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LONDON (Alliance News) - Alecto Minerals PLC Thursday said it has received positive results from drilling at the Massakama target at its flagship Kossanto Gold Project in Mali, after recent channel sampling showed the potential to host an extensive gold-bearing system at the site.

The mineral exploration company focused on Africa said it drilled a total of 761 metres across 38 holes, and strong intercepts were found in 11 holes, including a 6 metre space at 4.23 grams per tonne of gold from 9 metres in depth and another 6 metre space at 7.835 grams per tonne of gold from 24 metres in depth.

The company said the results show a corridor of mineralisation covering a strike length of 300 metres while it identified multiple gold bearing vein sets and intrusive bodies.

It said the results further confirm the high-grade mineralisation encountered in its two artisanal pits at the larger Toukwatou prospect, which produced average grades of 1.43 grams per tonne of gold and 1.89 grams per tonne.

"This new target area forms part of our strategy to make new gold discoveries at Kossanto, which we hope to advance further in due course through resource definition drilling in order to complement the current JORC-code compliant inferred resource estimate of 247,000 ounces of gold for the Gourbassi Prospect," Chief Executive Mark Jones said in a statement.

Alecto Minerals shares were trading down 0.6% at 0.870 pence on Thursday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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