Zambia – The results have validated an historic report produced in 1984, which was issued by the Zambian Industrial and Mining Corporation (ZIMCO).
The report estimated that an additional 75 000 t of measured non-code compliant mineral resources exist in recently identified historic dumps and tailings adjacent to the Matala deposit.
- Confirmatory sampling programme by Alecto Minerals 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 t at a weighted average of 2.83 g/t gold, for approximately 6 800 oz of gold.
- 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 Alecto Minerals’ future mining operations.
- Grades encountered in Alecto Minerals’ sampling demonstrate the high-grade nature of the Matala deposit and include:
- Mill Tailings Dump: 87 – 8.37 g/t Au
- Scree Rubble Deposit: 39 – 7.96 g/t Au
- Waste Dump: 72 – 3.88 g/t Au
- Slimes Dump: 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
“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,” says Mark Jones, CEO of Alecto Minerals.
[quote]”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.”
ZIMCO is the former holding company for all of the Zambian state’s industrial interests, and held rights to the Matala and Dunrobin deposits in the early 1980s. It completed a number of positive detailed studies on the deposits, the results of which were mostly incorporated into its later exploration work.
However, more recent exploration activities and most importantly the Mineral Resource Estimates reported by Coffey Mining in 2012 did not include the mineral resources defined within the historical mine dumps by ZIMCO.