AMN - MALI: Funds to accelerate SK1 North gold drilling

Oklo Resources has received firm commitments from sophisticated and institutional investors for a placement to raise gross proceeds of $12.5 million. Funds will be used to continue exploration activities over existing projects in western Mali.

This work will include an expanded drill program at the SK1 North discovery.

The company will issue more than 59.5 million shares at an issue price of A21 cents per share. Placement shares will be issued in a single tranche using the company’s existing capacity under ASX Listing Rule 7.1 and ASX Listing Rule 7.1A and will not require shareholder approval.

Proceeds will primarily be used to continue exploration activities over the company’s existing projects in west Mali, including an accelerated and expanded drill program at the SK1 North discovery on Seko prospect at the Dandoko project.

The board has approved an expanded 10,000 metres reverse circulation and 2,000 metres diamond drilling program with two rigs dedicated to the SK1 North drill-out prior to completing Oklo’s maiden mineral resource estimate.

Oklo managing director Simon Taylor said: “The company is again delighted with the strong support shown in this placement by new and existing institutional investors.

“Oklo is now well placed to accelerate the drill-out of the exciting SK1 North discovery in advance of our maiden mineral resource estimate backed by a cash position of circa $18 million.

“We look forward to delivering a steady flow of positive news in what is shaping up to be a transformational period for Oklo in its quest to become the next gold producer in Mali.”

Last month, the ASX-listed company received further strong results from SK1 including up to 34 metres at 4.07 g/t gold from 83 metres.

Results were received from a further 21 reverse circulation (RC) holes and two diamond holes over the northern portion of SK1.

Within the 34-metre intersection was 11 metres at 6.16 g/t from 99 metres.

Other highlights:

• 22 metres at 3.94 g/t from 76 metres, including 4 metres at 15.04 g/t from 79 metres;
• 11 metres at 8.55 g/t from 14 metres, including 3 metres at 27.62 g/t from 18 metres; and
• 7 metres at 10.09 g/t from 38 metres, including 2 metres at 25.25 g/t from 40 metres.

Gold mineralisation remains open down-dip and along strike with a second rig on-site to accelerate the evaluation of SK1 North.

Extensive gold anomalies have been previously outlined by auger drilling along the 12-kilometre-long Dandoko gold corridor demonstrated by recent drilling success at Seko and several other prospect areas.

www.okloresources.com