Oklo Uranium

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Last updated on : 12/21/2010

Annual Report 2016


ACN 121 582 607


30 JUNE 2016


Mr Michael Fotios - Non-Executive Chairman (Appointed 29 July 2016) Mr Simon Taylor - Managing Director

Mr Jeremy Bond - Non-Executive Director

Dr Madani Diallo - Non-Executive Director (Appointed 29 July 2016)


Ms Louisa Martino


National Australia Bank Ltd South Sydney Partnership

Suite 1, Level 6, 5-13 Rosebery Avenue

Rosebery, NSW, 2018


BDO Audit (WA) Pty Ltd 38 Station Street

Subiaco, WA, 6008


Steinepreis Paganin 16 Milligan Street

Perth, WA, 6000


Level 5, 56 Pitt Street

Sydney, NSW, 2000

Telephone: +61 2 8823 3100

Facsimile: +61 8 9252 8466

Website: www.okloresources.com


The Company's securities are quoted on the official list of the Australian Securities Exchange Limited (ASX code: OKU)


Computershare Investor Services Pty Ltd Level 11,

172 St Georges Terrace Perth, WA, 6000


Chairman's Letter 4

Operations Review 5

Directors' Report 20

Auditor's Independence Declaration 34

Consolidated Statement of Profit or Loss and Other Comprehensive Income 35

Consolidated Statement of Financial Position 37

Consolidated Statement of Changes in Equity 38

Consolidated Statement of Cash Flows 40

Notes to the Financial Statements 41

Directors' Declaration 78

Independent Audit Report 79

ASX Additional Information 81

Dear Shareholder,

It gives me great pleasure to present Oklo Resources Limited's ("Oklo" or the "Company") Annual Report for the year ended 30 June 2016, my first as Oklo's Chairman after accepting the role in July of this year.

The past year has seen Oklo achieve a number of important steps in its quest to build a significant gold company in Mali, managed by a highly experienced team with a proven track record of large gold discoveries in West Africa.

Oklo has assembled a large landholding covering more than 1,300km2 in Mali's prolific gold belts, which are host to world-class, multi-million-ounce gold mines. During the reporting year we embarked on an aggressive exploration program and to date this has produced some notable results, particularly from the Diabarou prospect at our high-priority Dandoko Project in west Mali, which yielded some spectacular drill intersections.

Elsewhere, auger and RC drilling at the Socaf Project confirmed the presence of significant gold mineralisation under shallow sand cover, but has only tested a limited portion of an extensive geochemical anomaly. Drilling at the Solona North West prospect, which forms part of the Yanfolila Project, was also successful in confirming the presence of bedrock gold mineralisation. Further drilling will be undertaken at both projects during the forthcoming field season.

The highly promising Moussala project permit, located 15km west of Dandoko and 15km east of B2Gold's 5.15Moz Fekola gold discovery, was granted during the year. While there has been limited modern-day exploration over the project, Oklo has identified a number of promising geochemical, geological and structural targets for first-pass drill testing.

After two strongly supported capital raisings during the year, we are in a sound financial position with circa $10m in cash to support our drilling initiatives over the forthcoming year and to build on our longer term plans for the Company. We are grateful to our shareholders for their continued support and belief that we can achieve what we set out to do.

The past year has seen a significant increase in Oklo's market capitalisation and the introduction of new domestic and international institutional investors to our share register largely through the determined efforts of our Managing Director, Simon Taylor. This has been incredibly pleasing and we hope this momentum continues.

As the new Chairman of Oklo, I am looking forward to contributing my industry expertise to the Company as we progress from explorer to developer and hopefully to producer. I am also looking forward to the opportunity to work alongside esteemed geochemist Madani Diallo, who recently joined the Board as a Non-Executive Director. Madani has an outstanding track record in gold exploration in West Africa and has assembled a highly capable in-country team for Oklo.

I am optimistic that we can build on our exploration success over the next 12 months, and I look forward to sharing the journey with you.

Yours sincerely, Michael Fotios Chairman


Oklo's landholding in Mali, West Africa presently covers more than 1,300km2, with its flagship gold projects concentrated in two key areas: West Mali (Dandoko, Moussala and Socaf) and South Mali (Yanfolila). Both groups of permits are located over highly prospective Proterozoic Birimian greenstone belts in the vicinity of multi-million-ounce gold mining operations and recent noteworthy discoveries (Figure 1).

The Company continued to make significant progress in advancing its projects during the year. Highlights included:

  • A high-grade gold discovery at the Diabarou prospect within the Dandoko Project;

  • Granting of the highly prospective Moussala Project permit;

  • Confirmation of significant bedrock gold mineralisation at the Socaf Project; and

  • Encouraging bedrock gold intersections at Solona North West within the Yanfolila project.

Figure 1: Location of Oklo's Gold Projects in West and South Mali

DANDOKO PROJECT - West Mali (100% interest)

The Dandoko permit (134km2) is located within the Kenieba Inlier of western Mali close to several world-class gold deposits, including B2Gold's 5.15Moz Fekola gold project 30km to the west and Randgold's 12.5Moz Loulo Gold Mine, 50km to the north-northwest (Figure 2). Access from the capital city of Bamako is via a high quality sealed road, which passes through the northern part of the project.

The tenement is underlain by a Lower Proterozoic Birimian meta-volcanic and meta-sedimentary sequence. A series of dominant NNE-trending faults, displaced by a second set of ESE-trending faults, have been mapped or interpreted from aeromagnetic data. The NNE-trending structures are interpreted as splays emanating from the Senegal Mali Shear Zone ("SMSZ"), a regional scale NNW- trending strike-slip fault, which plays an important role in controlling gold mineralisation in the region. The SMSZ hosts no fewer than six major gold deposits for an endowment estimated at greater than 40Moz, including Sadiola (13.5Moz) and Loulo (12.5Moz). Oklo therefore considers the Dandoko Project to be highly prospective for the discovery of significant gold deposits and places particular emphasis on the importance of NNE-trending faults as mineralising conduits.

Figure 2: Location and Geological Setting of the Dandoko and Moussala Projects in west Mali Diabarou

The Diabarou prospect is contained within a gold-in-soil anomaly that covers an area of 1.2km north- east x 1.0km east-west (Figure 3). Artisanal workings have revealed gold-bearing quartz veins of up to 3m in thickness extending over 600m.

Figure 3: Dandoko Project - Prospect locations overlain on soil geochemistry and regional structures interpreted from airborne magnetics

Up to 64g/t gold was previously reported by Oklo from surface rock-chip samples, along with soil results of up to 0.89g/t gold. Further sampling and mapping was completed over the prospect during the year with a total of 45 in-situ samples collected from the base of the artisanal workings to assist in the understanding of the geology (Figure 4).

High grade gold results of up to 68.3g/t gold were also returned from within the area untested by drilling and to the immediate east of previous successful reverse circulation (RC) hole (RCDK013-19) drilled in 2013 that intersected 12m at 1.50g/t gold from 49m and 20m at 1.44g/t gold from 96m.

During December 2015, the Company completed 6 RC holes totalling 884m focused on the immediate strike extensions to the zone of artisanal workings in the vicinity of hole RCDK013-19. Hole RCDK015- 28 from this program returned 29m at 5.62g/t gold (including 8m at 12.58g/t gold) by fire assay from a down hole depth of 109 metres, with the hole ending in mineralisation at a vertical depth of approximately 105m below surface. Due to the presence of coarse visible gold, the corresponding interval was re-analysed by the bottle roll cyanide leach method and returned 29 metres at 10.42g/t gold (including 9 metres at 28.18g/t gold).

Drilling was also undertaken on a newly developed artisanal trend located approximately 100 metres to the north. The first holes drilled into this zone returned 7m at 1.54g/t gold in hole RCDK015-26 and 1m at 49.80g/t gold in hole RCDK015-27.

The Company viewed these results as a highly promising start to Oklo's 2016 field season as they confirmed the high grades obtained from sampling of the artisanal workings and reinforced the open pit resource potential of the prospect.

During the March 2016 quarter, the Company completed a further 7 RC holes totalling 1,146m at Diabarou. Five of the holes were designed to further evaluate the spectacular intersection from hole RCDK015-028 and increase confidence in the geological controls to this high-grade zone (Figure 4).

Significant bottle roll cyanide leach intersections from this program included:

  • 3 metres at 110.30g/t gold from 120 metres, including 1 metre at 280.00g/t gold in hole RCDK016-033;

  • 28 metres at 3.90g/t gold from 88 metres, including and 9 metres at 8.36g/t gold in hole RCDK016-035; and

  • 21 metres at 2.00g/t gold from 45 metres, including 2 metres at 7.63g/t gold in hole RCDK016- 032.

    The 2 other holes were of an exploratory 'wildcat' nature testing outlying artisanal workings within the gold-in-soil anomaly. One of the wildcat holes returned the following highly promising intersection associated with quartz veining and visible gold:

  • 6 metres at 53.77g/t gold from 36 metres, including 2 metres at 153.50g/t gold in hole RCDK016-037.

This intersection lies 100m to the northeast of the main Diabarou high-grade zone associated with quartz veining immediately below the artisanal workings and demonstrated potential for multiple mineralised zones within the prospect (Figure 4).

Oklo completed a further 43 holes for 4,166m at Diabarou during the June 2016 quarter, comprising 3 diamond core (DD) holes for 482.2m (DDDK16-001 to DDDK16-003), 7 RC holes for 1,019m (RCK016- 041 to RCK016-047) and 33 aircore (AC) holes for 2,665m.

The DD and RC holes were designed to further evaluate the open pit resource potential of the previously defined zones of bedrock gold mineralisation at Diabarou, whilst the AC holes provided first-pass coverage over the southern extension of the large gold-in-soil anomaly (Figure 4).

Significant intersections1 from the DD and RC holes included:

  • 8m at 12.07g/t gold from 130m, including 4m at 22.08g/t gold in hole DDDK16-002;

  • 19m at 3.22g/t gold from 89m, including 3m at 11.40g/t gold in hole DDDK16-003;

  • 7m at 19.82g/t gold from 43m, including 3m at 38.00g/t gold, and 4m at 10.01g/t gold from 115m, including 1m at 37.90g/t gold in hole RCK016-044;

  • 7m at 12.27g/t gold from 116m and 1m at 45.10g/t gold from 128m in hole RCK016-045; and

  • 5m at 24.15g/t gold from 110m, including 1m at 98.80g/t gold in hole RCK016-046.

Figure 4: Diabarou prospect RC, DD and AC hole locations

The DD holes, which twinned previous RC holes, were successful in providing valuable structural and geological information on the gold mineralisation, which is interpreted to be associated with multiple phases of fluid flow within a well-developed fault structure reverse circulation. All holes intersected a sequence comprising volcaniclastic tuff and graphitic greywacke intruded by diorite and dolerite. The mineralised zones in holes DDDK16-002 and DDDK16-003 corresponded with extensive brecciation and hydrothermal alteration associated with an interpreted fault structure (Figure 5).

1 Reported by fire assay except hole DDDK16-002

Figure 5: Drill cross section showing location of DDDK16-002 and DDDK16-003 twinning RC holes RCDK015-28 and RCDK016-35 along with +0.1g/t gold halo and significant past intersections

Two phases of alteration were observed: an early phase comprising sericite-silica-pyrite-hematitic carbonate, and a later phase characterised by quartz-carbonate-pyrite-arsenopyrite-albite-tourmaline associated with visible gold. Importantly, the alteration assemblages are similar to those observed and documented at the nearby significant gold discoveries of Gounkoto2 and Fekola3, located approximately 40km northwest and 30km west of Diabarou respectively.

The 7 RC holes were completed on two section lines located ~40m to the east and to the west of the DD section line (Figure 4) and were designed to further test the immediate strike extensions to the high grade structures in a more optimal direction.

The DD and RC drilling program successfully outlined high-grade gold mineralisation of variable widths on three section lines spaced over a ~80m strike. These new results will provide the focus for planning of the next campaign of drilling.

The AC program successfully extended the main mineralised zone by a further 100m to a total length of 220m, which remains open along strike in both directions, and outlined a new broad, mineralised trend to the south hosting numerous zones of gold mineralisation with grades up to 21.2g/t gold in shallow oxide material (Figure 6).

2 Harbidge, P and Holliday, J (2011): Gounkoto: A new multimillion ounce gold discovery in the Loulo District of Western Mali. NewGenGold 2011 Case Histories of discovery.

3 Boyd, A., Dahl R., Dorling S. (2013): The Fekola Gold Deposit: A new multi-million ounce gold discovery in the Kenieba

District of Western Mali. NewGenGold 2013 Case Histories of discovery.

Figure 6: Location of all DD, RC and AC drill holes at Diabarou with 2015 artisanal pit sampling results

Significant fire assay intersections from the AC program included:

  • 8m at 3.80g/t gold from 54m, including 1m at 21.20g/t gold;

  • 4m at 2.54g/t gold from 53m, including 1m at 9.80g/t gold;

  • 6m at 1.51g/t gold from 41m, including 3m at 2.73g/t gold;

  • 6m at 1.21g/t gold from 60m, including 3m at 2.27g/t gold (hole ended in mineralisation);

  • 8m at 1.10g/t gold from 45m, including 6m at 2.11g/t gold;

  • 3m at 2.89g/t gold from 20m and 5m at 1.40g/t gold from 19m; and

  • 11m at 0.55g/t gold from 46m, including 2m at 1.02g/t gold.


At Disse, artisanal workings extend for more than 880m co-incident with a gold-in-soil anomaly (Figure 3).

A program of 23 AC holes completed during the 2015 reporting year tested the artisanal workings on approximately 100m spaced traverses. Significant intersections included 21m at 5.67g/t Au and 3m at 12.80g/t Au. Drilling also intersected a second parallel structure located approximately 500m to the north on a recently opened artisanal trend, with 3m at 4.38g/t gold returned from one hole.

Further sampling and mapping was completed during the current year, with a total of 21 in-situ samples collected from the base of the artisanal workings. Significant assay results of up to 20.2g/t gold were recorded. Importantly the gold mineralisation is hosted within highly altered sediments with associated tourmaline and traces of pyrite and quartz stringers similar to other large gold deposits in the region.

A single diamond core hole was completed late in the year to obtain further geological and structural information on the gold mineralisation. Assay results were outstanding at the time of reporting.


The Selingouma prospect comprises a series of open ended gold-in-soil anomalies that extend over 6km (Figure 3). Previous reconnaissance auger and limited RC drilling outlined extensive alteration over wide zones associated with elevated gold and highly elevated arsenic results.

A further 30 vertical AC holes completed over an induced polarisation (IP) geophysical anomaly in the north of the prospect intersected encouraging bedrock gold mineralisation including 18m at 1.75g/t Au.

An extensive program of reconnaissance drilling to provide initial coverage over the southern portion of the prospect is planned for the forthcoming field season.

MOUSSALA PROJECT - West Mali (100% interest)

During the year, the strategically located exploration permit 2015-4606 of 66km2 in area covering the Moussala Project was granted (Figure 2).

Moussala is located approximately 15km west of the Dandoko Project and 15km east of B2Gold's 5.15Moz Fekola gold discovery over Lower Proterozoic Birimian meta-volcanic and metasedimentary rocks intruded by felsic and mafic igneous rocks. The Company considers the project to be highly prospective for the discovery of gold mineralisation associated with NNE-trending splay faults interpreted from the aeromagnetic data emanating from the regional-scale SMSZ.

There has been limited modern day exploration completed within the project area and no drilling. Results from two programs of soil sampling in 1997 by Ashanti Mali (492 samples on a 200m x 100m grid spacing) and 2011 by Africa Mining (249 samples on a 500m x 200m grid spacing) delineated a number of gold-in-soil anomalies with a peak value of 542ppb gold (equivalent to 0.542g/t Au).

Initial desktop studies by Oklo identified numerous, large geochemical, geological and structural targets considered prospective for gold mineralisation.

Exploration work completed during the reporting year included mapping and infill soil geochemical surveys on 500m x 200m and 200m x 40m grids covering several target areas. A total of 1,424 samples were collected for gold analysis.

The results from this work has prioritised the Famakanla, Dakadia, Dakadia E, Daladia SE and Brundoto anomalies for first pass auger and AC drilling (Figure 7).