LONDON (Alliance News) - Alecto Minerals PLC Thursday said it was "excited" to discover a further gold bearing area at its Kossanto gold project in western Mali.
Alecto said there had been a significant increase in artisanal activity and workings at the Massakama site, one of the three identified prospects area at Kossanto, where previous exploration work has produced drill intercepts of up to 8 metres at 18.5 grams per tonne of gold.
In artisanal mining, subsistence miners pan for gold using their own resources, generally using hand tool.
"Confidence is high within Alecto that this gold showing, within an area of intense artisanal workings, represents part of a much larger system," the company said.
The company said it now plans to use the results from channel sampling at the project to formulate a drill programme in the first quarter of 2014.
The stock was trading at 1.07 pence Thursday afternoon, up 0.02 pence or 1.4%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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