Alecto Minerals said it had identified multiple targets at its Aysid Metekel gold project in Ethiopia.
The firm said work on the 1,953 sq km project had culminated in the delineation of five high priority target areas for follow up work in the upcoming 2013 field season.
Alecto plans to conduct follow-up work on the identified targets next year, which will include infill soil sampling to accurately locate the source of gold in target areas, mapping, and rock chip sampling where appropriate.
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Managing Director Damian Conboy said: "The Aysid-Metekel Gold Licence provides us with exposure to a highly prospective and underexplored region of Ethiopia."
"Our technical work to date has not only highlighted the mineral potential of the area but has also focussed our work programme for 2013," he added.
The company's shares were up 2.2% following the announcement.
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