By: Ethiopian business review

AJN Resources Inc. has entered into a conditional Heads of Agreement (HOA) with Ethiopia-based Godu General Trading S.C. to acquire up to a 70% interest in the Okote Gold Project, according to Newsfile. The 42.8 km² exploration site lies within Ethiopia’s prolific gold belt, approximately 100 kilometers south of the 4.5 million-ounce Lega Dembi mine — the country’s largest gold producer.

The deal marks AJN’s strategic expansion into Ethiopia’s emerging gold sector and reflects growing international interest in the Horn of Africa’s mineral potential. The agreement remains subject to formal engagement with Oromia regional authorities, who have reportedly expressed verbal support for the project.

The Okote licence was previously held by MIDROC, which explored the site until 2019. During its tenure, MIDROC completed 88 drill holes — a combination of reverse circulation and diamond drilling — totaling 13,761 meters across a 2.4-kilometer strike length, with the densest activity concentrated in a 1,000m x 400m zone in the northern area of the concession.

“We are extremely excited by the opportunity to participate in a project with such an extensive exploration history,” said Klaus Eckhof, President and CEO of AJN Resources. “Our immediate focus will be on the northern section of Okote, where artisanal miners are believed to have uncovered new zones of mineralisation. This will complement the existing 2 km of known gold-bearing structures.”

Eckhof added that AJN’s technical teams are on standby, ready to begin mapping, sampling, and a fast-tracked due diligence drilling program once the company formally presents its development plan to regional authorities. He also noted that prior third-party assessments suggest the Okote Project may hold multi-million-ounce potential, adding further allure to the site.