Akobo Minerals (Euronext Oslo - "AKOBO"), the Scandinavian-based Ethiopian gold
exploration and boutique mining company, today provided an update from ongoing
exploration activities with new encouraging findings.
· A new gold mineralisation zone has been discovered near the Segele mineral
resource including a visible gold intersection
· The company has drill tested two new targets around Segele, both within 500m
distance
· Preparation ongoing for a soil geochemical sampling program between Segele
and Joru
· Preparation ongoing for a ground geophysical survey over the Segele mine
license area
Jørgen Evjen, CEO of Akobo Minerals, stated: "We are very excited about the new
discoveries, and I am quite sure we are just scraping the surface of the long
-term potential within our exploration license area. Exploration is still our
main activity, soon to be supported by cash flow from our mining operations. I
am therefore looking forward to refocusing on our exploration program with our
new drill rigs. Moving forward we will have the opportunity to fulfill our long
-term goal of becoming the leading exploration and mining company in Ethiopia. "
[En bild som visar person, hand, verktyg
Automatiskt genererad beskrivning]
Breccia/vein style mineralisation with visible gold from west of Segele 1.
After much work on the successful Segele Mineral Resource estimate (22.7 g/t and
69 kOz gold indicated plus inferred as per April
2022 (https://news.cision.com/akobo-minerals-ab/r/akobo-minerals-reports
-significant-gold-mineral-resource-increase-and-classification-upgrade-which
-u,c3550917)) activity has for the moment switched focus to exploration and
geotechnical drilling in preparation for the mine construction. The exploration
team has tested two new targets (9 holes and 1,000m of drilling) and drilling of
a geology cross section. Testing a wider part of the geology will help build
better geological knowledge as well as finding nearby gold targets. The new
mineralisation zone was discovered about 100m west of Segele.
Currently 1,800 samples are with ALS for assaying, from both the new targets
around Segele and the final results from Joru.
The style of the new gold mineralisation is a fault hosted quartz-vein system
with visible gold. The system has been intersected in several drill holes with
visible gold observed in one hole. Work is ongoing to better evaluate the
potential of this mineralisation style with analysis of drill cores which were
previously overlooked. Further investigation is needed to determine whether this
mineralisation will be economic to mine or if it will add any significant
tonnage to the Segele mine.
+-------+-----+-----+----------------+-----------------------------------------+
|Hole ID|From |To |Gold grade (g/t)| |
+-------+-----+-----+----------------+-----------------------------------------+
|SEDD108|118 |118.6|Assays pending | |
+-------+-----+-----+----------------+-----------------------------------------+
|SEDD109|143.8|144.8|Assays pending |Visible gold at 144.15m |
+-------+-----+-----+----------------+-----------------------------------------+
| |157.4|158.1|Assays pending | |
+-------+-----+-----+----------------+-----------------------------------------+
|SEDD111|108.3|112.4|Assays pending | |
+-------+-----+-----+----------------+-----------------------------------------+
|SEDD113|69.3 |73.4 |Assays pending | |
+-------+-----+-----+----------------+-----------------------------------------+
| | | | | |
+-------+-----+-----+----------------+-----------------------------------------+
|Previously reported and included in the current resource estimation |
+-------+-----+-----+----------------+-----------------------------------------+
|SEDD03 |56.0 |59.0 |26.7 |Same mineralisation style, different vein|
+-------+-----+-----+----------------+-----------------------------------------+
In addition to the new mineralisation zone, the company has tested two targets
near the Segele main mineralisation, both these targets are south of the mineral
resource estimate; Trench 37 is about 260m south east of Segele while Trench
32/33 is about 500m south east. T37 was tested with 6 holes for 671.1m while
T32/33 was tested with 3 holes and 328.9m. Assays are pending.
[image]
Plan map of the Segele mineralisation and surrounding targets.
The regional exploration activity was postponed during the intensive resource
drilling campaign at Segele. However, Akobo Minerals is still committed to
continuing making significant gold discoveries in the Akobo area. To that end
the company is launching a soil geochemical sampling program as well as a ground
geophysical survey over key areas of the Akobo license.
The soil geochemistry program will focus in the Nechdingay area between Segele
and Joru and will encompass a total of over 1,600 samples. The first stage will
be followed up by sampling around known gold anomalies from previous sampling
while the latter parts will aim to extend the coverage to areas west of
Nechdingay as well as north of Joru.
[Map
Description automatically generated]
The ground geophysical survey will primarily focus on covering the entire Segele
Mining License with ground magnetic data. This data will improve the
interpretations of the geology in the wider Segele area and potentially help to
identify new exploration targets within the Mining License. In addition to this
the geophysical contractor will do a test survey using Magneto-Telluric survey
technology over the Segele gold deposit. If this survey is successful Akobo
Minerals anticipates that this technique will be used as another tool to help
identify and prioritize exploration targets.
For more information, contact:
Jørgen Evjen, CEO Akobo Minerals
Mob: +47 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Twitter: @akobominerals
Web: https://akobominerals.com
Competent Person for Exploration Results
The Competent Person who has overall responsibility for the exploration results
is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of
the Australasian Institute of Mining and Metallurgy which is a Recognized
Professional Organization ("RPO") included in a list promulgated by the
Australian Securities Exchange ("ASX") from time to time. He is a full time
employee of Akobo Minerals AB and has sufficient experience that is relevant to
the style of mineralization and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Dr Matt Jackson consents to the inclusion
in the report of the matters based on his information in the form and context in
which it appears.
Competent Person for Mineral Resources
This press release includes information from the Segele Mineral Resource
Estimate released by Akobo Minerals AB on the 22th of April 2022 ("Announces
encouraging Maiden Mineral Resource Estimate at Segele"). Akobo Minerals AB
confirms that it is not aware of any new information or data which materially
affects the information contained in the press release regarding the Segele
Mineral Resource (22/4/2022). All material assumptions and technical parameters
underpinning the estimate are relevant and have not materially changed.
The information in this press release that relates to Mineral Resources is based
on information compiled by Mr Michael Lowry who is a member of the Australasian
Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting
(Australasia) Pty Ltd. Mr Lowry has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Lowry consents to the inclusion in the
report of the matters based upon his information and context in which it
appears.
For complete disclosure of technical details, JORC Table 1 can be found at the
company website, www.akobominerals.com
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and boutique mining
company, currently with ongoing exploration and mine development in the Gambela
region and Dima Woreda, Ethiopia. The Company has established itself as the
leading gold exploration company in Ethiopia through more than 12 years of on
-the-ground activity.
Akobo Minerals holds a mining licence and is working to start up mining of its
very promising Segele target. It has an Inferred Mineral Resource yielding a
world-class gold grade of 22.7 gr/ton, combined with an estimated all-in
sustaining cost (AISC) of 243 USD per ounce. Still open to depth, the gold
mineralised zone continues to expand and will have a positive impact on future
resource estimates and mine-life. The exploration license holds numerous
promising exploration resource-building prospects in the vicinity of Segele, in
addition to the lower grade high volume area of Joru. These areas will continue
to be explored.
Akobo Minerals has an excellent relationship with local communities all the way
up to national authorities and it places environment, social and environment
(ESG) at the heart of its activities - as demonstrated by a planned ground
-breaking community program.
Akobo Minerals has built a strong local foothold based upon the principles of
good ethics, transparency, and communication, and is ready to take on new
opportunities and ventures as they arise. Akobo Minerals is uniquely positioned
to become a major player in the future development of the very promising
Ethiopian mining industry.
Akobo Minerals has a clear strategy aimed at building a portfolio of gold
resources through high-impact exploration and mining, while adhering to a lean
business operation. The company is headquartered in Oslo and is listed on the
Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.
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Important information
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or into Australia, Canada, Japan, the United States or any other jurisdictions
where it would be illegal. It is issued for information purposes only and does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities referred to herein have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may
not be offered or sold in the United States absent registration or pursuant to
an exemption from registration under the U.S. Securities Act. Akobo Minerals
does not intend to register any portion of the offering of the securities in the
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States. Copies of this publication are not being, and may not be, distributed or
sent into Australia, Canada, Japan, or the United States.