capitalization of AUD 95.41 million with earnings per share of -0.006 AUD. By the close of the trading hours today (18th December 2018), the company’s shares are down by 3.7%, at $0.260.
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