Ethiopia’s Segele gold project hosts 94,000 tonnes of mineral resources grading 22.7 g/t gold, or a total of 69,000 ounces, according to a recent estimate.
This is therefore an increase “of 31% compared to the previous assessment and the details show that an average grade of 40.6 g/t has been reached for resources classified in the “indicated” category.
“The average grade of 40.6 g/t for Indicated Mineral Resources will have a positive impact on the cash flow potential for mining operations, as this part of the resources is expected to be accessible in the early stages of mining operations,” explains Jørgen Evjen, CEO of the company.
These results obtained at the end of a drilling campaign undertaken last month “come as Akobo Minerals (the owner of the gold deposit, Editor’s note) still plans to bring the Segele mine into the production phase” before the end of This year.
“The mining plan designed currently provides for underground mining over 27 months with a monthly production of 3,500 ounces. The Ethiopian State has a free interest of 7% in the project and will collect a royalty of 5% on the income from the production”, we learn.
