PROJECT FOCUS - FAST GOLD_proof 25/05/2016 07:18 Page 3
PROJECT FOCUS
Exploration drilling at Kossanto
Cashflow from Matala will allow Alecto to explore more in Zambia and
progress prospects in Mali, Burkina Faso and Mauritania. As Jones said in
March about Matala and Dunrobin, “our team has worked swiftly to
understand the full potential of these deposits and our goal of Alecto
becoming a medium term cash producer is becoming increasingly
achievable.”
The historic Matala and Dunrobin gold mines have, in aggregate, a
760,000 oz Au JORC Code compliant resource estimate in the Measured,
Indicated and Inferred categories at an average grade of 2.3 g/t Au.
In Mali, the Kossanto East project has an inferred JORC Code compliant
resource estimate of 6.72 Mt grading at 1.14 g/t Au for an aggregate of
247,000 oz gold with a cutoff grade of 0.5 g/t Au. This is currently the
subject of a co-operation agreement with TSX listed Desert Gold to evaluate
the potential to jointly develop each company’s neighbouring projects into
production. The Kossanto West project is subject to a joint venture
agreement with Randgold Resources (Mali) Ltd.
Alecto also owns the Kerboulé project, located in the highly prospective
Birimian-age Djibo gold belt in northern Burkina Faso, as well as the wholly
owned Wad Amour IOCG project in Mauritania which is at an exploration
stage.
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Enter Randgold
In February, Alecto Minerals’ wholly owned subsidiary Caracal Gold Mali
entered into a joint venture agreement with Randgold Resources (Mali) Ltd
for the exploration and development of Alecto’s 137 km2 Kossanto West gold
project in western Mali, comprising the Kobokoto Est and Koussikoto
exploration permits. Highlights:
n Joint Venture, for the exploration and development of Kossanto West, is
in line with Alecto’s strategy to retain exposure to its African gold
exploration portfolio and upside generated whilst minimising exploration
and development spend
n On completion of the Joint Venture (Randgold to fund all costs up to and
including the completion of a prefeasibility study on the project),
Randgold will hold a 65% and Alecto will retain a 35% participating
interest in the permits.
The initial work program includes further geological and mapping of
Kossanto West with potential follow up pitting and trenching and
reconnaissance drilling, anticipated to be undertaken by Randgold in the
first 12 months.
Kossanto East, where Alecto has reported positive economics from an
internal scoping study, with the project subject to a collaboration agreement
with Desert Gold, is not included in the Joint Venture and remains wholly
owned and operated by Alecto
At the time of the Randgold agreement, Jones commented: “We are
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JUNE 2016 | International Mining 11