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Akobo Minerals announces maiden mineral resource estimate at Segele

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Global Mining Review,

Drilling only 3160 m over 7 months at Segele and achieving an inferred mineral resource of 78 000 t at 20.9 g/t gold, equal to 52 410 oz of gold, is an encouraging first result on the way to reaching Akobo Mineral’s goal to uncover the potential of the area. The current drilled area is no larger than 30 m wide by 120 m long, and the majority of the mineralisation is located near to the surface. The deposit has excellent exploration potential because it is open at depth, and there are additional targets to the East and West. Given the high-grade, there is an opportunity to establish a high margin mining operation.

The geological modelling by SRK has interpreted that the drilling intersected a series of stacked lenses within the current drilled area. The current model also indicates good potential for additional mineralisation to be found immediately East, West and below the area covered by this resource estimate. Akobo Minerals is currently planning to ramp up its drilling program and expects to expand on this resource considerably. Given that typical mineable grades of gold deposits are generally less than 4 g/t gold, the impressive grade of 20.9 g/t gold supports the view that a high-revenue, moderate-cash cost operation is viable at Segele. The ongoing study of the license area from the high-grade Segele deposit to the Joru targets suggests a significant potential over the 15 km strike length.

According to the World Gold Council, larger and better-quality underground mines contain around 8 – 10 g/t gold, while marginal underground mines average around 4 – 6 g/t gold. Opencast mines usually range from 1 – 4 g/t gold, but can still be highly valuable.

CEO of Akobo Minerals, Jørgen Evjen, said: “We are of course very proud that our internal systems and QAQC processes have been validated by SRK, but even more that we within this first defined area of only 3600 m2 have already discovered 52 410 oz of gold at an average grade of 20.9 g/t. Given the near surface location and host structure of the gold, we expect that this area is easily mineable at a moderate cash cost and with limited up-front investment. Segele alone has a great potential for an early positive operational cash flow and we are driving forward to discover more such deposits nearby and further afield in our license area. We will initiate a Scoping study to uncover the operating cost and investment for exploiting the mineralisation.”

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