Norway-based Akobo Minerals has intersected visible gold at 205 m down hole as part of an extension drilling programme at the Segele project, in Ethiopia.
The latest results indicate that the high-grade mineralisation reported on November 4 last year, continues 50 m further down.
The discovery affirms the company’s belief that the project can sustain a longer mine life than envisaged in the scoping study, which was released in September last year.
Akobo has further drilling planned in the northern extension as it continues to test down-plunge extensions.
CEO Jørgen Evjen notes that the latest intersection confirms the continuation of the mineralised zone, which has a significant impact on the project’s mineral resource estimate and mine life in future.
“The mineralised zone also displays a pinch and swell pattern at deeper levels, which is an encouraging sign, even though we have to wait for the assay results to confirm the potential gold content.”
An updated resource estimate for Segele is expected to be released by the end of the first quarter.