Alecto issue Kossanto Gold Project update

PUBLISHED: 26 Nov 2013 @ 08:51 | Comments (0) |

Alecto Minerals plc (LSE:ALO), the AIM quoted mining exploration company focussed on West and East Africa, is have provided an update on the Company’s exploration activities at its 207 sq km Kossanto Gold Project in the prospective Kenieba Inlier in western Mali.

Overview:

· Contract signed with Amco Drilling (UK) Limited for 2,000m diamond core drilling and 4,500m Reverse Circulation (‘RC’) drilling to improve structural information at Gourbassi East and Gourbassi West prospects and to significantly increase the project’s JORC resource

· Multi-purpose UDR 650 drill will be on site 1 December 2013 to commence drilling activities

· Road reconstruction has commenced using a CAT D6R bulldozer and is currently 30% complete

· Further investigation of the new gold discovery reported earlier this month has highlighted the expansive and exciting nature of the mineralisation in this area – confirmed as a significant structure with a NE orientation characterised by high-grade smoky quartz veins with visible gold

· Induced Polarisation (‘IP’) survey data has been reprocessed, successfully identifying additional new targets

· Further detailed IP surveys planned to follow-up potential targets to provide 2D and 3D geophysical investigation

· ASTER satellite data covering entire Kossanto block acquired – currently being processed in order to provide further prospect level targets

Alecto CEO Mark Jones said, “With drilling due to commence imminently, we are excited to move into the next stage of development at Kossanto, following which we believe that our current resource figure of 107,000 ounces of gold at our Gourbassi East prospect will be enhanced considerably. Additionally, we are utilising the recently raised funds to strengthen our understanding of areas outside of the initial resource area. As demonstrated by recent artisanal activity, which has revealed a new gold discovery, significant areas are continually being identified at this expansive project and we are excited to conduct further investigation of this zone. With this in mind we have an additional drilling campaign planned at Gourbassi West as well as IP surveys planned and ASTER satellite data acquired, which covers the entire tenure.

“Drilling at Kossanto will continue into the new year, providing us with plenty of news flow from this asset within our African resource portfolio. We also expect developments at our Ethiopian gold assets, which are being developed in joint venture with Centamin, and at our Mauritanian copper/gold projects, as we aim to strengthen our understanding of these prospective mineralised areas and in turn, deliver value to shareholders.”

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