Ethiopian gold exploration and boutique mining company, Akobo Minerals, has made a promising discovery of visible gold in its first drill hole at the third mineralization style 140 meters from the main Segele site.
Exciting Exploration Results
Following the recent discovery of the third mineralization style, Akobo’s exploration team has continued mapping and sampling to understand the host structure. This work resulted in the digging of three trenches and the creation of the first drill hole. The hole intersected 5cm of mineralization with visible gold at a depth of 30 meters. However, it also intersected an artisanal mining pit with 1-1.5m of potentially mineralized material.
Jørgen Evjen, CEO of Akobo Minerals, expressed excitement about the discovery stating, “Is this the next Segele? Only time will tell. But the fact that we are hitting gold in our first drill hole is very promising.”
Further Drilling Underway
Encouraged by the initial results, a second hole has already been started to target the mineralization 5 meters below the first intersection. The trenches have been carefully examined, giving the company a good understanding of the structural geology that controls the gold mineralization. The current drill program will be adapted to target these structures.
Possible Fast-Track to Production
If the current drill program is successful, the mineralization will be accessible for mining and will directly add to the mine life of the Segele mine. With the process plant and mine already under construction, the lead time from discovery to extraction can be short, and mining can start as soon as the mineralization is defined and deemed economic. The close proximity of the new discovery to the active mining area and processing plant allows for a quick assessment of economic factors and a possible fast-track to production.
Akobo Minerals’ recent discovery of visible gold in its first drill hole is a promising development. Further drilling and exploration will reveal the full potential of this mineralization and determine its impact on the Segele mine’s mine life. Stay tuned for updates on this exciting story.