17 Jul 2014 10:00
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Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
17 July 2014
Alecto Minerals plc ('Alecto' or the 'Company')
Positive results from Rotary Air Blast drilling at the Massakama Target,
Kossanto Gold Project, Mali
Alecto Minerals plc (AIM: ALO), the AIM quoted mineral exploration company focussed on West and East Africa, is pleased to announce positive assay results from its recently completed Rotary Air Blast ('RAB') drill programme on the Toukwatou prospect within the Massakama target, at the Company's flagship Kossanto Gold Project ('Kossanto') in the prospective Kenieba Inlier, western Mali.
Highlights:
· Significant high-grade intercepts received from scout RAB drilling completed on the Toukwatou prospect - a total of 761 metres drilled across 38 holes
· All assay results have been reported and strong intercepts were encountered in 11 drill holes
· Intercepts from the drill programme include:
o Hole TRABL01/1 - 6 metres @ 4.23 g/t Au from 9 metres depth
o Hole TRABL05/3 - 12 metres @ 3.34 g/t Au from 6 metres depth
o Hole TRABL06/8 - 6 metres @ 7.835 g/t Au from 24 metres depth
· NE-SW trending corridor of mineralisation has been identified covering a strike length of 300 metres as indicated by mineralised intercepts
· Mineralisation encountered is associated with an intensely quartz veined felsic intrusive
· Multiple gold-bearing vein sets and intrusive bodies identified
· Results further confirm the high-grade mineralisation encountered in the artisanal pits at the Toukwatou prospect (the results of previous channel sampling were reported by the Company on 27 June 2014)
Mark Jones, CEO of Alecto, commented:
"These latest high-grade gold RAB drilling results further confirm our belief that the Toukwatou prospect at the Massakama target represents a viable new resource opportunity at Kossanto. By leveraging our in-house RAB drilling and geophysics capabilities we have managed to progress this prospect through to confirming continuity of mineralisation at depth within just 8 weeks and importantly at a low-cost.
"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 oz Au for the Gourbassi Prospect. With this in mind, we believe that these latest results from Toukwatou place Alecto in a very strong position to continue to deliver promising news flow from Kossanto and add value in the next drilling season."
Further Information
Thirty eight (38) angled RAB drill holes, for a total of 761 metres, were completed around the Toukwatou artisanal workings in order to identify the strike and depth of mineralisation, and to gain an understanding of potential extensions beyond the current workings and refine the target area for possible resource-level drilling.
Toukwatou is another recently discovered gold-rich prospect identified within the Massakama target at the Company's Kossanto Project, located a few hundred metres from the previously drilled Goreba artisanal workings which host visible gold bearing horizontal quartz veins, and it is several kilometres from MSK Centrale, where recent Reverse Circulation ('RC') drill results of 23m @ 1.35 g/t Au and 16m @ 1.0 g/t Au proved continuity to the historically discovered mineralised intercepts of up to 8m @ 18.5 g/t Au.
Strong mineralisation encountered in 11 of the drill holes has identified a NE-SW trending corridor covering a strike length of 300 metres. The mineralisation is associated with an intensely quartz veined felsic intrusive and multiple gold-bearing vein sets and intrusive bodies have been identified.
In addition to the preliminary scout RAB drilling programme, Alecto geologists completed 25.6 line-kms of ground magnetic geophysics over the Toukwatou area using their own in-house G-856 proton magnetometer. The results of the survey further defined trends interpreted in the regional magnetic geophysical imagery and provide refined detail for structural analysis and future drill targeting in the Toukwatou prospect area.
Table 1: Highlights from the RAB drilling results at the Toukwatou prospect (fire assay completed by SGS Bamako on 3m length composites)
Hole Number | Hole Depth (m) | UTM Easting | UTM Northing | DH From (m) | DH To (m) | Length (m) | Au grade (g/t) | Including |
TRABL01/1 | 22 | 185810 | 1495414 | 9 | 15 | 6 | 4.23 | |
TRABL01/3 | 18 | 185809 | 1495414 | 12 | 15 | 3 | 1.32 | |
TRABL02/1 | 22 | 185790 | 1495388 | 6 | 12 | 6 | 0.73 | |
TRABL03/1 | 22 | 185790 | 1495378 | 3 | 6 | 3 | 1.15 | |
TRABL04/2 | 20 | 185771 | 1495370 | 12 | 18 | 6 | 2.9 | 3m @ 5.38 |
TRABL04/3 | 21 | 185767 | 1495382 | 9 | 12 | 3 | 0.41 | |
TRABL04/3 | 21 | 185767 | 1495382 | 18 | 21 | 3 | 0.54 | |
TRABL05/3 | 19 | 185739 | 1495353 | 6 | 18 | 12 | 3.34 | |
TRABL06/7 | 25 | 185942 | 1495516 | 21 | 25 | 4 | 0.515 | |
TRABL06/8 | 37 | 185958 | 1495524 | 24 | 30 | 6 | 7.835 | 3m @ 9.1 |
TRABL08/1 | 21 | 185815 | 1495446 | 12 | 18 | 6 | 1.58 | 3m @ 2.86 |
TRABL09/1 | 27 | 185920 | 1495466 | 3 | 9 | 6 | 0.345 |
Figure 1: Map of RAB drill hole locations showing significant gold intercepts and inferred zone of mineralisation
Review of Information
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves has been reviewed by Michael Ware, who is the Company's consultant and a Fellow of the Australasian Institute of Mining and Metallurgy.
Michael Ware has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking and is a qualified person as defined in the AIM Rules. Michael Ware has reviewed this announcement and consents to the inclusion in the announcement of the matters based on his information in the form and context in which they appear.
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Alecto Minerals plc Mark Jones | Tel: 020 3137 8862 |
Strand Hanson Limited Richard Tulloch Matthew Chandler James Dance | Tel: 020 7409 3494 |
Hume Capital Securities plc Jon Belliss Abigail Wayne | Tel: 020 3693 1470 |
St Brides Media & Finance Ltd Elisabeth Cowell Felicity Edwards | Tel: 020 7236 1177 |
Notes to editors:
Alecto Minerals plc is an African focussed, gold and base metal exploration company quoted on AIM.
The on-going development of the Kossanto Project in Mali is the Company's predominant focus and with significant value upside potential evident across the tenure, the Board plans to build on the existing independent inferred resource estimate of 247,000 oz Au for Gourbassi reported in accordance with the guidelines of the JORC Code (2012).
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 207 sq. km. Kossanto Project currently comprises the Gourbassi and Massakama target areas located in the west of the licence area, where large-scale artisanal activity is occurring.
Alecto also has a joint venture with Centamin plc over two prospective gold exploration licences in Ethiopia, under which Alecto retains exposure to such 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.