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Rich gold reserves expected in new campaign – Business Leaders

August 20, 2012 No Comments »

Gold mining company Alecto Minerals plc is launching a new exploration campaign at the 945.5 square-mile Wayu Boda Gold Project in the mineral rich central-southern Adola greenstone belt in southern Ethiopia.

The AIM listed multi-commodity exploration and development company with projects already in Ethiopia and Mauritania has initiated detailed mapping, structural analysis and channel sampling in the northern area of the licence.

Grades of up to 16g/t of gold were returned from previous samplings and further trenching planned to test the grade of quartz veins and the host rock. The campaign is designed to have the licence area ready for drilling in the final quarter of 2012.

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Alecto Managing Director Damian Conboy said: “I am delighted to commence this defined exploration programme at Wayu Boda which is proximal to several world class gold deposits. 

“The high concentration of advanced artisanal workings located on site is extremely exciting and a firm indication of its overall prospectivity. We have identified three artisanal pits in the northern part of the licence area and through the use of various exploration techniques we aim to establish the potential of each pit individually and investigate the possible continuation of the mineralisation between two of the pits which would be very favourable to the overall the project.

“This programme is designed to provide Alecto with a comprehensive understanding of the mineralisation at Wayu Boda and provide drill targets ahead of a drilling programme we anticipate will being in the first quarter of 2013.  Elsewhere across our portfolio, we continue to make positive advancements which we will announce at the appropriate time.”

Background to the Programme Alecto will begin an extensive exploration work programme during the fourth quarter of 2012 at its Wayu Boda Gold Licence in the south of Ethiopia.  The work is focused on the artisanal workings in the northern section of the licence.

 The region hosts a number of world class gold deposits including Midroc’s Lega Dembi mine, which has an annual production of 160,000oz, 83km along strike to the North East and NMiC’s Dawa project which is reported to have the potential to host a 17Moz deposit and is located 20km from Wayu Boda.    

Alecto Minerals plc has a diverse portfolio of exploration assets in Mauritania and Ethiopia.   It is committed to conducting exploratory work across its portfolio.

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