OSLO, 14 September 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the
Scandinavian-based Ethiopian gold exploration and boutique mining company, today
announced an update on exploration progress in its license area in southwest
Ethiopia.
Jørgen Evjen, CEO of Akobo Minerals, stated: "While the company is making great
strides in developing its mining facility to commence production in early 2023,
the exciting results released today spur us forward to discovering further
deposits and secure a long-term pipeline. While more investigation is needed,
these initial findings from our latest exploration activity in both our Joru and
Segele license areas provide us with renewed confidence as we seek to extend our
operations in the prospective area and extend the mine life at Segele."
Key findings
· Latest core drilling results from Joru show gold in all but one hole and
high-grade gold in one intersection (12.5g/t over 0.5m)
· Results give grounds for continued exploration and core drilling at Joru
· Gold confirmed in a new mineralised zone, west of the main Segele
mineralisation
· 259 soil samples collected on a grid west and southwest of the Segele
mineralisation and will be assayed with gold and multi-element analysis by ALS
Minerals, Ethiopia
Segele
Drilling of near-mine targets around Segele resumed after a short hiatus. During
this time the company received most of the remaining assays from the various
targets that were drilled around Segele.
[En bild som visar karta
Automatiskt genererad beskrivning]
Map of the new mineralisation prospect in relation to the main Segele
mineralisation
Following the resource drill program at Segele, the company undertook a
geological review of the deposit and has built a new geology model of the area.
This work can be summarised as follows:
· The geology of Segele can be divided in to three mafic-ultramafic units,
these are bounded by east-west shear zones with varying dip but consistent
strike;
· The mineralisation is hosted by the lowest of these mafic-ultramafic units
and is situated just below the lower shear zone;
· The mineralisation does not follow but is sitting in the footwall of the
lower shear zone at an angle - with the mineralisation following the strike of
the regional foliation;
· There is, however, a very pronounced ribbon-shape to the mineralisation and
the mineralised 'ribbons' plunge at about 45-degrees to the north.
This advance in understanding of the controlling structures allows for more
precise mining but also allows the company to better target new exploration
holes to extend or discover new mineralisation.
New Segele mineralisation
New mineralisation was found due west of the main Segele mineralisation (first
announced 3/5/2022). The gold is coarse grained with a very high nugget effect.
It is hosted in a fault breccia with minor quartz veining and is continuous
between drill holes. Follow-up drilling is planned to take place in the next few
months in order to investigate a mineable tonnage.
Trench 37 (T37)
Trenching exposed a potential host rock unit adjacent to an ultramafic horizon,
a geological setting that is very common in the main Segele mineralisation.
Drill testing was undertaken using the company's Diamec 262 drill rig and six
holes measuring 671 meters in total were drilled at the target. Several horizons
with potentially gold bearing alteration rock were intersected, although no
viable mineralisation was found.
Soil sampling programme
In order to complement previous work in the Segele area, a limited soil sampling
programme was undertaken. In total, 259 samples were collected on a grid west
and southwest of the Segele mineralisation. The samples will be assayed for gold
and multi-element analysis by ALS Minerals, Ethiopia.
Ground magnetic survey
Akobo Minerals also concluded a ground magnetic survey of the Segele mining
concession. This survey was conducted by an Ethiopian sub-contractor and
delivery of the final data is anticipated shortly.
Segele Assays
(0.2 g/t cut
off)
Target Hole ID From To (m) Inters. Gold grade
(m) (m)* ppm
Trench 32/33 SEDD100 87.28 88.15 0.87 0.39
SEDD101 No
significant
results
SEDD102 No
significant
results
Trench 37 SEDD84 No
significant
results
SEDD86 42.35 42.85 0.5 0.35
SEDD86 74.75 75.4 0.65 0.21
SEDD88 28.8 29.8 1 0.5
SEDD89 No
significant
results
SEDD91 No
significant
results
SEDD93 No
significant
results
New SEDD108 129 133 4 1.14
mineralisation
SEDD109 143.8 144.83 1.03 0.36 Visible
gold in
core
*True widths are unknown at this stage
Joru
Akobo Minerals received the latest assay results from the core drilling campaign
on the Joru central target in the southern part of the Akobo exploration
license. The results continue to highlight the potential of the mineralised
system at Joru, though no continuous mineralisation has yet been identified. The
results are, however, encouraging and provide good reason to continue exploring
and developing the Joru asset.
The mineralisation in Joru is hosted by quartz veins in strongly altered and
weathered rocks. The deep weathering caused significant problems during
drilling, which has resulted in the geological data from the holes being
ambiguous and difficult to interpret.
Akobo Minerals is currently evaluating all results and planning the next steps
in the exploration program at Joru. Following an extensive data review, several
new targets around Joru are being evaluated and prioritised for follow-up work.
The company expects to commence first-pass core drilling on one or more targets
in the Joru area within the next three-to-six months.
[Plan map of Joru core drilling with possible mineralised trend illustrated in
red. ]
Plan map of Joru core drilling, with a possible mineralised trend illustrated in
red.
Joru assays (0.5 g/t cut off)
Previously reported results
Target Hole_ID From (m) To (m) Width (m)* Gold grade ppm
Central JODD01 75.1 75.65 0.55 1.15
JODD01 95.9 96.45 0.55 0.59
JODD01 101.8 102.6 0.8 0.77
JODD02 6.9 9.35 2.45 1.60
JODD02 30.8 31.7 0.9 3.19
JODD03 35.1 35.95 0.85 0.63
JODD03 42.6 43.35 0.75 1.35
JODD03 52 53 1 0.87
JODD03 121.15 121.75 0.6 4.10
JODD03 141.8 142.65 0.85 1.01
JODD03 160.25 161.05 0.8 2.23
JODD03 165 165.85 0.85 28.10
JODD03 173.9 174.65 0.75 20.00
JODD04 19.45 20.13 0.68 0.85
JODD04 21.1 22.1 1 0.87
JODD04 84.6 85.4 0.8 1.80
JODD04 87.1 87.8 0.7 0.75
JODD04 117.35 118.6 1.25 1.32
JODD05 No significant results
JODD06 28.75 29.55 0.8 0.75
JODD06 40.45 41 0.55 0.86
JODD06 68.65 69.2 0.55 10.90
JODD06 72 73 1 29.10
JODD06 96.35 97.35 1 3.11
JODD07 No significant results
New results
Target Hole_ID From (m) To (m) Width (m)* Gold grade ppm
Central JODD08 54.15 55.15 1 3.00
JODD08 55.80 56.45 0.65 1.73
JODD08 135.24 135.94 0.7 6.39
JODD09 5.00 6.00 1 0.51
JODD09 8.55 9.10 0.55 0.66
JODD09 9.65 10.65 1 0.59
JODD09 109.35 109.85 0.5 12.50
JODD10 8.12 8.92 0.8 1.86
JODD10 10.60 11.60 1 1.57
JODD11 66.90 67.60 0.7 0.55
JODD11 69.40 70.40 1 1.02
JODD12 42.30 43.30 1 0.82
JODD13 No significant results
JODD14 119.90 120.46 0.56 1.25
JODD15 16.50 17.35 0.85 0.63
JODD15 48.10 49.10 1 1.20
JODD16 35.90 36.70 0.8 1.42
JODD16 37.50 38.20 0.7 0.74
JODD16 64.40 65.40 1 0.74
JODD17 67.55 68.25 0.7 0.91
JODD17 72.20 73.05 0.85 1.55
JODD17 73.65 74.20 0.55 2.14
JODD17 114.96 115.80 0.84 2.69
*True widths are unknown at this stage
Conclusion
Following an extensive recent program of exploration activity in both of Akobo
Minerals' target areas of Joru and Segele, the company is confident that the
initial findings point to further gold deposits that will considerably extend
mining operations in the coming years. Prioritisation will be given to the most
promising prospects and a more detailed drilling program will begin in the
coming months.
For more information, contact:
Jørgen Evjen, CEOAkobo Minerals
Mob: +4792 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Twitter: @akobominerals
Web: https://akobominerals.com
About Akobo Minerals
Akobo Minerals is a Scandinavia-based gold exploration and boutique mining
company, currently holding an exploration license covering 182 km2 and with an
ongoing 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 16 km2 mining license and is working to start up mining
of its very promising Segele target. It has an Inferred and Indicated Mineral
Resource yielding a world-class gold grade of 22.7 g/ton, combined with an
estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open at
depth, the gold mineralized 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 both the vicinity
of Segele and in the wider license area.
Akobo Minerals has an excellent relationship with local communities all the way
up to national authorities and it places environment, social and governance
(ESG) at the heart of its activities - as demonstrated by an industry-leading
community program.
Akobo Minerals has built a strong local foothold based upon the principles of
sound ethics, transparency, and communication, and is ready to take on new
opportunities and ventures as they arise. The company 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.
Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.
For further information, see https://www.jorc.org/
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.