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Resolute chips away at Oklo

Resolute Mining has regularly bought small parcels of Oklo Resources’ shares on market since becoming a substantial shareholder early last year, with the West African-Australian gold miner now holding nearly 8.8% of the junior at a total cost of about A$9 million.
Resolute chips away at Oklo Resolute chips away at Oklo Resolute chips away at Oklo Resolute chips away at Oklo Resolute chips away at Oklo

Finding another Fekola is Oklo's target.

Michael Quinn

Most of the investment has been made in two placements costing Resolute over $5.1 million, the latest of which was last week when it handed over $4.6 million as part of Oklo's $15 million raising - equivalent to 30% of the raising.

Resolute initially became a substantial shareholder 12 months ago when it unveiled a 5% stake costing $2.4 million.

Oklo's raison d'etre is finding multi-million ounce gold deposits in western Mali akin to the Fekola discovery sold by the then ASX-listed Papillon to Canadian miner B2Gold a few years back in a US$570 million scrip deal.

Oklo announced this week it was adding to its ground position in Mali by acquiring tenure from Burkina Faso-focused TSX-V listed Sarama Resources for about two million shares and A$200,000 of cash or shares.

The ground is located some 5km southwest of Oklo's flagship Dandoko project and 10km southeast of the Fekola mine.

Shares in Oklo closed Friday at A36.5c capitalising it at $112 million, while Resolute shares, which have been on the up for most of 2018, were at $1.33.

At that price Resolute is capitalised at just under A$1 billion.