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project that demonstrate bonanza gold grade results.
Specifically, the results, from laboratory testing, inspection, certification
and verification solutions company, ALS (Ireland), show:
· New resource extension significant intercepts:
· 24.4g/t over 5.88m (including 142g/t over 0.7m, and 44.8g/t over 0.7m) and
· 17.8g/t over 4.38m (including 67g/t over 0.7m)
· New infill drilling results including:
· 56.0g/t over 6m and
· 23.0g/t over 1.7m
· In July 2021, the company also released results including 45.3g/t over 0.48m
and 13.8g/t over 1.43m
· The mineralisation is still open at depth
Explaining Gold Grade
For underground mining, the World Gold Council defines high quality results as
between 8 and 10 grams per tonne, and low quality as between 1 and 4 grams per
tonne. There is no exact definition of what is considered as high or low grade.
The list below is therefore an estimate as to what may be expected.
Underground Mine:
· Low grade 0 - 5 gold grams per tonne
· Average grade 5 - 8 gold grams per tonne
· High grade 8 + gold grams per tonne
· ‘Bonanza’ grade 31.1 grams per tonne
Results from an additional 30 holes (approximately 2000 samples) are expected to
be delivered within 10 days and will include all samples needed to perform an
updated resource estimate. There have been major delays at the ALS laboratory in
Ireland lately, affecting the delivery of results and Akobo Minerals’ ability to
issue a full resource update. Once the outstanding results are received, the
data will be handed to SRK (Australasia) to complete the mineral resource
update.
Akobo Minerals released the result of its first Segele mineral resource estimate
in April 2021, with an inferred mineral resource totalling 52,410oz at an
average grade of 20.9g/t. That resource estimate covered a gold mineralization
in a narrow high-grade shoot from 30m at the shallowest to 130m at the deepest.
These new assays have demonstrated that the high-grade gold mineralization
extends to at least 240m below the surface - and quite possibly deeper.
Jørgen Evjen, CEO of Akobo Minerals, said: “We eagerly anticipate the full
results of the mineral resource estimate from geology and resource specialist,
SRK, which will be undertaken as soon all results are in from ALS. The
engineering design within our scoping study shows that the Segele mine should be
a high-margins operation, with an all-in production cost of around $250 per
ounce. We anticipate limited mining production to begin at the end of 2022, with
production peaking in mid-2023.”
He concluded: “These new results support our belief that we can maintain peak
production for longer than calculated in our original scoping study. We eagerly
await the new estimate.”
Figure 1: Schematic cross section of the Segele Mine Development project,
looking West
[Diagram
Description automatically generated]
Table 1: Significant intersections from theSegelegold deposit(calculated using a
1g/t low cut-off, maximum 1m internal waste and no high-cut).
Hole ID From (m) To (m) True Au g/t
width
(m)
NEW RESULTS
REPORTED
TODAY:
Resource
Extension
drilling, to
be
incorporated
into the
Segele
Mineral
Resource
Estimate
SEDD51 159.00 160.00 0.66 8.5
SEDD52 No
significant
results
SEDD53 154.10 155.05 0.63 1.7
157.50 158.15 0.43 1.9
163.25 169.85 4.38 17.8
SEDD54 No
significant
results
SEDD55 165.70 174.55 5.88 24.4
SEDD56 No
significant
results
PREVIOUSLY
REPORTED
RESULTS
Not yet
included in
the Segele
Mineral
Resource
Estimate
SEDD32 No
significant
results
SEDD33 98.50 98.90 0.38 3.3
100.30 100.70 0.38 1.1
SEDD34 110.65 112.15 1.43 13.8
SEDD35 No
significant
results
SEDD36 No
significant
results
SEDD37 116.10 117.20 1.05 1.9
SEDD38 131.40 132.30 0.86 9.6
134.30 136.20 1.80 1.7
SEDD39 144.45 145.50 1.00 1.1
147.55 148.05 0.48 45.3
SEDD40 No
significant
results
SEDD41 No
significant
results
NEW RESULTS
REPORTED
TODAY:
Infill
drilling
from within
the Segele
Mineral
Resource
Estimate,
but not yet
included.
SEDD44* 65.10 74.50 6.24 2.2
SEDD46 153.70 155.40 1.70 21.3
163.00 168.60 5.60 5.7
SEDD47 117.20 123.20 6.00 56.0
127.75 128.30 0.55 1.1
SEDD48 No
significant
results
SEDD49 No
significant
results
SEDD50 145.00 147.50 1.66 2.4
PREVIOUSLY
REPORTED
RESULTS
Already
included in
the Segele
Mineral
Resource
Estimate:
SEDD01 32.00 32.80 0.76 17.3
SEDD02 No
significant
results
SEDD03 43.65 50.00 6.03 1070.4
56.00 58.00 1.9 39.9
62.00 64.60 2.47 75.8
SEDD04 No
significant
results
SEDD05 66.30 70.10 3.61 39.7
73.00 74.00 0.95 2.6
80.00 81.00 0.95 22.8
SEDD06 No
significant
results
SEDD07 No
significant
results
SEDD08 No
significant
results
SEDD09 No
significant
results
SEDD10 87.00 88.00 2.85 5.9
93.00 94.00 0.95 8.3
SEDD11 33.30 38.65 5.08 114.8
SEDD12 52.70 53.30 0.58 1.9
60.55 61.85 1.24 2.7
64.20 64.85 0.62 2.7
70.65 71.65 0.95 2.6
SEDD13 57.20 58.25 1.00 3.6
59.70 61.15 1.38 8.1
73.20 74.20 0.95 2.2
78.90 79.60 0.66 1.6
SEDD14 69.30 70.60 1.24 2.5
SEDD18 87.30 90.50 3.04 13.3
94.90 99.85 4.70 2.0
106.05 108.55 2.38 2.0
SEDD19 No
significant
results
SEDD20 No
significant
results
SEDD21 124.90 128.70 3.61 3.0
130.80 133.65 2.71 144.7
134.85 135.40 0.52 13.1
SEDD22 98.80 99.30 0.48 53.7
104.57 105.00 0.41 12.1
SEDD23 77.16 81.16 3.80 44.0
85.16 85.96 0.76 3.5
87.20 88.54 1.27 5.3
SEDD24 No
significant
results
SEDD25 97.20 99.68 2.36 130.5
101.46 102.45 0.94 1.1
104.35 107.70 3.18 35.6
113.60 114.60 0.95 1.1
SEDD26 97.60 98.60 0.95 1.5
SEDD27 No
significant
results
SEDD28 48.20 48.47 0.26 12.4
50.47 54.50 3.83 6.2
58.90 59.90 0.95 1.3
SEDD29 61.52 74.50 12.33 17.6
77.50 84.60 6.74 5.7
SEDD30 No
significant
results
SEDD31 111.90 112.70 0.76 1.5
119.00 119.70 0.67 1.2
121.00 122.00 0.95 1.6
*: Holes SEDD42, 43, and 44 were used for metallurgical testing. Hole SEDD44
only assayed part of the mineralised zone.
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration company, with ongoing
exploration and small-scale mining developments in the Gambela region and Dima
district of southwest Ethiopia. Operations were established in 2009 by people
with long experience from both the public mining sector in Ethiopia and the
Norwegian oil service industry. Following mineral discoveries, the company is
engaged in mining studies to advance the project to production, alongside
exploration core drilling.
Akobo Minerals is transforming itself to support an increased pace of core
drilling. At both its key targets - in Segele and Joru - the company has
released exceptionally high-grade gold results in the Segele deposit, while core
drilling and trenching at Joru have intersected both high-grade gold zones and
large wide zones near the surface. The company has an excellent partnership with
national authorities and places ESG at the heart of its activities - including a
ground-breaking community program.
Akobo Minerals has a clear strategy aimed at building a portfolio of gold
resources through high-impact exploration and mining, while adhering to a lean
business operation. The company is headquartered in Oslo and is listed on the
Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.
Competent Person for Exploration Results
The Competent Person who has overall responsibility for the exploration results
is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of
the Australasian Institute of Mining and Metallurgy which is a Recognized
Professional Organization (“RPO”) included in a list promulgated by the
Australian Securities Exchange (“ASX”) from time to time. He is a full time
employee of Akobo Minerals AB and has sufficient experience that is relevant to
the style of mineralization and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Dr Matt Jackson consents to the inclusion
in the report of the matters based on his (or her) information in the form and
context in which it appears.
For complete disclosure of technical details, JORC Table 1 can be found at the
company website, www.akobominerals.com
Competent Person for Mineral Resources
This press release includes information from the Segele Mineral Resource
Estimate released by Akobo Minerals AB on the 6th of April 2021 (“Announces
encouraging Maiden Mineral Resource Estimate at Segele”). Akobo Minerals AB
confirms that it is not aware of any new information or data which materially
affects the information contained in the press release regarding the Segele
Mineral Resource (5/4/2021). All material assumptions and technical parameters
underpinning the estimate are relevant and have not materially changed.
The information in this press release that relates to Mineral Resources is based
on information compiled by Mr Michael Lowry who is a member of the Australasian
Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting
(Australasia) Pty Ltd. Mr Lowry has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Mr Lowry consents to the inclusion in the
report of the matters based upon his information and context in which it
appears.
For more information, contact:
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Web: https://akobominerals.com
Important information
This release is not for publication or distribution, directly or indirectly, in
or into Australia, Canada, Japan, the United States or any other jurisdictions
where it would be illegal. It is issued for information purposes only and does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities referred to herein have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may
not be offered or sold in the United States absent registration or pursuant to
an exemption from registration under the U.S. Securities Act. Akobo Minerals
does not intend to register any portion of the offering of the securities in the
United States or to conduct a public offering of the securities in the United
States. Copies of this publication are not being, and may not be, distributed or
sent into Australia, Canada, Japan or the United States.
Kilde
