LONDON (Alliance News) - Alecto Minerals PLC Tuesday said it has found new prospects on the Massakama target at the Kossanto gold project in Mali following a large drill programme, with strong indications that the site hosts an extensive gold-bearing system.
The gold mining company said 18 out of 24 drill holes completed on the site, for a total of 1,998 metres of drilling, found gold mineralisation including a two metre space at 13.54 grams per tonne of gold from seven metres in depth at the TRC009 hole and a 23 metre space at 0.67 grams per tonne of gold from 16 metres in depth.
The company said the drilling was undertaken over four prospect areas: Goreba, Big Pit, MSK Centrale and a recently discovered Phyolite Hill prospect. It found high-grade quartz veins at the Goreba target, mineralised intersections at the MSK Centrale target, and a structure which seems to delineate the mineralisation at Rhyolite Hill.
It added that through its reconnaissance work at the sites, it has now also identified a fifth target area, known as Toukwatou.
Alecto Minerals said that grab samples and channel sampling are being carried out on the Toukwatou target, and it has already received results from an initial 2 metre sample, showing 2.62 grams per tonne of gold.
"We are extremely pleased with these exploration results for the Massakama target at our Kossanto project, as they offer a very real indication of significant gold mineralisation in this area," Chief Executive Mark Jones said in a statement. "The results indicate that we have a mix of high-grade quartz veins and mineralised structures within multiple shear zones."
Alecto Minerals shares were up 11% to 0.940 pence, putting it in the top-ten AIM ALL-Share risers during early trading on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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