Alecto Minerals PLC Renewal of Kerboul xploration Licences (2753X)
May 05 2016 - 2:00AM
UK Regulatory
TIDMALO
RNS Number : 2753X
Alecto Minerals PLC
05 May 2016
Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Mining
5 May 2016
Alecto Minerals plc ('Alecto' or the 'Company')
Renewal of Kerboulé Exploration Licences in Burkina Faso
Alecto Minerals plc (AIM: ALO), the Africa-focused gold and base
metal exploration and development company, is delighted to announce
that it has been awarded a further three-year term for its
Gassel-Manere and Arae mineral exploration permits (together the
"Kerboulé Project" or "Kerboulé") in Burkina Faso, which
collectively have an initial independent (non-JORC) in-situ gold
resource assessment of 6.2Mt grading at 1.16g/t Au for 230,758 oz
Au, at a cut-off grade of 0.5g/t Au.
Highlights:
-- Validity of existing Kerboulé exploration permits extended
for a further three years to 16 January 2019
-- Extension is a crucial step to securing a potential joint venture partnership
-- Renewal and a potential joint venture is in-line with the
Company's strategy to maintain exposure to its highly attractive
West African exploration portfolio whilst minimising exploration
and development spend
-- The additional three year term will allow sufficient time to
expand the known mineral resource estimate of 230,758 oz Au in the
Kerboulé-Yalema Corridor ('KY-corridor') and complete further
exploration at the highly prospective Palpaga Exploration
Target
Alecto's CEO, Mark Jones, commented:
"An additional three year licence period for the Kerboulé
project sets the conditions for adequate additional exploration
work to be completed at this highly attractive and exciting gold
asset in a well established mining jurisdiction. The extension is
testament to the excellent relationships we maintain with the
mining administration in Burkina Faso and the abilities of our
small but extremely capable in-country team. With nearly 0.25
million ounces already defined in the KY-corridor and a vast
exploration target at Palpaga we are confident that with additional
time to explore, this project will deliver significant future
returns. We remain committed to finalising a joint venture
arrangement for the continuance of activities on the ground so that
Alecto and its shareholders can maintain exposure to the project
without committing financial resources, whilst we continue to focus
on producing saleable gold from our Matala project in Zambia as
rapidly as possible."
The Kerboulé Project covers 399.5km2 of the highly prospective
Birimian-age Djibo gold belt in the north of Burkina Faso, and lies
20km along strike of the 5Moz Inata gold mine. Alecto acquired the
project in November 2014 and quickly compiled historical data and
modelled the mineralised zone leading to an independent (non-JORC)
mineral resource estimate by Wardell Armstrong International
("WAI") in April 2015 of 6.2Mt grading at 1.16g/t Au for 230,758 oz
Au, at a cut-off grade of 0.5g/t (see the Company's announcement of
27 April 2015).
Despite a popular uprising and a military coup d'etat in Burkina
Faso during the the year following acquisition of the project,
Alecto's geologists were able to complete essential work and
demonstrate the potential of the project. Burkina Faso returned to
stability in November 2015 when President Kaboré was elected.
Alecto's strategy remains focused on becoming a producer in the
mid to near term through the development of the Matala gold deposit
in Zambia. In tandem it will continue to advance its early stage
exploration portfolio through joint venture or early monetisation
of opportunities.
Figure 1: Map showing the licence location of Kerboulé
http://www.rns-pdf.londonstockexchange.com/rns/2753X_-2016-5-4.pdf
**ENDS**
For further information please visit www.alectominerals.com,
follow us on Twitter @AlectoMinerals, or contact:
Alecto Minerals plc Tel: +44 (0)20 7499 5881
Mark Jones
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Andrew Emmott
Matthew Chandler
James Dance
Beaufort Securities Limited Tel: +44 (0)20 7382 8300
Jon Belliss
St Brides Partners Limited Tel: +44 (0)20 7236 1177
Elisabeth Cowell
Charlotte Heap
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal
exploration and development company quoted on AIM with gold
exploration projects in Zambia, Mali, Burkina Faso and
Mauritania.
In Zambia, the historic Matala and Dunrobin gold mines have, in
aggregate, a 760,000 oz Au JORC Code compliant resource estimate in
the Measured, Indicated and Inferred categories at an average grade
of 2.3g/t Au. The Company is focused on seeking to bring Matala
into low-cost production in the near to mid-term.
In Mali, the Kossanto East project has an 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. This
is under a co-operation agreement with ASX listed Desert Gold Inc.
to evaluate the potential to jointly develop each company's
neighbouring projects into production. The Kossanto West Project is
under a joint venture with Randgold Resources Limited.
Alecto also owns the Kerboulé Project, located in the highly
prospective Birrimian-age Djibo gold belt in northern Burkina Faso,
as well as the wholly owned Wad Amour IOCG Project in Mauritania
which is at an exploration stage.
Accordingly, the Company has a strong, diversified project
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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