Oklo Resources : Shallow High-Grade Results Bolster Kouroufing Gold Corridor

19th FEBRUARY 2019

SHALLOW HIGH-GRADE RESULTS BOLSTER

KOUROUFING GOLD CORRIDOR

HIGHLIGHTS

• ► Oklo's $5 million drilling program (planned 69,000m) at its Kouroufing and Dandoko Gold Projects (west Mali) is progressing as planned.

• ► Kouroufing results confirm the 6km-long auger gold corridor, the second such discovery by Oklo in the past 24 months, significantly enhancing Oklo's exploration pipeline.

• ► Drill programs continuing at Dandoko with assays pending from diamond (DD) and reverse circulation (RC) holes with further programs of AC and RC drilling planned.

KOUROUFING NORTH - AC DRILLING HIGHLIGHTS

• ► First assay results received from wide-spaced shallow aircore (AC) holes drilled along 5 traverses testing 1.7km over the northern portion of the 6km-long gold corridor.

• ► Results confirm potential for further bedrock gold discoveries with numerous +1g/t gold intersections and wide zones of anomalous gold mineralisation encountered. Best results include:

  • ► 6m at 29.41g/t gold from 26m; including

    •  2m at 77.40g/t gold from 26m

  • ► 8m at 1.90g/t gold from 18m; including

    •  2m at 6.64g/t gold from 18m

KOUROUFING SOUTH - IP SURVEY RESULTS

► Results from Induced Polarisation (IP) survey delineates resistivity and chargeability anomalies coincident with the previously reported significant shallow gold intersections that included 34m at 1.12g/t gold, 40m at 1.02g/t gold and 34m at 1.06g/t gold1.

DRILLING PROGRESS - NEXT STEPS

• ► At Kouroufing, five auger drill rigs continue to test the northern and southern extensions to the 6km gold corridor, including potential extensions north into the Company's Kossaya Project.

• ► Line clearing is underway to allow access for a multipurpose rig to commence follow up AC, RC and DD drilling.

1 Refer to 30 January 2019 ASX Announcement: First Pass AC Drilling Intersects Wide Zones Of Shallow Gold at Kouroufing

Oklo Resources Limited ("Oklo" or "the Company"; ASX:OKU) is pleased to announce further encouraging assay results from its Kouroufing Project, located 20km southeast of the Company's flagship Dandoko Project in west Mali.

This announcement summarises assay results received from 102 AC holes drilled at North Kouroufing and 4 AC holes from South Kouroufing.

The results form part of the Company's current 2019 drilling program, with significant progress already made at both Kouroufing and Dandoko Gold Projects.

Oklo's Dandoko, Kouroufing, Kandiole, Kossaya, Moussala, and Sari Projects are located in west Mali, 30km to the east of B2Gold's 7.1Moz Fekola mine and 50km to the south-southeast of Barrick's 12.5Moz Loulo mine (Figure 1). The Company currently holds ~ 500km2 of highly prospective ground in this world-class gold region.

Figure 1: Location of Oklo's Gold Projects in west Mali

KOUROUFING PROJECT DRILLING

The Kouroufing Project covers an area of 90.7km2 within the Kenieba Inlier to the east of the regionally significant Senegal Mali Shear Zone ("SMSZ") over a tract of unexplored Proterozoic Birimian greenstones with identified northeast-trending structures in a comparable geological setting to the 12km-long, northeast-trending gold corridor outlined by auger geochemistry at the Company's nearby Dandoko Project (Figure 1).

During 2018, Oklo announced that first pass reconnaissance auger geochemical drilling, covering 25% of the project area, had defined a 6km gold corridor with grades of up to 14.40g/t gold (Figure 2)2.

The current follow-up AC and auger drilling program commenced in mid-November with a total of 203 shallow AC holes (for 9,082m) along 13 traverses (Lines 1-13) completed. Also completed this field season, 1,448 shallow geochemical auger holes (for 17,473m) testing for extensions to the 6km gold corridor zone with a total of 2,150 holes for 31,651m completed on the Project in total with drilling ongoing.

The AC holes were drilled in a 'heel-to-toe' manner and resulted in a nominal 50m drill spacing. All holes were angled at -55° and achieved an average downhole depth of 42m (vertical depth ~34m) and a maximum downhole depth of 96m (vertical depth ~79m). The holes generally encountered greywacke and a felsic intrusive. Samples collected for analysis were 2m composites.

As previously reported, assay results received from the first 97 AC holes at Kouroufing South (Lines 1-8) were highly encouraging, confirming the presence of significant widths (up to 40m downhole) of bedrock gold mineralisation that included 34m at 1.12g/t gold, 40m at 1.02g/t gold and 34m at 1.06g/t gold, including 2m at 7.31g/t gold1.

This announcement summarises assay results received from 102 AC holes drilled at Kouroufing North (Lines 9-13) covering a 1.7km strike length and a further 4 AC holes from Kouroufing South.

KOUROUFING NORTH

The 5 AC traverse encountered high-grade gold mineralisation (up to 77.40g/t gold over 2m on Line 9) along with multiple zones of +1g/t gold mineralisation. Given the wide-spaced nature of this first pass program, follow-up AC drilling will be planned as a priority.

A summary of all significant AC results ≥0.3g/t gold received to date is presented in Table 1. All drill hole locations are summarised in Table 2 and shown in Figures 2 and 3.

KOUROUFING SOUTH

Assay results received from the remaining 4 AC holes on the southern-most traverse (Line 8) intersected further bedrock gold mineralisation including 20m at 0.46g/t gold (Figure 2).

INDUCED POLARISATION (IP) SURVEY

Oklo recently completed an IP geophysical survey over the Kouroufing Gold Corridor. Results from the ground survey have outlined a series of strong, NNW-trending resistivity and chargeability anomalies coincident with the significant AC gold intersections (Figures 3a) and 3b)).

Gold mineralisation has been identified in both the oxide and primary zone with depth of weathering to ~ 10-20metres. Closer inspection of AC drill samples indicates that the gold mineralisation may be associated with alteration, sulphides (pyrite) and quartz veining developed within shear zones along the contact between felsic intrusives and sediments. Extensive artisanal workings are evident along this trend.

The resistivity and chargeability anomalies may represent both alteration (silica) and sulphides and will be further tested with AC and diamond drilling.

2 Refer to 12 September 2018 ASX Announcement: Kouroufing Reveals 6km Gold Corridor

Figure 2: Kouroufing Gold Project, location of AC drill traverses over auger drill holes and max gold in hole values and contours.

19th FEBRUARY 2019

Figure 3: Location Kouroufing South of AC holes over results of Induced Polarisation survey showing a) Chargeability and b) Resistivity

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