LONDON (Alliance News) - Alecto Minerals PLC Monday said it is moving to the next stage of development at its Kossanto Gold project in western Mali.
The Africa-focused mining exploration company said it believes that exploration drilling soon to begin at Kossanto will increase the current resource figure of 107,000 ounces of gold at the Gourbassi East prospect.
Alecto said its multi-purpose UDR 650 drill will be on site December 1 to commence drilling activities and that road construction to the site has commenced and is currently 30% complete.
The company also said it is using GBP1 million raised through the issuance of 100 million shares a fortnight ago to strengthen its understanding of areas outside the initial resource zone in Kossanto.
Alecto said it has an additional drilling campaign planned at Gourbassi West as well as induced polarization surveys planned and has acquired further satellite data, which covers the entire tenure.
Alecto shares were flat at 1.08 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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