Oakajee Corporation Limited

ACN 123 084 453

Registered Office

39 Clifton Street

NEDLANDS WA 6009

Telephone: +61 8 9389 6032

Facsimile: +61 8 9389 8226

29 January 2021

Company Announcements Office

ASX Limited

QUARTERLY ACTIVITIES REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2020

During the quarter, Oakajee Corporation Ltd ("Oakajee" or "the Company") continued early stage exploration and preparation work across its Paynes Find Gold Project in Western Australia and its Birrindudu Nickel Project in the Northern Territory.

Figure 1 - Project location

Paynes Find Gold Project - Western Australia

The Paynes Find Gold Project is located adjacent to the Paynes Find settlement, approximately 455km by road northeast of Perth. The land holding represents the second largest exploration project area within the Paynes Find Greenstone Belt which has produced more than 72,000oz of gold.

The Paynes Find Gold Project covers mostly greenstone sequences along strike and to the west of the Paynes Find Gold camp. Whilst the Paynes Find Gold Project has been explored since the 1970's, little effective testing of the greenstone sequences has been undertaken due to fragmented tenement holdings and alluvial cover limiting the effectiveness of conventional soil sampling.

Figure 2 - Paynes Find Gold Project location plan

During the quarter, the company commenced ground based Electromagnetic (EM) surveys across two historic airborne electromagnetic (AEM) conductors defined in the early 1980's.

The two AEM conductors are 7km apart associated with a NE trending magnetic high that is thought to indicate a banded iron formation. There is no outcrop and the cover is aeolian sand. The area of the conductors was tested by Oakajee in the previous quarter, with an Auger program comprising 171 samples completed on 200m and 300m spaced lines to a nominal 1.5m depth.

Figure 3 - Paynes Find Gold Project - North and South EM targets

The northern auger program (Figure 4) returned several low level multielement geochemical anomalies comprising Au-As-Bi-Cu-Pb spatially associated with the magnetic high and the approximate location of the historic AEM conductors.

Figure 4 - Auger sample results contoured for northern AEM target.

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Disclaimer

Oakajee Corporation Limited published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2021 08:35:00 UTC.