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Alecto Minerals Says Significant More Gold Found At Matala In Zambia

LONDON (Alliance News) – Alecto Minerals PLC on Wednesday said it has received positive results from testing on the Matala project in Zambia showing significant additional gold resources.

Alecto said a significant quantity of metal sitting at surface was found in a sampling programme at the project. This metal will not incur direct mining costs and provides the potential for early, low-cost feedstock for future mining operations at the site.

Testing on the project showed gold grades of up to 8.37 grams per tonne, it said.

“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,” said Mark Jones, Alecto’s chief executive.

Shares in Alecto were up 2.2% to 0.0690 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance, 2/03/2016

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