Norway-based gold exploration company Akobo Minerals has maintained its fast development pace at the Segele project, in Ethiopia, with ongoing successful extension drilling, hints of new mineralisation targets and production planning well under way.

During the first part of the year, the Segele project was accelerated by the resource estimate, the award of a mining licence and the completion of a scoping study.

Since receiving the mining licence, resource extension drilling, surface exploration and multidisciplinary project development work have been ongoing to advance the project towards gold production.

The fast pace of development has continued since.

The Segele project has an inferred mineral resource of 52 410 oz gold with an average grade of 20.9 g/t gold.

The Segele scoping study envisages a high-margin operation with an operating cost (all-in sustaining cost) estimated to be $243/oz of gold produced.

A mining licence agreement was awarded with rights to hold funds offshore and repatriate profits from the same accounts.

Since the SRK Resource Estimate, a total of 4 739 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 is seen in 15 of 28 holes.

A total of 1 044 samples from Segele and 1 171 samples from Joru are pending assays.

High assay results from 370 samples from artisanal pits around the resource estimate have shown 88.0 g/t, 8.9 g/t, 12.9 g/t and 6.15 g/t. New drilling is planned to follow up these results,

Request for expressions of interest have been sent out to potential contract mining firms.

Quotes for processing plants are being collected.

Gold production planning is ongoing, including infill drilling to allow detailed mine planning; sourcing a geotechnical specialist; sourcing a tailings storage facility designer; and assessments of manpower and training requirements.

Lastly, environmental and social baseline study fieldwork have been completed.