Level 5 56 Pitt Street Sydney NSW 2000, Australia Tel: +61 2 8823 3100 Fax: +61 2 9252 8466 ABN: 53 121 582 607 Page 1 of 5 27 October 2016 ASX Announcement FIELD SEASON COMMENCES WITH AGGRESSIVE DRILLING PROGRAM APPROVED Summary Ø Auger drilling underway at the Dandoko Project marks the commencement of a very active 2016-17 field season Ø 40,000m auger geochemical program approved for the Dandoko and Moussala projects Ø Three auger rigs currently at Dandoko with a fourth rig due to mobilise and commence work at Moussala Project shortly Ø At Dandoko, auger drilling will initially test the regional-scale trends extending from the Diabarou and Disse gold discoveries prior to the systematic evaluation of other targets in the remaining project area Ø At Moussala, regional auger drilling will further evaluate several large geochemical anomalies which remain untested by drilling, including areas where limited previous soil sampling programs returned peak gold-in-soil results of up to 0.54g/t gold Ø A 7,000m step out and resource definition RC drilling program at Disse and Diabarou estimated to commence in late November, as ground conditions permit following the conclusion of the wet season Ø Both drilling programs scheduled to be completed by the end of 2016 at a budget of circa $2.2 million Ø The aggressive drill program is planned to continue through the dry season into 2017 being guided by ongoing results Ø Drilling activities will be fully funded from existing cash reserves of circa $9.5 million
FIELD SEASON COMMENCES WITH AGGRESSIVE DRILLING PROGRAM APPROVED
Summary
Ø Auger drilling underway at the Dandoko Project marks the commencement of a very active 2016-17 field season
Ø 40,000m auger geochemical program approved for the Dandoko and Moussala projects
Ø Three auger rigs currently at Dandoko with a fourth rig due to mobilise and commence work at Moussala Project shortly
Ø At Dandoko, auger drilling will initially test the regional-scale trends extending from the Diabarou and Disse gold discoveries prior to the systematic evaluation of other targets in the remaining project area
Ø At Moussala, regional auger drilling will further evaluate several large geochemical anomalies which remain untested by drilling, including areas where limited previous soil sampling programs returned peak gold-in-soil results of up to 0.54g/t gold
Ø A 7,000m step out and resource definition RC drilling program at Disse and Diabarou estimated to commence in late November, as ground conditions permit following the conclusion of the wet season
Ø Both drilling programs scheduled to be completed by the end of 2016 at a budget of circa $2.2 million
Ø The aggressive drill program is planned to continue through the dry season into 2017 being guided by ongoing results
Ø Drilling activities will be fully funded from existing cash reserves of circa $9.5 million
ASX Announcement 27 October 2016
Page 2 of 5
Oklo Resources Limited (“Oklo” or “the Company”; ASX: OKU) is pleased to announce that the 2016-17 field season has commenced with auger drilling at its Dandoko Project in western Mali (Figure 1).
The Dandoko Project is located within the Kenieba Inlier of western Mali and lies 30 kilometres to the east of B2Gold’s 5.15Moz Fekola Project and 50 kilometres to the south-southeast of Randgold’s 12.5Moz Loulo Mine.
Over the coming months a series of advanced and early stage targets will be drill tested at Oklo’s Dandoko and adjoining Moussala projects (Figure 1). A total program in excess of 47,000m has been approved and will be fully funded from the Company cash reserves, which currently stand at over $9.5 million.
An initial 40,000m auger geochemical program will be completed at Dandoko and Moussala. Three rigs are currently operating at Dandoko and a fourth rig is being mobilised to commence drilling at Moussala located 15km to the west of Dandoko.
At Dandoko, initial auger drilling will concentrate on regional extensions to the exciting gold discoveries at Diabarou and Disse before stepping out to test other potential targets on the remainder of the project on a 400m x 100m spacing.
At Moussala, auger drilling will test a number of previously outlined geochemical and geological targets on a 400m x 100m spacing.
ASX Announcement 27 October 2016
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With the cessation of the wet season, further drying and a reduction of water levels at river crossings will shortly enable safe and efficient access for heavier RC drilling rigs and equipment to Diabarou and Disse prospects in late November. A program of approximately 7,000m of RC drilling is planned to further test the strike extension of the mineralisation at Diabarou and through the Disse areas.
It is anticipated that by year end, the first round of these aggressive programs will have materially progressed at the Diabarou and Disse prospects as well as having provided enhanced geochemical coverage below the variable laterite cover to highlight any regional extensions to these exciting prospects as well and identify new areas for testing. With results from these programs expected to be coming through from early December through to late January the Company will be in a strong position to continue its aggressive programs through the remainder of the 2016-17 dry season.
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For further information, please contact:
Simon Taylor Phil Retter Managing Director Investor Relations T: +61 2 8823 3110 NWR Communications E: [email protected] T: +61 407 440 882
Oklo Resources is an ASX listed exploration company with gold, uranium and phosphate projects located in Mali, Africa.
The Company’s focus is its large landholding of eight gold projects covering 1,389km2 in some of Mali’s most prospective gold belts. The Company has a corporate office located in Sydney, Australia and an expert technical team based in Bamako, Mali, led by Dr Madani Diallo who has previously been involved in discoveries totalling in excess of 30Moz gold.
Figure3:LocationofOkloProjectsinWestandSouthMali
Competent Person’s Declaration
The information in this announcement that relates to Exploration Results is based on information compiled by geologists employed by Africa Mining (a wholly owned subsidiary of Oklo Resources) and reviewed by Mr Simon Taylor, who is a member of the Australian Institute of Geoscientists. Mr Taylor is the Managing Director of Oklo Resources Limited. Mr Taylor is considered to have sufficient experience deemed relevant to the style of mineralisation and type of deposit under consideration, and to the activity that he is undertaking to qualify as a Competent person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the 2012 JORC Code). Mr Taylor consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
