19 Jan 2015 07:00
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Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
19 January 2015
Alecto Minerals plc ('Alecto' or the 'Company')
Kossanto West Gold Project, Mali - Licence Update
Alecto Minerals (AIM: ALO), the AIM quoted mineral exploration company focussed on West and East Africa, is pleased to announce that it has finalised the consolidation of two of its existing exploration permits, Kobokoto Est and Kobokoto, at its Kossanto West Gold Project ('Kossanto West') in western Mali, into a single 100 sq. km. exploration permit ('the New Kobokoto Permit'). The New Kobokoto Permit, which is for a term of five years, expiring in December 2019, includes the Massakama, Toukwatou, Goreba, Massakama Centrale and Rhyolite Hill gold discoveries, as detailed in figure 1 below.
The Board believes that this permit consolidation represents an important and beneficial step with regards to the Company's ability to secure a potential joint venture partner in respect of Kossanto West.
As previously reported, exploration work completed by Alecto on Kossanto West in 2014, suggests that the area is host to a significant gold-bearing system. This is also supported by the extensive and advanced artisanal mining activity at Kossanto West, which continues to assist Alecto's geologists to identify previously unknown areas of mineralisation, enhance our understanding and confirm the prospectivity of the area.
Following the permit consolidation, the Kossanto Gold Project now consists of three exploration permits that together comprise approximately 203 sq. km. in the Kenieba region of western Mali. The Farikounda permit, which covers the Kossanto East Gold Project, is host to the Company's existing maiden JORC inferred resource of 247,000 oz Au, and the New Kobokoto Permit and Koussikoto Permit make up Kossanto West as shown in figure 1 below.
Alecto's CEO, Mark Jones, commented:
"The consolidation of the Kobokoto Est and Kobokoto permits into one new five year permit covering our key discoveries at Kossanto West, represents an important step to attracting and securing investment from potential JV partners as we seek to build on our success from the 2014 field season at Kossanto West.
"The continued support received from the Government of Mali, as evidenced by this permit consolidation, is testament to the excellent relationships that Alecto maintains in the country and demonstrates the Government's commitment to assist exploration companies in the pursuit of further developing the mining sector in Mali. Management is now planning the next steps towards progressing this expansive project and delivering shareholder value."
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Alecto Minerals plc Mark Jones | Tel: +44 (0)20 3137 8862 |
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Strand Hanson Limited Richard Tulloch Matthew Chandler James Dance | Tel: +44 (0)20 7409 3494 |
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Hume Capital Securities plc Jon Belliss Abigail Wayne | Tel: +44 (0)20 3693 1470 |
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St Brides Media & Finance Ltd Elisabeth Cowell Felicity Winkles | Tel: +44 (0)20 7236 1177 |
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal exploration and development company quoted on AIM with exploration projects in Mali, Ethiopia, Mauritania and Burkina Faso.
In Mali, the Kossanto Project has a current independent inferred JORC code compliant resource estimate of 6.72Mt grading at 1.14g/t Au for an aggregate of 247,000 oz Au with a cut-off grade of 0.5g/t Au at Kossanto East. The Kossanto Project is located in the centre of the Kenieba inlier in western Mali. The Kenieba inlier is a block of ancient greenstones and granites hosting many significant gold deposits in Senegal and Mali, making it one of the most important gold regions in Africa.
The Kerboulé Project, located in the highly prospective Birrimian-age Djibo gold belt in northern Burkina Faso, is ideally positioned for the definition of a preliminary JORC resource estimate, as well as on-going resource expansion, and accordingly is the near term focus of the Company to provide the basis for commencing a preliminary economic assessment.
Alecto also has a joint venture with Centamin plc over two prospective gold exploration licences in Ethiopia which sees Alecto retain exposure to these assets with no capital expenditure obligations, as well as the wholly owned Wad Amour IOCG Project in Mauritania which is at an exploration stage.
Combined, these projects provide the Company with a strong, diversified portfolio with exciting exploration upside potential.