LONDON (Alliance News) - Alecto Minerals PLC said Thursday it has received positive assay results for eight of 11 Reverse Circulation holes completed at the Gourbassi West target in its drilling activities at the prospective Kenieba Inlier in western Mali.
The company said it has received assay results for ten of the RC holes at Gourbassi to date, of which eight confirm the continuity of mineralisation over a strike length of approximately 560 metres.
Alecto said the results came as part of its recent drilling activities at the Gourbassi West target, one of three targets identified at its 207 sq km Kossanto Gold Project in the prospective Kenieba Inlier in western Mali.
Alecto said it has recorded significant average grades of mineralisation encountered for six of these holes, with the best results including; 14 metres at 4.08 g/t of gold; 17 metres at 1.17 g/t of gold; and 5 metres at 1.96 g/t of gold.
Mineralisation is within the oxides and close to surface, presenting the potential for a mineable opportunity, notes the firm, adding that results from a further RC hole and two Diamond Drill holes undertaken at this target are expected before the end of March 2014. "There is considerable potential for the mineralisation to continue to the north of the GRBW target and Alecto will now deploy its own Rotary Air Blast rig to test this area," said Alecto.
CEO Mark Jones said, "These latest positive results from Kossanto... confirm the continuity of the gold mineralisation over a strike length of approximately 560 metres at GRBW, as well as its shallow nature, which should be beneficial for the economics of any potential future production at the project area. GRBW was not included within our initial resource estimate of 107,000 ounces Au and, with evidence that the mineralisation continues to the north of the target, the upside potential across the project area as a whole is now becoming clearer."
Shares in the mineral exploration company were trading down 1.87% at 1.472 pence per share Thursday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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