Okapi boosts uranium portfolio with Tallahassee acquisition
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Okapi boosts uranium portfolio with Tallahassee acquisition

26 Aug 2021 (Last Updated August 26th, 2021 09:07)

Tallahassee owns the Tallahassee project in Colorado and holds an option to acquire 100% of the Rattler project in Utah.

Okapi Resources has finalised the acquisition of Tallahassee Resources gaining a suite of high-grade uranium assets in the US.

The deal was completed more than a month after Okapi signed a deal to acquire Tallahassee by issuing 33.5 million shares and 16.75 million options. The transaction secured shareholders’ approval last week.

Tallahassee Resources owns a 100% interest in mineral rights that includes around 7,500 acres in the Tallahassee Creek Uranium District of Colorado.

According to a JORC 2004 Mineral Resource estimate, the Tallahassee Uranium Project contains 26 million pounds (Mlb) of U₃O₈ at a grade of 540ppm U₃O₈, with significant exploration upside.

Tallahassee Resources also holds an option to acquire 100% of the Rattler Uranium Project in Utah.

Okapi executive director David Nour said: “This acquisition is truly transformational for Okapi and underpins our new strategy to become one of the most prominent uranium developers in North America.

“We believe that the global push towards clean energy as a way of lowering carbon emissions will significantly increase global demand for uranium for the foreseeable future. Okapi is well-placed to take advantage of this once in a generation macro-economic shift.”

Okapi has already started fieldwork at the Rattler Uranium Project and plans to initiate a drilling programme in the coming months. A drilling campaign at Tallahassee is also in the pipeline.

Okapi seeks to become a new leader in carbon-free nuclear energy in North America through accretive acquisitions and exploration of high-grade uranium assets.

The company recently completed a share placement and now holds around A$6m ($4.35m) in cash and cash equivalents.