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Oklo Resources Ltd raises $10M, investors ratchet up Mali gold demand - * (AU)
Oklo Resources Ltd raises $10M, investors ratchet up Mali gold demand

Monday, May 09, 2016 by Proactive Investors

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Simon Taylor, managing director, Oklo Resources Ltd
Oklo Resources Ltd's (ASX:OKU) recent outstanding drill results from the Diabarou prospect, which forms part of the Dandoko Project in western Mali, is the driving force behind securing A$10 million at $0.125 in an oversubscribed placement.

Considering the market cap. of the company was just $25 million prior to the raise, this level of funding in the current market is a testament to the achievements of the company, and was spearheaded by managing director, Simon Taylor.

“Following the recent outstanding drill success at Diabarou, the company is now well positioned to accelerate evaluation of the open pit resource potential of this recent discovery.

"We can now advance exploration over the numerous other compelling targets within its strategically located Dandoko, Moussala, Socaf and Yanfolila project areas," said Taylor.


Recent highlights from Diabarou prospect, part of the Dandoko project:

- 6 metres at 53.77g/t gold from 36 metres;
- 3 metres at 110.30g/t gold from 120 metres; including 1 metre at 280.00g/t gold; and
- 28 metres at 3.90g/t gold from 88 metres.

The Dandoko Project is located within the prolific Kenieba Inlier of western Mali and lies 30 kilometres to the east of B2Gold Resources’ (formerly Papillon Resources) 5.15 million ounce Fekola project.

The project is also 50 kilometres to the south-southeast of Randgold’s 12.5 million ounce Loulo Mine, highlighting that Oklu is exploring in a well-endowed region.

Diabarou's gold mineralisation is similar in style to many of the other large gold deposits found nearby within the Kenieba Inlier of western Mali.


Analysis

This capital raising is representative of the quality and potential of Oklo's recent high grade gold drill results.

Oklo has the potential to transform Dandoko into a multi-million ounce Fekola-like gold deposit, which lies 30 kilometres away.

Oklo is trading up 90% over the past 3 months.

The accelerated exploration activities will involve follow-up drilling at Diabarou to assess the open pit resource potential, which will continue on from the previous bonanza grade results.

Other key news flow pending includes results from reverse circulation drilling at the Solona North-West prospect within the Yanfolila Project, with results expected in early May.