Alecto Minerals, an AIM-listed multi-commodity exploration and development company with projects in Ethiopia and Mauritania, has cheered its investors with news of its exploration campaign at the 945.5 sq km Wayu Boda Gold Project in central-southern Adola greenstone belt in southern Ethiopia.
The company dug 14 trenches for a total of 928m of excavation, with 853 samples taken. Highlights from the campaign were 14m at 0.4g per tonne of gold (Au) including 3.6m at 1.5g/t Au, and 1.3m at 4.9g/t Au.
Managing Director Damian Conboy said: "This first systematic exploration programme conducted at our Ethiopian Wayu Boda Gold Licence has provided us with a stronger understanding of the mineralisation on site. Although the grade is lower at surface, the high grades recovered from sampling the deeper artisanal working are exciting, and should be investigated further through drilling.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Additionally, with work to date only focussed on the areas close to the artisanal workings, we hope to broaden our exploration activities going forward and delineate further targets and I look forward to providing shareholders with a detailed exploration plan for 2013 at the appropriate time."
The share price 11.36% to 1.23p by 14:12.
NR
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
