Akobo remains the only gold company listed on the exchange at the moment.
Akobo has been exploring the project since 2009 on a sporadic basis, with limited funding being advanced by family and friends in Norway.
Then, in 2020, Akobo decided to do a final diamond drill programme based on new information it had acquired. The results proved that Segele is particularly gold-rich, with several bonanza grade sections.
“Our maiden resource estimate done by SRK Consulting indicates 52 000 oz at 20.9 g/t on average, which is fairly astonishing.
“When you combine those numbers with a scoping study that shows we can establish a small-scale mining operation with $8-million worth of capital investments and all-in sustaining costs of $243/oz, then the return on investment for our shareholders suddenly became quite significant,” explains CEO Jørgen Evjen.
In October 2021, Akobo received a large-scale gold mining licence for Segele, taking the company one step further in what is expected to be an underground mine from near surface to 200 m+, with a 27-month life-of-mine and with the ore being accessed via an incline shaft.
The company aims to produce 3 500 oz of gold a month at peak production, with plans to double the production rate once new reserves are discovered.
The mine plant will be a turnkey solution comprising a grinder, concentrator and cyanide leach containers.
“We have already received quotes from a few companies and I am confident that we will start producing gold by the end of this year,” notes Evjen.