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Akobo Minerals announces successful extension drilling

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Global Mining Review,

During the first part of 2021, Akobo Minerals' Segele project was accelerated by the resource estimate, award of the mining licence and the scoping study. Since receiving the mining licence, resource extension drilling, surface exploration and multidisciplinary project development work has been ongoing to advance the project towards gold production. The fast pace of development has continued since, resulting in a need to release a summary of all the results achieved:

  • The Segele project so far has an inferred mineral resource of 52 410 oz gold (Au) with an average world class grade of 20.9 g/t – industry average of 2 – 4 g/t.
  • The Segele scoping study envisages a very high-margin operation with an operating cost (AISC) estimated to be US$243/oz Au produced – industry average of US$1000/oz.
  • Ground breaking mining license agreement awarded with right to hold funds offshore and repatriate profits from the same accounts.
  • Since the SRK resource estimate a total of 4739 m in 28 holes of deep core drilling has been completed.
    • Holes range from 123 m in depth to 250 m in depth.
    • Visible gold seen in 15 of 28 holes.
    • A total of 1044 samples from Segele and 1171 samples from Joru are pending assays.
  • High assay results from 370 samples from artisanal pits around the resource estimate have shown 88 g/t, 8.9 g/t, 12.9 g/t and 6.15 g/t. New drill-ing is planned to follow up these results.
  • Request for expressions of interest sent out to potential contract mining firms.
  • Quotes for processing plants being collected.
  • Gold production planning ongoing including:
    • Infill drilling to allow detailed mine planning.
    • Sourcing a geotechnical specialist.
    • Sourcing a tailings storage facility designer.
    • Assessments of manpower and training requirements.
  • Environmental and social baseline study fieldwork completed.

From the ongoing core drilling we continue to intersect visible gold deeper than the samples used in the mineral resource estimate (MRE). Also, mine planning is underway to establish optimum ways to extract the mineralisation.

The April 2021 inferred resource estimate was calculated using a total of 32 holes of a total length of 3159 m of drilling at relatively shallow depths. Because the extension drilling campaign now targets mineralisation at much greater depths, the current resource extension drilling requires longer holes to reach the same mineralisation. Going forward the focus will be more on exploring new and shallower mineralised targets instead of only drilling deeper holes. Newly analysed data from artisanal pits indicates possible new targets to the South of the Segele MRE.

The positive assay results from artisanal pits is an exciting development for the company geologists who have been anticipating the discovery of new gold mineralisation. The reliability of these grab sample results is relatively diminished when compared to the drilling. To upgrade our understanding of these new targets, scout drilling has been scheduled for drilling within the next 2 – 3 months. If the scout drilling and related mining studies is found to be successful, these new targets may provide additional ore to the planned Segele processing plant.

In an important step towards production, Akobo Minerals has started the selection and contracting process for potential contract mining firms. It is anticipated that the contract will be awarded in two stages; underground access and stoping (ore extraction). The first process plant quote has been received and it is anticipated that additional quotes will be received before the end of the calendar year.

Looking forward, it is anticipated that there will be two rigs working on Segele extension drilling and infill drilling, and a third rig drilling at new Segele mineralisation. Upon receipt of infill drilling results, resource estimation and mine planning will be carried out – major parts of the delivery of the pre-feasibility study. Within 1Q22, the company intends to award contracts for mining activities and processing plant production.

With regards to Joru, the current drill program has just been completed, and assays are on their way to be analysed at ALS Ireland. More updates will be given as soon as the results are ready.

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