Akobo Minerals Announces Positive Results in Ethiopian Gold Exploration Activity

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.

Map of the new mineralisation prospect in relation to the main Segele mineralisation. Image Credit: Akobo Minerals

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.

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 (m) To (m) Inters. (m)* Gold grade 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 mineralisation

SEDD108

129

133

4

1.14

 

 

 

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.

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.

Source: https://akobominerals.com/

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