Akobo Minerals discovers new gold mineralisation zone at Segele with visible gold intersection

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. “

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) 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.

 

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.

 

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.