Oklo Resources Limited (ASX: OKU) is a metals and mining company, involved in the business of mineral exploration. It was officially listed on ASX in May 2007. OKU, by release, updated the market about the confirmation of second bedrock discovery at Kouroufing. The company demonstrated that its $5 million drilling program at Kouroufing and Dandoko gold projects in West Mali is advancing according to plan with multi-purpose drilling rig continuing at Dandoko and the drilling process concluded at Kouroufing.
Separately, the company presented its first assay results received from wide-spaced, shallow aircore drilling along 6 traverses, which is covering a 1.4 km extent of the Kome Target confirming significant bedrock gold mineralisation along with gold grades peak of up to 18.2 g/t gold over 2m. Additionally, the best results of the drilling program mainly consists of 2m at 18.20g/t gold from 24m, 10m at 1.29g/t gold from 36m, including 2m at 4.11g/t gold from 44m, 2m at 8.50g/t gold from 18m, 2m at 4.15g/t gold from 46m with the hole ending in mineralisation and 4m at 2.82g/t gold from 56m.
The assay results received from nine follow-up reverse circulation and one diamond hole located at Kouroufing Central Prospect, where numerous high-grade gold intersections were previously reported within the 6 kilometre-long auger gold corridor. In addition, the results have confirmed the presence of narrow zones of high-grade gold mineralisation, which have been hosted within broad, lower grade zones with grades of up to 20.g/t gold returned.
Apart from Kouroufing Project, a multi-purpose drill rig is being continued at Dandoko Project, and 4,250m had been completed from the planned 16,000m program. The company also communicated about the drilling programs in development at Sory, Seko, and Dabia as well as other targets along with the 12 km long Dandoko gold corridor.
Moving to the March 2019 quarterly activities of the company. OKU’s major focus during the quarter was on the continued advancement of the $5 Mn drilling program over its gold projects located in Mali, West Africa. More than 10,000m of drilling, comprised of aircore, reverse circulation and diamond core, was completed at Dandoko and Kouroufing Gold Projects. Additionally, more than 31,000m of low-cost auger drilling was completed at Kouroufing, Sari and Kossaya Gold Projects in the quarter ended March 2019.
With respect to confirmation of extensions at Seko Gold System, three DD holes had been completed at Seko, targeting reoccurrence of the high-grade shoots within the primary zone. It successfully intersected various alterations hosting variable widths of gold mineralisation indicating a potential for extensions on the SK2 and SK3 gold systems. The company is financially well positioned with the cash reserves of circa $9.9 million at the end of March 2019 quarter.
At market close on 27th May 2019, the stock of OKU was trading at $0.160, down 8.571% during the day’s trade, with a market cap of $62.1 million. It has generated a YTD return of -32.69% and generated returns of -30% and -14.63% over the three months and one-month period, respectively. Its 52-week high price stands at $0.360, and the 52-week low price stands at $0.160.
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