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Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development
Alecto Minerals plc (‘Alecto’ or ‘the Company’)
Positive Exploration Results from Wad Amour IOCG Licence
Alecto Minerals plc, an AIM listed multi-commodity exploration and development
company with projects in Ethiopia and Mauritania, is pleased to provide the full results
of its exploration campaign targeting Iron Oxide Copper Gold (‘IOCG’) mineralisation
at its 613 sq km Wad Amour exploration licence located in the highly prospective
Mauritanide mobile belt within Mauritania.
Highlights
• Geophysical and geochemical sampling and trenching has been completed
during the Q4 2012 work programme
• Integration of various data sets indicate significant mineralisation at the Chiron
target, with a mineralisation style similar to that of First Quantum’s major Guelb
Moghrein Deposit
• Trenching highlights include: MTR001 – 93.6m @ 0.11% copper including 1m
@ 0.7g/t gold, MTR004 54m @ 0.15% copper and MTR007 5m @ 0.33%
copper, from the Chiron target
• Corresponding with anomalous trench values and soil anomaly is high
conductivity from electromagnetic data
• Three further targets identified for further exploration work: Tamourt, Morfuk
and Maghta Lahjar – soil sampling and mapping recommended
Alecto Managing Director Damian Conboy said, “This has been a highly productive
campaign which has confirmed the prospectivity of the Chiron target, our most
advanced within the Wad Amour Licence Area. As work advances, comparisons
continue to be drawn between the Chiron target and First Quantum’s Guelb Moghrein
style of IOCG mineralisation, which is located 315km to the north-west and produces
17,000 tonnes of concentrate per month. The large low grade intersections are very
encouraging and indicate possible large tonnages and from the weathering profile in the
region we expect grades to improve significantly with depth. With these recent results
in hand, we currently plan to undertake an induced polarisation and drilling campaign as
part of its next stage of the Chiron target’s development.
“The generation of new targets is also highly positive, which has resulted in the Gadel
target moving further down our list of priorities. Follow up work is already being
planned to prioritise and bolster our understanding of the mineralisation present within
these areas and we look forward to confirming the next stage of exploration at the Wad
Amour project.”
Further Information
Chiron
Geophysics
Electromagnetic (‘EM’) and magnetic surveys were conducted over the whole of the
Chiron target by SRK Exploration Ltd. After collection the magnetics data was
submitted to Stewart Geophysics PTY for further processing.
The main NE striking feature on the magnetics data is a large dolerite dyke which is
visible in the field. The data also shows the main NW trending fabric and the important
WNW trending structures that coincide with the iron silica ridges. These features are
best shown on the first vertical derivative (reduced to pole) grid shown in figure 1
below, along with the interpreted structures.
A major conductivity high lies between the two main mineralised ridges at Chiron and
can be seen in Figure 2. This is interpreted as resulting from sulphide mineralisation at
depth. The anomaly coincides with a strong copper in soils anomaly, surface
mineralisation and encouraging intersections in trenching. Also coincident is WNW
trending structure visible in both satellite imagery and ground magnetics. This structure
is predicted to relate to the two earliest deformational phases (D1/D2) of the Pan
African (tectono-thermal event), which are considered to be the most prospective
structures in the region, acting as they did as the main conduits for mineralisation at
Guelb Moghrein.
The EM survey also identified a very large conductivity high to the south of the main
target and adjacent to interpreted thrusts. This high represents an important new target
for new copper mineralisation which may be hidden at surface. Additional anomalous
areas to the north east lie along the regional thrust zone, and are not thought to relate to
mineralisation.
Trenching
At Chiron the Company completed 1,193m of trenching producing 1,292 samples for
geochemical analysis at ALS Ireland. Trenching intercepted mostly low grade copper
mineralisation.
Highlights include:
• MTR001: 93.6m @ 0.11% copper (‘Cu’), including 30m @ 0.24% Cu and 1m
@ 0.7g/t Au
• MTR004: 54m @ 0.15% Cu
• MTR007: 5m @ 0.33% Cu from subdued north-western ridge
It is important to note that many of the high grade copper rock chips from previous
work are from the ridge itself which was not intersected at any depth during the
trenching due to the hard nature of the ridge material which could not be trenched. The
weathering profile in the area typically enriches copper grade slightly in the top 20cm
below which it is depleted before increasing to high levels associated with the
supergene blankets at depths of 10-30m.
Geology
A 3x3km mapping area was completed on the Chiron target in conjunction with
trenching and soil sampling activities. A more detailed unit boundary map was
conducted at 0.5x0.5km over the 2 main Chiron ridges.
The area is predominantly covered with mafic schist with varying degrees of
chloritisation and albitization. The ridge is confirmed as brecciated quartz and carbonate
with an iron oxide matrix, the ridges are 200-400m SW of the main regional thrust
which is characterised by quartz vein ridges and mylonite. Varying degrees of
silicification also occur to the SW of the main target area both in mafic schists and in
carbonate veins. In the far SW of the mapping area a gabbroic body was found
consistently within the areas of silicification.
Gadel
Geophysics
EM and Magnetics were conducted over 1 day on the northern most ridge of the Gadel
target. No significant anomalies were identified from either survey.
Geochemistry
167 soil samples and 36 rock chips were collected at the target but no anomalous values
were recovered.
New Targets
166 rock chip samples were taken in total from Wad Amour, Tamourt East and West,
Chiron and Gadel; as well as other non-prospect locations. From these areas the Morfuk
prospect was identified as having good potential, especially as it also coincides with a
soil anomaly from previous regional work.
At Tamourt follow up work from a visit by Peter Pollard, a leading independent IOCG
specialist (see announcement of 25/9/12), was carried out and a total of 31 rock chips
were taken from both the eastern and the western Tamourt prospects, although no
significant results were obtained the area remains prospective and further work is
warranted.
Recommendations & Next Steps
The results at Chiron, Tamourt and Morfuk have been the most encouraging of the field
season and as such should be the focus for the next stage of work. Chiron remains the
most prospective, and advanced, and the integration of data from various sources all
point to copper mineralisation existing at the site, with a mineralisation style similar to
that at Guelb Moghrein, or possibly as skarn mineralisation along a receptive carbonate
host. Chiron is at a stage where it is ready to be drilled, however the Company is
considering undertaking an IP survey previous to this to confirm that the mineralisation
exists at depth and optimise positioning of drill holes.
The remaining licence remains highly prospective and more time is required to properly
explore the Wad Amour, Chegar and Zreibya licences. The logical first steps for an
integrated regional approach is to continue the regional soil sampling and general
mapping/reconnaissance work.
**ENDS**
For further information, please visit www.alectominerals.com or contact:
Damian Conboy Alecto Minerals plc Tel: 020 3137 8862
Jonathan Evans Fox-Davies Capital Ltd – NOMAD & Broker Tel: 020 3463 5000
Elisabeth Cowell St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes:
Alecto Minerals plc is an AIM listed exploration company focussed on Africa with a
diverse portfolio of exploration assets in Mauritania and Ethiopia.
In Mauritania, it has three gold and base metal development licences totalling 1,828 sq
km in the highly prospective Mauritanide mobile belt and two uranium licences
totalling 1,592 sq km. It also holds the 1,960 sq km gold exploration licence in the
highly prospective Aysid-Metekel region of north western Ethiopia and the 945 sq km
Wayu Boda gold licence in the mineral-rich Adola greenstone belt in southern Ethiopia.
The Company is committed to conducting exploratory work across its portfolio,
designed to strengthen its knowledge of the assets and delineate targets for further
exploration. In tandem, the Board continues to evaluate a number of synergistic assets
to build shareholder value.
Review of information
The information in this release has been compiled and reviewed by Niall Tomlinson
who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas
Companies dated June 2009. Mr Tomlinson holds a MSc in Mining Geology from
Camborne School of Mines and is a Chartered Geologist with the Geological Society of
London, with over six years of experience in early stage exploration projects. �
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