16th May 2014 11:40
LONDON (Alliance News) - Alecto Minerals PLC Friday said it has received positive drilling results from all six holes recently drilled on its Gourbassi resource zone at the Kossanto Gold Project in Mali, with all six intercepting gold mineralisation.
The gold mining company said the six holes were drilled to infill a central section of its Gourbassi West area following previous rotary air blast drilling and to test for a possible northern extension to the mineralisation.
The company said all six holes found gold mineralisation and the best intercepts included a 10 metre space at the GRC076 well with 1.77 grams per tonne of gold from 24 metres in depth and a 4 metre space at the GRC078 well with 3.51 grams per tonne of gold from 5 metres in depth.
Alecto said the results show further exploration upside potential to help build on the current resource at the site and noted that the most northern hole showed strong mineralisation, underpinning its belief that the mineralisation continues to the north.
The company said a large range of drill tests have now been completed at the site as part of its drill programme and testing is ongoing as part of Alecto's strategy to assess to possibility of near term production at the Kossanto project.
The Gourbassi site currently has a JORC-compliant inferred resource estimate of 193,000 ounces of gold with a cut-off grade of 0.5 grams per tonne of gold.
Alecto Minerals shares were down 8.1% to 0.850 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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