Alecto announce mineral findings

PUBLISHED: Oct 08 2013 @ 16:30 | Comments (0) |

Alecto Minerals (LSE:ALO), a mining exploration company focusing on West and East Africa, is has provided a market update on the Company’s exploration activities at its Kossanto Gold Project, West Mali.

Highlights:

• Trenching and soil sampling at Gourbassi East demonstrated the following positive results:
o Trenching over the Gourbassi East Main Zone reveals high grade mineralisation related to previously untested East-West orientated structures with grades of up to 14m @ 3.71 g/t gold (‘Au’)
o Trenching to south of the Main Zone has revealed a new zone of mineralisation; 150 m in strike length, with grades of up to 22m @ 0.82 g/t Au and open along strike in both directions
o Soil geochemistry around the Gourbassi East prospect has revealed low order (+30ppb Au) kilometre-scale structured anomalies of up to 2.5km strike length and more than 100m width
o New targets identified with soil sampling outlined high order (+50ppb) gold-in-soil (Au-in-soil) anomalies including Gourbassi North–West Zone and South-East Extension Zone
• Rotary Air Blast (‘RAB’) drilling planned in high order Au-in-soil anomalies along with expansion of soil sample area to commence at the end of the wet season (November 2013)
• 100 line-km of ground magnetic survey planned over the high order Au-in-soil anomalies using Alecto owned equipment and expertise

Alecto Minerals CEO Mark Jones said: “The Kossanto Gold Project in Mali has both a solid resource of 107,000 ounces of gold at our Gourbassi East target and strong prospectivity in new areas, as further demonstrated by these latest exploration results. The new mineralisation within the current resource area builds further confidence in our near term goal of increasing our gold resources and the identification of new anomalies throughout the wider tenure is exciting, particularly given that a number of large-scale gold deposits discovered in the region to date are associated with broad-scale soil anomalies at or above the 50ppb Au threshold.

“Our next task will be to undertake RAB drilling, using our own equipment, to increase our exposure to the inherent value apparent within our tenure, which is located in a highly prospective gold district” said Mr Jones.

Following the successful Reverse Circulation (‘RC’) drill programme in 2012, which culminated in an Inferred resource estimate of 2.35 Mt grading 1.42g/t Au for 107,000 oz Au by Wardell Armstrong International, work has concentrated on improving the structural understanding of the Gourbassi East Prospect, finding extensions to the Main Zone and discovering more targets. This has been completed principally using trenching, soil geochemistry and pitting, all of which have provided positive results.

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