Alecto issue Western Mali update

PUBLISHED: Dec 11 2013 @ 04:02 | Comments (8) |

Alecto Minerals (LSE:ALO), an AIM quoted mining exploration company focussed on West and East Africa, has issued an update focussed on three target areas, Massakama and Gourbassi East and West from its 100% owned Kossanto Gold Project in western Mali.

Highlights:

· Expansive potential of Kossanto continuing to unfold – sampling of two newly discovered areas close to the Northern Massakama target yields positive high grade results up to 31.5 g/t Au – further exploration work planned

· Other sampling results include 18.1 g/t of gold, 9.1 g/t of gold and 4.49 g/t of gold

· 1,500m Diamond Drilling and up to 4,500m of Reverse Circulation (‘RC’) drilling has commenced at Gourbassi East and Gourbassi West respectively – first assay results are expected in Q1 2014

· Drilling at Gourbassi East is focussed on substantially increasing the current JORC resource of 107,000 ounces of gold, and RC drilling at Gourbassi West will serve to infill previous holes

· The first diamond hole at Gourbassi East has been completed and targets the high grade gold mineralisation identified from hole GRC16 in Q4 2012 which returned 75m @ 2.05 g/t of gold (‘Au’) from surface

· Completion of 65 km of road upgrade to improve access to all project areas

· Wardell Armstrong International retained as consultants

Alecto CEO Mark Jones said, “Alecto continues to make significant strides in revealing the expansive potential of our flagship Kossanto Gold Project in Mali having received exceptional high grade sampling results from two new areas of artisanal interest near to the Massakama Prospect and the commencement of an extensive drilling programme across the other two target areas Gourbassi East and West. The drilling is aimed at augmenting our current resource of 107,000 ounces and strengthening our geological understanding of both areas respectively.

“As the year draws to a close, we look forward to the coming months with excitement as developments across our entire African portfolio of resource assets come into fruition. Outside of Kossanto, RAB drilling of our IOCG assets in Mauritania will commence in the New Year and we are currently finalising our plans for exploration at our Ethiopian gold assets with our JV partner Centamin. We will provide an update regarding forthcoming activities at these prospective projects in the coming weeks” said Mr Jones.

Sampling Programme:

Results from the sampling of two newly discovered artisanal mining areas to the north-west and south-west of the Massakama Prospect in the west of the Kossanto Project have yielded positive and high grade results. In both areas intensive artisanal workings target visible gold in smokey quartz veins hosted in felsic to intermediate intrusives and volcanics. 39 samples were taken at the South Western project, with all samples showing positive assays for gold with a high of 4.49 g/t Au and an average of 0.33 g/t Au. A channel sample taken across the bottom of the open excavation reported back at 26m @ 0.24 g/t Au including 5m @ 0.45 g/t Au.

At the NW artisanal mining zone of Goureba, north east striking smokey quartz veins with visible gold and arsenopyrite are being mined by artisanal miners. Seven samples were taken with an average grade of 8.47 g/t Au and a high of 31.5 g/t Au.

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