Akobo Minerals

Regulatory Filings • Sep 14, 2022

Akobo Minerals announces positive results in Ethiopian gold exploration activity

Akobo Minerals announces positive results in Ethiopian gold exploration activity

OSLO, 14 September 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the

Scandinavian-based Ethiopian gold exploration and boutique mining company, today

announced an update on exploration progress in its license area in southwest

Ethiopia.

Jørgen Evjen, CEO of Akobo Minerals, stated: "While the company is making great

strides in developing its mining facility to commence production in early 2023,

the exciting results released today spur us forward to discovering further

deposits and secure a long-term pipeline. While more investigation is needed,

these initial findings from our latest exploration activity in both our Joru and

Segele license areas provide us with renewed confidence as we seek to extend our

operations in the prospective area and extend the mine life at Segele."

Key findings

· Latest core drilling results from Joru show gold in all but one hole and

high-grade gold in one intersection (12.5g/t over 0.5m)

· Results give grounds for continued exploration and core drilling at Joru

· Gold confirmed in a new mineralised zone, west of the main Segele

mineralisation

· 259 soil samples collected on a grid west and southwest of the Segele

mineralisation and will be assayed with gold and multi-element analysis by ALS

Minerals, Ethiopia

Segele

Drilling of near-mine targets around Segele resumed after a short hiatus. During

this time the company received most of the remaining assays from the various

targets that were drilled around Segele.

[En bild som visar karta

Automatiskt genererad beskrivning]

Map of the new mineralisation prospect in relation to the main Segele

mineralisation

Following the resource drill program at Segele, the company undertook a

geological review of the deposit and has built a new geology model of the area.

This work can be summarised as follows:

· The geology of Segele can be divided in to three mafic-ultramafic units,

these are bounded by east-west shear zones with varying dip but consistent

strike;

· The mineralisation is hosted by the lowest of these mafic-ultramafic units

and is situated just below the lower shear zone;

· The mineralisation does not follow but is sitting in the footwall of the

lower shear zone at an angle - with the mineralisation following the strike of

the regional foliation;

· There is, however, a very pronounced ribbon-shape to the mineralisation and

the mineralised 'ribbons' plunge at about 45-degrees to the north.

This advance in understanding of the controlling structures allows for more

precise mining but also allows the company to better target new exploration

holes to extend or discover new mineralisation.

New Segele mineralisation

New mineralisation was found due west of the main Segele mineralisation (first

announced 3/5/2022). The gold is coarse grained with a very high nugget effect.

It is hosted in a fault breccia with minor quartz veining and is continuous

between drill holes. Follow-up drilling is planned to take place in the next few

months in order to investigate a mineable tonnage.

Trench 37 (T37)

Trenching exposed a potential host rock unit adjacent to an ultramafic horizon,

a geological setting that is very common in the main Segele mineralisation.

Drill testing was undertaken using the company's Diamec 262 drill rig and six

holes measuring 671 meters in total were drilled at the target. Several horizons

with potentially gold bearing alteration rock were intersected, although no

viable mineralisation was found.

Soil sampling programme

In order to complement previous work in the Segele area, a limited soil sampling

programme was undertaken. In total, 259 samples were collected on a grid west

and southwest of the Segele mineralisation. The samples will be assayed for gold

and multi-element analysis by ALS Minerals, Ethiopia.

Ground magnetic survey

Akobo Minerals also concluded a ground magnetic survey of the Segele mining

concession. This survey was conducted by an Ethiopian sub-contractor and

delivery of the final data is anticipated shortly.

Segele Assays

(0.2 g/t cut

off)

Target Hole ID From To (m) Inters. Gold grade

(m) (m)* ppm

Trench 32/33 SEDD100 87.28 88.15 0.87 0.39

SEDD101 No

significant

results

SEDD102 No

significant

results

Trench 37 SEDD84 No

significant

results

SEDD86 42.35 42.85 0.5 0.35

SEDD86 74.75 75.4 0.65 0.21

SEDD88 28.8 29.8 1 0.5

SEDD89 No

significant

results

SEDD91 No

significant

results

SEDD93 No

significant

results

New SEDD108 129 133 4 1.14

mineralisation

SEDD109 143.8 144.83 1.03 0.36 Visible

gold in

core

*True widths are unknown at this stage

Joru

Akobo Minerals received the latest assay results from the core drilling campaign

on the Joru central target in the southern part of the Akobo exploration

license. The results continue to highlight the potential of the mineralised

system at Joru, though no continuous mineralisation has yet been identified. The

results are, however, encouraging and provide good reason to continue exploring

and developing the Joru asset.

The mineralisation in Joru is hosted by quartz veins in strongly altered and

weathered rocks. The deep weathering caused significant problems during

drilling, which has resulted in the geological data from the holes being

ambiguous and difficult to interpret.

Akobo Minerals is currently evaluating all results and planning the next steps

in the exploration program at Joru. Following an extensive data review, several

new targets around Joru are being evaluated and prioritised for follow-up work.

The company expects to commence first-pass core drilling on one or more targets

in the Joru area within the next three-to-six months.

[Plan map of Joru core drilling with possible mineralised trend illustrated in

red. ]

Plan map of Joru core drilling, with a possible mineralised trend illustrated in

red.

Joru assays (0.5 g/t cut off)

Previously reported  results

Target Hole_ID From (m) To (m) Width (m)* Gold grade ppm

Central JODD01 75.1 75.65 0.55 1.15

JODD01 95.9 96.45 0.55 0.59

JODD01 101.8 102.6 0.8 0.77

JODD02 6.9 9.35 2.45 1.60

JODD02 30.8 31.7 0.9 3.19

JODD03 35.1 35.95 0.85 0.63

JODD03 42.6 43.35 0.75 1.35

JODD03 52 53 1 0.87

JODD03 121.15 121.75 0.6 4.10

JODD03 141.8 142.65 0.85 1.01

JODD03 160.25 161.05 0.8 2.23

JODD03 165 165.85 0.85 28.10

JODD03 173.9 174.65 0.75 20.00

JODD04 19.45 20.13 0.68 0.85

JODD04 21.1 22.1 1 0.87

JODD04 84.6 85.4 0.8 1.80

JODD04 87.1 87.8 0.7 0.75

JODD04 117.35 118.6 1.25 1.32

JODD05 No significant results

JODD06 28.75 29.55 0.8 0.75

JODD06 40.45 41 0.55 0.86

JODD06 68.65 69.2 0.55 10.90

JODD06 72 73 1 29.10

JODD06 96.35 97.35 1 3.11

JODD07 No significant results

New results

Target Hole_ID From (m) To (m) Width (m)* Gold grade ppm

Central JODD08 54.15 55.15 1 3.00

JODD08 55.80 56.45 0.65 1.73

JODD08 135.24 135.94 0.7 6.39

JODD09 5.00 6.00 1 0.51

JODD09 8.55 9.10 0.55 0.66

JODD09 9.65 10.65 1 0.59

JODD09 109.35 109.85 0.5 12.50

JODD10 8.12 8.92 0.8 1.86

JODD10 10.60 11.60 1 1.57

JODD11 66.90 67.60 0.7 0.55

JODD11 69.40 70.40 1 1.02

JODD12 42.30 43.30 1 0.82

JODD13 No significant results

JODD14 119.90 120.46 0.56 1.25

JODD15 16.50 17.35 0.85 0.63

JODD15 48.10 49.10 1 1.20

JODD16 35.90 36.70 0.8 1.42

JODD16 37.50 38.20 0.7 0.74

JODD16 64.40 65.40 1 0.74

JODD17 67.55 68.25 0.7 0.91

JODD17 72.20 73.05 0.85 1.55

JODD17 73.65 74.20 0.55 2.14

JODD17 114.96 115.80 0.84 2.69

*True widths are unknown at this stage

Conclusion

Following an extensive recent program of exploration activity in both of Akobo

Minerals' target areas of Joru and Segele, the company is confident that the

initial findings point to further gold deposits that will considerably extend

mining operations in the coming years. Prioritisation will be given to the most

promising prospects and a more detailed drilling program will begin in the

coming months.

For more information, contact:

Jørgen Evjen, CEOAkobo Minerals

Mob: +4792 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Twitter: @akobominerals

Web: https://akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavia-based gold exploration and boutique mining

company, currently holding an exploration license covering 182 km2 and with an

ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The

company has established itself as the leading gold exploration company in

Ethiopia through more than 12 years of on-the-ground activity.

Akobo Minerals holds a 16 km2 mining license and is working to start up mining

of its very promising Segele target. It has an Inferred and Indicated Mineral

Resource yielding a world-class gold grade of 22.7 g/ton, combined with an

estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open at

depth, the gold mineralized zone continues to expand and will have a positive

impact on future resource estimates and mine-life. The exploration license holds

numerous promising exploration resource-building prospects in both the vicinity

of Segele and in the wider license area.

Akobo Minerals has an excellent relationship with local communities all the way

up to national authorities and it places environment, social and governance

(ESG) at the heart of its activities - as demonstrated by an industry-leading

community program.

Akobo Minerals has built a strong local foothold based upon the principles of

sound ethics, transparency, and communication, and is ready to take on new

opportunities and ventures as they arise. The company is uniquely positioned to

become a major player in the future development of the very promising Ethiopian

mining industry.

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.

Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.

For further information, see https://www.jorc.org/

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 information in the form and context in

which it appears.