Alecto Minerals PLC Kossanto West Gold Project, Mali - Licence Update (4455C)
January 19 2015 - 1:00AM
UK Regulatory
TIDMALO
RNS Number : 4455C
Alecto Minerals PLC
19 January 2015
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Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Exploration & Development
19 January 2015
Alecto Minerals plc ('Alecto' or the 'Company')
Kossanto West Gold Project, Mali - Licence Update
Alecto Minerals (AIM: ALO), the AIM quoted mineral exploration
company focussed on West and East Africa, is pleased to announce
that it has finalised the consolidation of two of its existing
exploration permits, Kobokoto Est and Kobokoto, at its Kossanto
West Gold Project ('Kossanto West') in western Mali, into a single
100 sq. km. exploration permit ('the New Kobokoto Permit'). The New
Kobokoto Permit, which is for a term of five years, expiring in
December 2019, includes the Massakama, Toukwatou, Goreba, Massakama
Centrale and Rhyolite Hill gold discoveries, as detailed in figure
1 below.
The Board believes that this permit consolidation represents an
important and beneficial step with regards to the Company's ability
to secure a potential joint venture partner in respect of Kossanto
West.
As previously reported, exploration work completed by Alecto on
Kossanto West in 2014, suggests that the area is host to a
significant gold-bearing system. This is also supported by the
extensive and advanced artisanal mining activity at Kossanto West,
which continues to assist Alecto's geologists to identify
previously unknown areas of mineralisation, enhance our
understanding and confirm the prospectivity of the area.
Following the permit consolidation, the Kossanto Gold Project
now consists of three exploration permits that together comprise
approximately 203 sq. km. in the Kenieba region of western Mali.
The Farikounda permit, which covers the Kossanto East Gold Project,
is host to the Company's existing maiden JORC inferred resource of
247,000 oz Au, and the New Kobokoto Permit and Koussikoto Permit
make up Kossanto West as shown in figure 1 below.
Alecto's CEO, Mark Jones, commented:
"The consolidation of the Kobokoto Est and Kobokoto permits into
one new five year permit covering our key discoveries at Kossanto
West, represents an important step to attracting and securing
investment from potential JV partners as we seek to build on our
success from the 2014 field season at Kossanto West.
"The continued support received from the Government of Mali, as
evidenced by this permit consolidation, is testament to the
excellent relationships that Alecto maintains in the country and
demonstrates the Government's commitment to assist exploration
companies in the pursuit of further developing the mining sector in
Mali. Management is now planning the next steps towards progressing
this expansive project and delivering shareholder value."
**ENDS**
For further information, please visit www.alectominerals.com or
contact:
Alecto Minerals plc Tel: +44 (0)20 3137 8862
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Richard Tulloch
Matthew Chandler
James Dance
Hume Capital Securities plc Tel: +44 (0)20 3693 1470
Jon Belliss
Abigail Wayne
St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Felicity Winkles
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal
exploration and development company quoted on AIM with exploration
projects in Mali, Ethiopia, Mauritania and Burkina Faso.
In Mali, the Kossanto Project has a current independent inferred
JORC code compliant resource estimate of 6.72Mt grading at 1.14g/t
Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t
Au at Kossanto East. The Kossanto Project is located in the centre
of the Kenieba inlier in western Mali. The Kenieba inlier is a
block of ancient greenstones and granites hosting many significant
gold deposits in Senegal and Mali, making it one of the most
important gold regions in Africa.
The Kerboulé Project, located in the highly prospective
Birrimian-age Djibo gold belt in northern Burkina Faso, is ideally
positioned for the definition of a preliminary JORC resource
estimate, as well as on-going resource expansion, and accordingly
is the near term focus of the Company to provide the basis for
commencing a preliminary economic assessment.
Alecto also has a joint venture with Centamin plc over two
prospective gold exploration licences in Ethiopia which sees Alecto
retain exposure to these assets with no capital expenditure
obligations, as well as the wholly owned Wad Amour IOCG Project in
Mauritania which is at an exploration stage.
Combined, these projects provide the Company with a strong,
diversified portfolio with exciting exploration upside
potential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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