Minerals Exploration company, Oklo Resources Limited (ASX: OKU) on 17 April 2019 announced its final auger results from its Kouroufing Project that is situated 20km southeast of Dandoko Project in western Mali.
Recently, OKU had completed the reconnaissance shallow geochemical auger drilling program. The program was over the southern and northern extensions of six kilometres long auger gold corridor at Kouroufing. The recent results of the assay were derived from the 1.588k shallow geochemical auger holes at the Kouroufing Project. The results from these 1.588k shallow geochemical auger holes gave an indication of further potential gold-bearing to the immediate south of 6 kilometres long gold corridor.
The average hole depth of the auger hole was 15 metres at 100 metres centres on 400 metres spaced line. From each hole, three composite samples that were collected were of variable thickness. These samples signified the laterite, transition as well as saprolite horizons.
The new results obtained was able to define a gold anomalism in multiple trends of 5.5 km, with substantial composite grades.
At S1T0644, drilling of 13 metres from 7 metres and width of 6 metres resulted in 6.97g/t of gold. There was another drilling at hole S1T0938, where a drilling of 6 metres hole with 6 metres width resulted in 1.12 g/t of gold. From S1T0986, 16 metres drilling from 12 metres and 4 metres wide hole resulted in 1.09g/t of gold. Below is the list of the significant shallow auger intersection.
Source: Company Reports
The results obtained at Kouroufing boosted the potential for further bedrock gold discoveries. There were various anomalies noted for deeper aircore (AC) drilling.
Ongoing Work Programs
The company has completed the first pass AC drilling over the +1km long Kome auger anomaly. However, from 79 holes, the assay results are still pending. From 8 reverse circulation drilling and one diamond hole over the Kouroufing anomaly is still pending and the Field mapping along with the IP geophysical survey is under process.
At Dandoko, the company has restarted the drilling. There were planned 16,000 metres of combined AC as well as RC drilling. Out of these 16k metres of combined AC as well as RC drilling, the company was able to complete 2.8k metres drilling till date at Seko, Dabia and Sory and other targets that are along the twelve kilometres long Dandoko gold corridor.
Kossaya And Sari Projects
At the Kossaya and Sari Projects, the first pass auger drilling has been concluded. There were four auger rigs that got demobilized.
On 19 March 2019, the company provided an update on the drilling activities that were planned in West Mali.
On 6 March 2019, the company confirmed the extension of the Seko Gold System.
For the 1H FY2019, the company incurred a loss of $639,477. There was a slight increase in the net asset base as a result of a decrease in total liabilities. The total shareholders’ equity was worth $50,908,675. By the end of 1H FY2019 on 31 December 2018, OKU had net cash and cash equivalent of $12,587,071.
In the last five years, the OKU stock has generated a return of 191.67%. The shares of OKU are trading at A$0.185 on ASX (as on 18 April 2019, AEST:01:00 PM) up by 5.714% as compared to its previous closing price. OKU holds a market capitalization of A$62.1 million and approximately 354.85 million outstanding shares.