AJN Signs Agreement on Dabel Gold Project, Marsabit County, northern Kenya
AJN Resources Inc.
+44 7496 291 547
CSE: AJN, Frankfurt: 5AT
Suite 1400 - 1199 West Hastings St,
Vancouver BC V6E 3T5
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ajnresources.com
CSE: NEWS RELEASE
01/10/24
AJN Resources Inc. Signs Agreement on the Highly Prospec:ve 672 square
kilometre Dabel Gold Project in Marsabit County, northern Kenya.
Vancouver, BC, October 1, 2024: AJN Resources Inc. (CSE: AJN) (Frankfurt: 5AT) ( AJN or the
Company) is pleased to announce that it has signed an agreement (Agreement) with Lord Purus
Trading Limited (LPT), a company registered in Kenya, for the acquisition of up to a 70% interest in
the Dabel Gold Project, which is located approximately 50 km south- east of Moyale, in northern
Kenya, within the Marsabit County. The Dabel project lies within the Adola Gold Belt which hosts the
~4.5 Moz Lega Dembi gold mine, roughly 250km to the north in Ethiopia in a similar geological
setting and adjacent to the continental margin Mutito shear zone as shown in Figure 1.
Figure 1: Location of Dabel Gold Project along the regional Mutito shear zone which separates
Archaean-Mesoproterozoic rocks of the Azania block (east) from Neoproterozoic rocks of the
South Ethiopian shield (west).
The project area represents a recent discovery and has been worked extensively by foreign artisanal
miners in an area covering circa 25km x 10km along 2 main trends as shown in Figure 2. Data
collected from artisanal miners gave a cumulative estimate of gold production of 3,500kg for a period
of two years from 2021 to early 2023. Only one area at the Hill o mining site (Figure 2) was visited
during a limited site visit where alluvial and hard rock workings were identified over a distance of
circa 5km. Hard rock workings identified to the east at Hillo covered a strike length of 330m and a
width of 50m and are open to the north and south as shown in Figure 4. A series of alluvial gravel
fans, which shed of f the hills to the south as shown in Figure 4, had been extensively worked by
artisanal miners. It is highly likely that given the extent of these gold bearing gravels that these were
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01/10/24
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potentially sourced from a major mineralised structure further up the hill slopes which would
potentially cover a strike length of more than 6km.
Primary mineralisation is hosted by intensely sheared, strongly silicified schists with quartz vein
stringers and lenses, which had been mined throughout, suggesting mineralisation can be expected
over decent widths of more than 50 metres. A high-grade wide quartz vein with free gold was also
mined in the area although this was not the main exploitation target. The hard rock workings were
stopped by the government after 3 months of activity suggesting that the mineralised structure has
only been mined over a minimal strike length of 330m. The true strike extent will be realised from
future geochemistry and drilling work.
Six channel and grab samples were collected and submitted to SGS, Mwanza, an accredited
laboratory, for sample preparation and assaying.
Figure 2: Overview of the license area and the prospective Hillo mining site and known gold
occurrences throughout the license area. Gold occurrences are based off georeferenced maps from
the Rotor Report *.
*Report provided by LPT: Gold Mineralisation in Dabel-Moyale in Marsabit County by Vicopat Geological Consultants, 2023.
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01/10/24
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CEO and President Klaus Eckhof commented: “We are extremely excited about the acquisition of the
Dabel Gold Project, which has been subjected to extensive artisanal mining and which has highlighted
the potential of the area. The Company now has a great opportunity to uncover the true potential
through systematic exploration of the area , which lies on trend, within the same host rock s and only
250km from the Lega Dembi 4.5Moz Gold Mine in neighbouring Ethiopia to the north. It is the
Ethiopians who first ide ntified the potential in the area before being removed by the Government of
Kenya. AJN is committed to working with the local communities and has the full support of the
stakeholders in the project area. We look forward to fast tracking a drilling programme in coming
months to unleash the true potential of the area.”
Figure 3: Main workings at the Hillo artisanal mining site.
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01/10/24
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Figure 4: Map showing extensive alluvial gravels that have been mined for gold by ar9sanal workers
(orange). Ini9al interpreta9ons are that the source of the gold occurs along the ridge of the mountain
range as shown by the black s9pple lines which extend for over 6km.
The Company will now mobilise its exploration teams to commence detailed channel sampling and
mapping programmes of the workings in preparation for a drilling programme as a priority for a
better understanding of the true widths and grades mined by artisan al miners. In conjunction with
this work, the Company will conduct soil geochemical programmes over the two main priority areas
shown in Figure 2 and will conduct a detailed mapping and sampling programme over the 6km ridge
to identify the source of the extensive alluvial gravels.
Deal Structure
AJN can acquire up to a 70% interest in the Dabel Gold Project on the following terms:
• Issue 5,000,000 shares in the share capital of AJN to LPT or its nominee within 10 days of
signing the Agreement.
• AJN will conduct a 90-day due diligence, which includes drilling of a minimum of 1,000m.
• On completion of the due diligence and should AJN wish to continue, within 10 days of transfer
of 60% of the Dabel Gold Project or 60% of LPT ’s shares to AJN ( Commencement Date), AJN
will issue 19.9% of its share capital to LPT or its nominee.
• AJN will make a payment of US$50,000 on signing the Agreement, a further US$50,000 on
completion of a fundraise of a minimum of US$1,000,000, and US$250,000 after 6 months from
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signing the Agreement. AJN will also pay an additional US$500,000 on the anniversary of the
$250,000 payment for the duration of the exploration phase.
• AJN will sole fund all exploration and ensure all permits are maintained in good standing to
completion of a Bankable Feasibility Study (BFS) to be completed within 5 years of the
Commencement Date.
• AJN can acquire an additional 10% interest in the Dabel Gold Project by paying
US$10,000,000 to LPT or its nominee within 2 years from the Commencement Date OR
paying US$15,000,000 within 3 years from the Commencement Date.
• All parties will contribute to project development post BFS or dilute according to a standard
industry formula.
QP Statement
Mr Dylan le Roux is a consultant of AJN Resources Inc. and a qualified geologist. Mr le Roux is a
registered Professional Natural Scientist (Geological Science) with the South African Council for
Natural Scientific Professions (SACNASP Reg. No. 155814). Mr le Roux is a qualified person ( QP)
under NI 43-101 and has reviewed and approved the scientific and technical information contained
in this news release.
MEK Amendment Agreement
The Company further announces that it has entered into an amendment agreement to binding term
sheet dated effective August 29, 2024 (the “ PR 15623 Amendment Agreement”) with Mining
Entreprise Katanga SARLU (“MEK”) providing for the amendment of certain terms of its binding term
sheet with MEK dated effective the 15th day of October, 2023 with respect to exploration permit PR
15623 located in the Manono territory in the T anganyika Province of the Democratic Republ ic of
Congo (the “PR 15623 Term Sheet ”) including the extension of certain deadlines and the
replacement of the final US$80,000 cash consideration payable under the PR 15623 T erm Sheet with
the issuance of 2,000,000 common shares in the capital of the Company. Pursuant to the PR 15623
Amendment Agreement, the Company has issued the 2,000,000 common shares in its capital to a
nominee of MEK, at a deemed price of $0.09 per share. The shares are restricted from trading until
January 14, 2025.
About AJN Resources Inc.
AJN is a junior exploration company. AJN’s management and directors possess over 75 years of
collective industry experience and have been very successful in the areas of exploration, financing
and developing major mines throughout the world, with a focus on Africa, especially the Democratic
Republic of the Congo.
For further information, please contact Investor Relations:
Sheena Eckhof
Director, Investor Relations
Visit us at www.ajnresources.com
Te l : + 4 4 7 4 9 6 2 9 1 5 4 7
On Behalf of the Board of Directors
Klaus Eckhof
CEO and President
AJN News Release
01/10/24
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Cau7onary Note Regarding Forward-Looking Statements
The information in this news release may include certain information and statements about
management’s view of future events, expectations, plans and prospects that may constitute forward-
looking statements. Forward- looking statements are based upon assump tions that are subject to
significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety
of factors, the actual results, expectations, achievements or performance may differ materially from
those anticipated and indicated by these forward-looking statements. Although AJN Resources Inc.
believes that the expectations reflected in forward-looking statements are reasonable, it can give no
assurances that the expectations of any forward-looking statements will prove to be correct. Except
as required by law, AJN Resources Inc. disclaims any intention and assumes no obligation to update
or revise any forward -looking statements to reflect actual results, whether as a result of new
information, future events, c hanges in as sumptions, changes in factors affecting such forward -
looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Not for distribution to United States newswire services or for dissemination in the United States.