Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Alecto Minerals’ Zambian aims boosted

Alecto Minerals' Zambian aspirations have been boosted - as it identified further surface gold resources within its Matala mine project, which could enhance the economics of early operations.
Alecto Minerals’ Zambian aims boosted
The ZIMCO work revealed the potential for resources of 75,000 tonnes at a weighted average of 2.83 g/t gold, for around 6,800 ounces of gold..

Alecto Minerals' (LON:ALO) Zambian aspirations have been boosted - as it identified further surface gold resources within its Matala mine project, which could enhance the economics of early operations.

Alecto sampling has validated a 1984 report from the Zambian Industrial and Mining Corporation (ZIMCO), which estimated that an additional 75,000 tonnes of non- compliant resources exist in dumps and tailings adjacent to the Matala deposit.

Chief executive Mark Jones  told investors: "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."

The ZIMCO work revealed the potential for resources of 75,000 tonnes at a weighted average of 2.83 g/t gold, for around 6,800 ounces of gold.

Alecto conceded that to be classed as a JORC resource, a full audit of the report verified by an independent third party would be needed.

Elsewhere, the firm said it had found high grades in its sampling of the Matala deposit, including 3.87 g/t to 8.37g/t  gold at the mill tailings and 0.39 to 7.96 g/t gold from the scree rubble dump.

Alecto shares added 2.22% to 0.07p.

Giles_55af4ddca6481.jpg
Why Invest In Alecto Minerals PLC? Read More Here

Register here to be notified of future ALO Company articles
View full ALO profile

Alecto Minerals PLC Timeline

Related Articles

Anglo Asian Mining cheering market as it travels road to profitability
July 15 2016
Shares are up around 245% since the end of January to stand at 18.125p as it advances the flagship Gedabek operation.
Ingots_56ab299f71f71.jpg
March 08 2016
Pan African Resources has built a solid and stable mid-tier gold producer on the back of two key assets in South Africa
GoldPour_56a62de131aa6.jpg
January 25 2016
Shares in Galantas Gold rose strongly after latest drilling at its Omagh project in County Tyrone....

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.