Scandinavia-based Akobo Minerals has intersected visible gold at 282 m deep, which is a record vertical depth, at its Segele project, in Ethiopia.
The company also sees signs of further potential gold mineralisation in several sections along the latest drill holes.
The prior deepest intersection of gold mineralisation was at 239 m deep.
The new intersection is part of an ambitious wildcat resource extension hole and confirms that the Segele gold mineralisation is greater than 400 m ‘down plunge’ from the surface outcrops.
This means that there seems to be more gold down to much greater levels than previously believed, Akobo confirms.
CEO Jørgen Evjen says the company is more excited than ever about the production potential of the Segele mine, and the proof that the company’s geologists understand the local mineralisation environment.
“Our geology team has shown that it can use advanced structural techniques to hit gold mineralisation at depths not before seen in south-western Ethiopia,” he adds.
A scoping study of the Segele project envisages a 27-month mine life; however, all indicators now point to a certainty that the mine can be sustained for much longer.
Akobo plans to publish an updated resource estimate for Segele by the end of this quarter, incorporating as much of the latest drill hole data as possible, bearing in mind that more understanding of the mineralisation geometry is necessary.