Alecto Minerals, the AIM-quoted mineral exploration company focused on West and East Africa, has finalised the consolidation of two of its existing exploration permits, Kobokoto Est and Kobokoto, at its Kossanto West Gold Project in western Mali, into a single 100 sq. km. exploration permit.
The New Kobokoto Permit, which is for a term of five years, expiring in December 2019, includes the Massakama, Toukwatou, Goreba, Massakama Centrale and Rhyolite Hill gold discoveries. “The board believes that this permit consolidation represents an important and beneficial step with regards to the Company’s ability to secure a potential joint venture partner in respect of Kossanto West,” the company said in a statement.
Delivering shareholder value
“The consolidation of the Kobokoto East and Kobokoto permits into one new five year permit covering our key discoveries at Kossanto West, represents an important step to attracting and securing investment from potential JV partners as we seek to build on our success from the 2014 field season at Kossanto West,” said Alecto’s CEO, Mark Jones.
“The continued support received from the government of Mali, as evidenced by this permit consolidation, is testament to the excellent relationships that Alecto maintains in the country and demonstrates the government’s commitment to assist exploration companies in the pursuit of further developing the mining sector in Mali. Management is now planning the next steps towards progressing this expansive project and delivering shareholder value.”
Potential at Kossanto West
Exploration work completed by Alecto on Kossanto West in 2014, suggests that the area is host to a significant gold-bearing system. This is also supported by the extensive and advanced artisanal mining activity at Kossanto West, which continues to assist Alecto’s geologists to identify previously unknown areas of mineralisation, enhance our understanding and confirm the prospectivity of the area.
Following the permit consolidation, the Kossanto Gold Project now consists of three exploration permits that together comprise approximately 203 sq. km. in the Kenieba region of western Mali. The Farikounda permit, which covers the Kossanto East Gold Project, is host to the Company’s existing maiden JORC inferred resource of 247,000 oz Au, and the New Kobokoto Permit and Koussikoto Permit make up Kossanto West as shown in figure 1 below.