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09/23/13 - €0.02
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alecto minerals plc (OKV7) 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.

5 Employees
Last Reported Date: 05/30/14
Founded in 2004

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alecto minerals plc (OKV7) Key Developments

Alecto Minerals plc Announces Positive Results from Rotary Air Blast Drilling at Kossanto Gold Project, Mali

Alecto Minerals plc announced positive assay results from its recently completed Rotary Air Blast drill programme on the Toukwatou prospect within the Massakama target, at the company's Kossanto Gold Project in the prospective Kenieba Inlier, western Mali. Thirty eight 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 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.

Alecto Minerals plc Announces Board Changes

Alecto Minerals plc announced that Dominic Doherty, currently Alecto's Operations Manager, has been appointed to the Board as Operations Director with immediate effect. In tandem with this, Mike Ware, the company's part time Executive Director, will step down from the Board also with immediate effect, however he will continue to advise the company as a consultant. Dominic is based full time at the company's operational headquarters in West Africa and these Board changes are in line with the company's strategy to strengthen its operational capabilities as it focuses on advancing its African gold and base metal portfolio. Dominic has worked for many years in West Africa through his position as a Captain in the British Army, which enabled him to forge strong relationships with industry participants and authorities. Previous to his role in developing the Kossanto Gold Project, Dominic was one of the founding partners of Roc Resources (Mali) Sarl. Dominic was also Head of Business Development for the Government of Dubai and took a leading role interfacing with African Producers for the UAE Government's "Masterplan for Diamonds" and enabling the Kimberley Process in Africa and the Middle East.

Alecto Minerals plc Announces Gold Results from Channel Sampling

Alecto Minerals plc announced positive results from a channel sampling programme undertaken at the recently defined Toukwatou prospect at the Massakama target on the Kossanto Gold Project in the Kenieba inlier, in western Mali, which hosts several major producing gold mines. The Toukwatou prospect was identified within the last month and is located in the centre of the Massakama target area at Kossanto. There has been a sharp rise in artisanal mining activity, which is currently characterised by two large pits that have been excavated by hand in the centre of the prospect. At the time of sampling, the Toukwatou northern pit was 40 metres in length and approximately 5 metres deep striking in a 019º direction. The Toukwatou southern pit was approximately 20 metres in length, approximately 5 metres deep and striking in a 074º direction. Since sampling was completed, these pits are now in excess of 8 metres in depth and continue to be actively worked by the artisanal miners. Due to the level of artisanal mining activity, the Company decided to channel sample the pit walls in order to create as little disturbance to the local communities as possible. Samples were taken in channels of 1.5 - 4 metres in length. Due to the extensive and ongoing nature of the artisanal excavations, drilling in the Toukwatou area is challenging. However, using the Company's own in-house RAB rig, the Company initiated a limited drill programme consisting of 38 angled holes with an average depth of 20 metres that, whilst offset from the main target, were planned to test for the lateral extent and continuity of the near surface mineralisation within the weathered saprolite/saprock horizon.


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