Ookami : Project Update - Boulbi Permit

For personal use only

Ookami Limited (ASX: OOK) ('Ookami' or 'the Company') provides the following update in relation to its Boulbi Project.

The Boulbi Permit is located in the Tambacounda region of eastern Senegal adjacent to the borders with both Mali and Mauritania and can be accessed by sealed roads from Dakar, the Senegalese capital.

The Boulbi Permit sits along the Mauritanide Belt, the result of an ancient orogeny running broadly parallel to the west coast of West Africa, which has historically been identified as prospective for copper mineralisation. The Mauritanide Belt hosts the Akjouit (Guelb Moghrein) Cu-Au mine, currently operated by First Quantum Minerals in Mauritania as well as the Saboussiri Project (Algold Resources (formerly Gryphon Minerals)) which is comprised of the Diaguili and Toumbou Cu-Au advanced exploration prospects 15 km to the northeast of the Boulbi permit, across the Mauritanian border (Figure 1).

Mineralised host rock includes a chalcopyrite-bearing chlorite schist, observed at primary exploration target AN1, within a wider Greenschist unit (Figure 2).

In July 2021, OOK acquired an initial 51% interest in the Boulbi Cu exploration project with the ability to earn-in to the project and increase its interest to 70%.

For personal use only

Previous Exploration

Historical exploration has focused on a series of gossanous outcrops associated with elevated Cu grades in geochemical samples and is summarised below:

• United Nations Development Programme 1962-1972- Airborne and ground geophysical surveys; regional and prospect-scalegeochemical surveys; exploration drilling campaign totalling 57 holes over the Gabou area.
• FUGRO 2007 - Regional airborne geophysical survey of eastern Senegal, including magnetic and radiometric data.
• BRGM and GEOTER 2009 - Regional soil geochemical survey over eastern Senegal, including the area of the Boulbi Permit.
• Oranto Petroleum 2008-2014 - Interpretation of FUGRO geophysical datasets; soil geochemical survey covering most of the Boulbi Permit, collected in two phases and identifying four primary exploration targets (AN1-4); ground geophysics including magnetic and induced polarisation (IP) surveys over the AN1 and AN2 targets; exploration pitting over targets AN1 and AN2.

The primary historical exploration target, AN1, is approximately 1.2 km long and up to 200 m wide.

Historical drilling underneath AN1 reportedly intersected a chlorite schist layer (with low sample analysis results, 0.2- 0.7% Cu) associated with NNW-SSW trending faults immediately underlying gossans.

Intersections of a deeper copper-mineralised fracture zone returned more positive results including 1 m at 6.39% Cu, 10.5g/t Ag and 0.7% Zn (unverified) from hole 27/70.

For personal use only

SRK Desktop review

As previously announced to the ASX on 19 December 2021, SRK Exploration Services (SRK) acquired, processed and conducted an interpretative review of available elevation, spectral and geophysical data relating to the Boulbi Permit. The objective of this review was to confirm and validate historically identified targets for Cu mineralisation and generate further prospective targets within the Boulbi Permit that warrant future exploration.

SRK's remote sensing study generated 20 exploration targets from an assessment of indirect proxies for mineralisation, utilising available elevation, spectral, magnetic and radiometric datasets (refer to Figures 3 and 4).

The generated targets were ranked in order of priority based on prospective mineralisation characteristics identified at historical targets, including low Potassium-Thorium(K-Th) responses from FUGRO radiometric data, iron oxide responses from Sentinel 2 spectral data and lineaments interpreted from elevation, spectral and geophysical data.

A review and reprocessing of the available soil geochemistry datasets through multivariate statistical methods also identified four additional exploration targets for Cu-Zn mineralisation (refer to Figures 3 and 4).

A preliminary 3D geological model was also constructed for the Boulbi AN1 target which illustrates the interpreted structure of the Cu mineralised fracture zone intercepted by the 1968-1971 UNDP drilling programme. The 3D model is separated into a north and south section based on the density and spacing of available data. The fracture zone is modelled as a southeast-dipping continuous feature over 3.5 km in the Boulbi North model and is associated with intercepts of Cu mineralisation over an interval of 5-10 m and reaching grades up to 6.39% Cu (unverified). Multiple northwest-dipping(70-80°) faults are interpreted to cut this mineralised fracture zone, two of which have been constrained in the model. There is insufficient data and a lack of consistency in the available UNDP logs and cross sections to constrain the pyrite- and chalcopyrite-bearing chlorite schists observed during the drilling programme. Geophysical (chargeability and resistivity) anomalies identified by the Oranto Petroleum IP survey beneath historical prospect AN1 suggest potential for further sulphide mineralisation at depth, however data is unavailable for the deep UNDP drill holes and these anomalies remain largely untested.