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Alecto Minerals plc (LSE:ALO), an AIM quoted mining exploration company focussed on West and East Africa, has issued an positive update regarding the company’s drilling activities at its 207 sq km Kossanto Gold Project in the prospective Kenieba Inlier in western Mali across its three target areas Gourbassi East, West and Massakama.
Overview:
· First phase of the current Diamond and Reverse Circulation drill programme at Kossanto has been completed
· Initial drill results from first 9 holes confirm potential expansion of the current 107,000 ounce gold resource based on extensions at depth and to the south west with best results from GRC55 and GRC58 including:
o GRC55: 18m @1.1 g/t of gold (‘Au’)
o GRC55: 9m @ 2.22 g/t Au
o GRC58: 3m @ 6.03 g/t Au
o GRC58: 4m @ 3.05 g/t Au
o GRC58: 3m @ 3.07 g/t Au
o GRC58: 2m @ 7.59 g/t Au
· Key drill holes in Gourbassi East main resource area are still awaiting assay
· Core drilling is providing a better understanding of geological and structural controls within the licence area
· Phase 2 of the current drill programme at Gourbassi East will commence in the short term
· Encouraging levels of alteration and sulphides intersected along perceived mineralised structure at Gourbassi West target area by 11 RC holes drilled
· Awaiting further assay results which will provide regular newsflow throughout Q1 2014
· Initial scout holes currently being drilled at Massakama Big Pit and Goreba targets
· Water well drilled to provide access to clean water for the local community
Alecto CEO Mark Jones said, “The drill results to date successfully demonstrate the strong potential to increase the current resource of 107,000 ounces at the Gourbassi East target at depth, in addition to confirming that the gold mineralisation extends to the south-west of the original resource area. With many of the key holes in the resource area still awaiting assay, we can remain confident that we will be able to meet our target of increasing the JORC resource. Having identified that strongly mineralised extensions do not exist to the South East, we are now gaining a better understanding of the mineralised structures that will allow us to target where additional resource could be delivered.
“At Gourbassi West, many of the 11 RC holes drilled show significant zones of alteration and we look forward to the assay results which are expected in February 2014. These results will provide the platform for the future work programme as we expand our understanding of the extent of the mineralisation and the commercial viability of the project in its entirety.
“Following a site visit earlier this month, the significance of the artisanal mining at Massakama provided a compelling argument to drill some scout holes at the Big Pit and Goreba targets whilst the RC drilling rig was in the locality. A number of holes are currently being drilled under the artisanal mining areas and we will need to wait until completion of the programme to gain an initial view on the prospectivity.
“The full results from our multi-faceted drilling programme are expected to flow through by the end of Q1 2014, providing us with plenty of news flow over the coming weeks. We plan to conduct further drilling in 2014 as we continue to advance this exciting gold project. We are in a strong financial position and look forward to providing further updates following full analysis of the results from our current campaign.”
