Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector:
Exploration & Development
16 January 2012
Alecto Minerals plc, the AIM listed exploration and
development company with gold and base metal projects in
Ethiopia and Mauritania, is pleased to announce that it has
finalised the design of its ~1,500m Mauritanian scout
drilling programme, comprising of 12 holes, focussed
primarily on targeting Iron Oxide Copper Gold ('IOCG')
mineralisation at its 615 sq km Wad Amour licence located in
the prospective Mauritanide mobile belt of Mauritania.
Previous rock chip sampling has returned grades of up to 5.8%
copper and also gold and silver. This campaign is designed to
test the extent of the mineralisation at depth.
As outlined in the Company's announcement dated 10 October
2011, results from the Phase 2 work conducted by SRK
Exploration Services ('SRK ES') highlighted three targets
worthy of further exploration, with particular emphasis on
the East-West trending 'Chiron' anomaly, located in the Wad
Amour licence, which contains anomalous copper values over an
800m strike. The Company's Technical Consultant, Michael
Smith, will be overseeing Phase 3 of exploration which will
commence in Q3
2012. Local geologists are currently being sought to conduct
the work.
SRK ES considers that the Wad Amour licence has the potential
to host significant copper/gold occurrences similar to First
Quantum Mineral Limited's Guelb Moghrein IOCG deposit.
Surface mapping accompanied with favourable results from rock
chip sampling and soil geochemistry indicated three
mineralised areas at this target. It is suspected that all
three areas form part of a single body and the 12 hole drill
programme will test whether the mineralisation extends
between these surface bodies. A number of additional holes
will be placed from information gathered while drilling.
Results delivered from ground geophysics support the surface
observations, indicating additional targets with no surface
expression in the area; in the middle of the surface
expressions of mineralisation, 350m to the SE and 900m to the
NNE.
Alecto Executive Director Damian Conboy said, "Exploration to
date in Mauritania has highlighted the IOCG prospectivity of
our licences and this circa 1,500m drill programme will build
upon the focussed exploration work already conducted to date.
Drilling is our main priority for this current field season
however, depending on time we will also implement a regional
programme and conduct further geophysics and soil sampling to
broaden our understanding of the area. Importantly, we look
forward to utilising our recently hired technical director
Michael Smith with his extensive experience in developing
projects as we press forward and strengthen our understanding
of the mineralisation, with a view to building shareholder
value."
For further information, please visit www.alectominerals.comor contact: Damian Conboy Alecto Minerals plc
Tel: 020 3006 0260
Ewan Leggat Fairfax I.S. PLC - Joint Broker Tel: 020 7598
5368
Katy Birkin Fairfax I.S. PLC - Joint Broker Tel: 020 7598
5368
Jonathan Evans Fox-Davies Capital Ltd - Nominated Adviser &
Joint Broker
Tel: 020 3463 5000
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236
1177
Elisabeth Cowell St Brides Media & Finance Ltd Tel: 020 7236
1177
Alecto Minerals plc is an AIM listed exploration company
focussed on Africa with a diverse portfolio of exploration
assets in Mauritania and Ethiopia. In Mauritania, it has
three gold and base metal development licences totalling
1,902 sq km and two uranium licences totalling 1,592 sq km in
the highly prospective Mauritanide mobile belt. It also holds
the 1,953 sq km gold exploration licence in the highly
prospective Aysid-Metekel region of north western Ethiopia
and the 945 sq km Wayu Boda gold licence in the mineral-rich
central-southern Adola greenstone belt in southern
Ethiopia.
The Company is committed to conducting exploratory work
across its portfolio, designed to strengthen its knowledge of
the assets and delineate targets for further exploration. In
tandem, the Board continues to evaluate a number of
synergistic assets to build shareholder value.
distribué par | Ce noodl a été diffusé par Alecto Minerals plc et initialement mise en ligne sur le site http://www.alectoenergy.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-16 10:09:55 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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