Okapi Resources : Drilling Update - Enmore Gold Project

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22 July 2022

Drilling Update - Enmore Gold Project

Highlights:

• Okapi has now completed the first two diamond drillholes at its 100%-owned Enmore Gold Project.
• Initial focus is to follow-up on last year's drill program which intersected some of the highest grades on the project so far.
• Both drillholes have consistently intersected prospective, highly altered siltstone and granite with quartz-carbonate veining and multiple zones of elevated sulphide mineralisation throughout.
• Initial assay results are expected to be announced by the end of September 2022.

Okapi Resources Limited (ASX: OKR, OTC: OKPRF) (Okapi or the Company) is pleased to announce that the diamond drilling program is progressing well at is Enmore Gold Project in New South Wales. The Company has now completed two diamond drillhole at the Sunnyside Prospect. The Company is very excited that both drill holes (OKDD001 and OKDD002) have consistently intersected highly prospective lithologies including, highly altered siltstone and granite with multiple phases of quartz and minor carbonate veining. Further, numerous faults and shear zones have been intersected all of which contain elevated levels of sulphide mineralisation. Given the encouraging lithologies intersected, both the first two holes were drilled significantly deeper than originally planned at 260m and 208m respectively.

Drilling will continue at the Sunnyside Prospect where gold mineralisation is open at depth and present over 400m of strike. The drill program will also be testing the Sherwood Prospect on the Bora Fault, one of the more interesting of the regional targets at the Enmore Gold Project.

Figure 1: Diamond Drill Rig at Enmore Gold Project, NSW

Core is currently being cut and sampled in preparation for analysis at ALS Global, a certified laboratory specialising in minerals with a facility located in Brisbane, QLD. The current expectation is that the Company will receive its first batch of assay results by the end of September 2022.

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OKDD001

The first diamond drillhole (OKDD001) was drilled to a depth of 261m. This drillhole was designed to follow up on high-grade mineralisation intersected by drillhole OSSRC061 from last year's RC drilling program. OSSRC06 intersected some of the highest grades on the project to date and was terminated at a depth of 174m in high- grade mineralisation, with the final 3m interval assaying 8.86 g/t gold (including 1m @ 15.15 g/t gold from 172m).

Figure 2: Cross sectional view of the drilling location for OKDD001 and OKDD002 (blue) with planned drill

hole(s) in red. Grid coordinates MGA2020, Zone 55

1 All reported intercepts are downhole widths and OSSRC05 and OSSRC06 have been drilled parallel to strike and do not represent true widths. Okapi does not have enough information at this stage to estimate true width and more work is required. Okapi cautions readers that true thickness are likely to be significantly thinner than the downhole widths reported. See ASX announcement dated 16 September 2021 for the full drilling results including the JORC Table 1. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement of 16 September 2021.

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OKDD001 has consistently intersected highly altered siltstone and granite with multiple phases of quartz- carbonate veining with trace levels of sulphides, mostly pyrite with minor amounts of arsenopyrite and sphalerite. Numerous fault and shear zones were also intersected, all of which contain increased levels of sulphide mineralisation that may be gold bearing.

Figure 3: Example of quartz-carbonate veining in hole OKDD001, 53.1m

Figure 4: Example of multi-phasequartz-carbonate veining in drillhole OKDD001, 257.4m

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OKDD002

OKDD002 was drilled to a depth of 207.5m and was collared 40m along strike, northeast from OKDD001 and has intersected similar lithologies, alteration and veining. A prominent zone of mineralisation was intersected from 165m to 173.25m, with the strongest zone between 165m and 166.5m as shown in Figure 6. This comprised numerous quartz/black matrix veins with up to 10% sulphides (pyrite, arsenopyrite and galena) in the core.

Figure 5: Example of mylonitic zone comprising altered granitic material and black sediments with quartz-

carbonate veining in drillhole OKDD002, 104.8m

Figure 6: Example of a prominent zone of potential mineralisation OKDD002, 165.5m

Enmore Gold Project

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The Enmore Gold Project is located in the New England Fold Belt, approximately 30km south of the regional centre of Armidale in northern New South Wales (Figure 7). The operating Hillgrove Gold Mine (ASX:RVR) is located approximately 20km north of Enmore and has produced over 730,000oz of gold. The Enmore project shows similar geological characteristics to the Hillgrove deposit.

There is significant exploration potential at Enmore, with 36 identified mineral occurrences - the majority of which are untested by deep drilling, modern geophysics or other targeting methods applied across the project. The mineralisation at Enmore generally comprises structurally controlled orogenic style gold (± antimony) mineralisation.

Okapi completed ten Reverse Circulation (RC) drillholes for 1,257m during 2021 across three prospects at Sunnyside East, Sunnyside West and Bora. Assay results returned significant gold values from all 10 drillholes (see ASX announcement released on 16th September 2021).

Figure 7: Location of the Enmore Gold Project