Scandinavian company Akobo Minerals has recorded an update on exploration progress in its licence area in south-west Ethiopia, with positive results reported.
“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 licence areas provide us with renewed confidence as we seek to extend our operations in the prospective area and extend the mine life at Segele,” says CEO Jørgen Evjen.
The latest core drilling results from Joru show gold in all but one hole and high-grade gold in one intersection (12.5 g/t over 0.5 m).
Akobo says the results give grounds for continued exploration and core drilling at Joru.
Akobo is currently evaluating all results and planning the next steps in the exploration programme 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 start first-pass core drilling on one or more targets in the Joru area within the next three to six months.
Also, gold has been confirmed in a new mineralised zone, west of the main Segele mineralisation.
There were 259 soil samples collected on a grid west and southwest of the Segele mineralisation and these will be assayed with gold and multi-element analysis by ALS Minerals Ethiopia.
Therefore, following an extensive recent programme of exploration activity in both of Akobo’s 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 programme will begin in the coming months.