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Significant Gold Identified in Zambia

Alecto Minerals plc (AIM: ALO), the African-focused gold and base metal exploration and development company, is pleased to announce excellent results from a confirmatory sampling programme conducted at its wholly owned Matala Gold Project in south-central Zambia (‘Matala’).

The results have validated an historic report produced in 1984, which was issued by the Zambian Industrial and Mining Corporation (‘ZIMCO’) (the ‘ZIMCO Report’) which estimated that an additional 75,000 tonnes of measured non-code compliant mineral resources exist in recently identified historic dumps and tailings adjacent to the Matala deposit.

Highlights:

  • Discovery represents a significant quantity of contained metal sitting at surface that will not incur direct mining costs and is therefore expected to provide potential for early, low cost feedstock for the Company’s future mining operations
  • Confirmatory sampling programme by Alecto has revealed strong correlation with the ZIMCO Report, thereby providing confidence that the ZIMCO sampling work was comprehensive and seemingly undertaken to a high standard, highlighting the potential for estimated additional non-code compliant mineral resources of 75,000 tonnes at a weighted average of 2.83 g/t Au, for approximately 6,800 ounces of gold. To be classified as a JORC (2012) mineral resource a full audit of the report verified by an independent third party would be required.
    • Grades encountered in Alecto’s sampling demonstrate the high-grade nature of the Matala deposit and include:
      • Mill Tailings Dump: 3.87 – 8.37 g/t Au o Scree Rubble Deposit: 0.39 – 7.96 g/t Au o Waste Dump: 0.72 – 3.88 g/t Au
      • Slimes Dump: 0.32 – 0.63 g/t Au
    • Additionally, four confirmatory samples taken from the main Matala Lode and the oxidised leached cap at Matala replicated excellent grades for the in-situ material with an average grade of 5.59 g/t Au

    Mark Jones, CEO of Alecto, commented:

    “Since acquiring the historical Matala and Dunrobin mines in November last year, our team has worked swiftly to understand the full potential of these deposits and progress our exciting Matala mining project, such that our goal of Alecto becoming a medium term cash producer, is becoming increasingly achievable. Establishing that we have additional high-grade tonnage sitting on surface that can be processed with minimal mining cost is a real bonus and will be a significant boost to the economics in the early phases.”

http://www.4-traders.com/ALECTO-MINERALS-PLC-4006291/news/Alecto-Minerals-Matala-Results-21945668/

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March 3, 2016 - Posted by | News | , , ,

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