AUS
NZ
UK
CA
USA
IND
Highlights:
- AJN Resources Inc secures agreement to acquire a significant interest in the Dabel Gold Project located in northern Kenya.
- The Dabel Gold Project has seen extensive artisanal mining, with reported robust gold production in recent years.
- AJN plans detailed exploration efforts, including channel sampling, mapping, and drilling to assess the project's potential for further gold discoveries.
AJN Resources Inc., operating within the Metal & Mining sector, has announced an agreement with Lord Purus Trading Limited (LPT) to acquire up to a 70% interest in the Dabel Gold Project, located in Marsabit County, northern Kenya. This project is situated within the Adola Gold Belt, approximately 50 kilometers southeast of Moyale, and lies near the 4.5-million-ounce Lega Dembi gold mine in neighboring Ethiopia, highlighting the project's potential for significant gold mineralization.
The Dabel area has a rich history of artisanal mining, with reports indicating that approximately 3,500 kilograms of gold were produced between 2021 and early 2023. The project site features both hard rock and alluvial gold workings, suggesting the presence of substantial mineralized structures.
AJN Resources (CSE: AJN) plans to launch a comprehensive exploration program that includes channel sampling, mapping, and soil geochemical testing to identify gold sources and prepare for future drilling. These exploration efforts aim to uncover additional mineralization within the region, building on the work of artisanal miners who have already tapped into the gold-rich area.
Klaus Eckhof, CEO of AJN Resources, expressed enthusiasm for the acquisition, noting that the project has been subjected to extensive artisanal mining, which has highlighted the area's potential. He emphasized the company's opportunity to systematically explore and potentially unlock the true value of the Dabel Gold Project, which lies in the same host rocks as the Lega Dembi gold mine, located approximately 250 kilometers to the north.
Under the terms of the agreement, AJN Resources will issue 5 million shares to LPT and conduct a 90-day due diligence period that includes at least 1,000 meters of drilling. Upon successful completion of due diligence, AJN will make additional payments to secure a 60% interest in the project, while continuing to fund exploration efforts until a Bankable Feasibility Study is completed.
The agreement also provides AJN the option to increase its stake in the Dabel Gold Project by an additional 10%, bringing its total interest to 70%, through further payments within a specified timeframe.
