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alecto minerals plc (ALO) Snapshot

1.13 GBp
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1.13 GBp
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1.13 GBp
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1.05 GBp
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09/23/13 - 2.75 GBp
52 Week Low
05/28/13 - 0.90 GBp
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-0.0037 GBp
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alecto minerals plc (ALO) Details

Alecto Minerals Plc, together with its subsidiaries, explores and develops precious and base metals in the United Kingdom, Mauritania, and Ethiopia. The company holds interests in 3 copper gold assets covering an area of 1,828 square kilometers located in the Mauritanide belt of Mauritania; and 2 uranium licenses that covers an area of 1,592 square kilometers, located in the Reguibat Shield of Mauritania. It also holds interest in the Wayu Boda project, which covers an area of 945.5 square kilometers, located in the central-southern Adola greenstone belt in southern Ethiopia; the Aysid-Metekel gold and base metal project that covers an area of 1,953 square kilometers located in the north western Ethiopia; and the Kossanto gold project, as well as 2 exploration licenses in south-west Mali. The company was formerly known as Alecto Energy plc and changed its name to Alecto Minerals Plc on May 2011. Alecto Minerals Plc was incorporated in 2004 and is based in London, the United Kingdom.

Founded in 2004

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alecto minerals plc (ALO) Key Developments

Alecto Minerals plc Announces Completion of RAB drilling at Gourbassi East Prospect, Kossanto Gold

Alecto Minerals plc announced that it has recently completed a 1,505 metre drill programme, utilising its in-house truck-mounted Rotary Air Blast ('RAB') drill-rig, at the Gourbassi East prospect ('GRBE'). GRBE is one of three target areas identified at the group's 100% owned 207 sq. km. Kossanto Gold Project in Western Mali. Fence lines drilled in heel-to-toe fashion to cover geophysical and geochemical anomalies in the GRBE area outside of the main resource zone, which has a pre-existing maiden resource of 107,000 ounces of gold. Parallel structures are common within this part of the Birrimian Greenstone belt of the Kenieba inlier and it is expected that RAB drilling will rapidly prove whether such potential exists at Gourbassi East. Achieved hole depths of up to 51 metres following successful modifications. 541 composite samples (3 metre composites) sent to SGS Laboratories in Bamako, Mali, for analysis by Fire Assay. Low cost and effective scout drilling capability proven with a drilling cost of below $6 per metre. The RAB rig has now been deployed to the Gourbassi West ('GRBW') prospect to commence testing of the gold mineralisation to the north of the target, where drilling to date has highlighted the potential for continuation. The work programme at GRBW will be critical to understanding the near-term resource potential at this prospect.

Alecto Minerals plc Announces Drill Results at Kossanto Gold Project Mali

Alecto Minerals plc provided details of positive assay results received for eight of the 11 Reverse Circulation (RC) holes completed as part of the company's recent drilling activities at the Gourbassi West target (GRBW), one of three targets identified at its 207 sq km Kossanto Gold Project (Kossanto) in the prospective Kenieba Inlier in western Mali. Assay results received to date for ten of the RC holes at GRBW, of which eight confirm the continuity of mineralisation over a strike length of approximately 560 metres. 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 (Au), 17 metres at 1.17 g/t Au, 5 metres at 1.96 g/t Au, Mineralisation is within the oxides and close to surface, presenting the potential for a mineable opportunity. Results from a further RC hole and two Diamond Drill (DD) 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 (RAB) rig to test this area. The programme at GRBW is aimed at increasing the company's understanding of the mineralised controls, proving any continuity of gold grades and progressing towards the generation of sufficient information for the preparation of an initial resource estimate over this area. Results from DD drilling undertaken at the Gourbassi East target (GRBE) where a maiden resource of 107,000 ounces Au has previously been defined, remain pending - minor delays have arisen due to the time taken to complete sample preparation and Au assays.

Alecto Minerals plc Announces Gold Exploration Update Wayu Boda, Ethiopia

Alecto Minerals plc announced that field work has commenced at the company's 945.5 sq km Wayu Boda Gold Project located on the Adola Greenstone belt in southern Ethiopia. The Project is held under joint venture with Centamin plc, which is required to fund USD 1.8 million to maintain an initial 51% interest. A regional exploration camp has been set up at Wayu Boda and all the ancillary support equipment for the core drill rig are on site. The full details of the proposed programme are being finalised and will be announced in due course, however initial core drilling is anticipated to commence in the coming weeks. To date, the company has conducted trenching, geophysics, and geological mapping which focused on the northern 15% of the licence areas where extensive artisanal workings occur in three locations of a 2km of strike targeting quartz vein swarms and larger individual quartz veins hosted in metavolcanics. Occasional pits target the host rock itself and notably grades of up to 47.4 g/t of gold have been reported from rock chip sampling and trenching in these areas.


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