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Publish Date : 20-Nov-2014

Alecto Minerals has bolstered its portfolio with an all-paper purchase of a low-cost, potential gold project in Burkina Faso. While earlier work has also shown drill-ready targets, exploration at the Kerboule project has already demonstrated vast gold mineralisation and high grade shoots with bonanza grades like one metre at 188.11 grams per tonne (g/t) gold and another metre intersection of 86.48 g/t of the yellow metal. The Kaizen Discovery-owned project is sited 20 metres along strike from the 5mln ounce Inata gold mine held by Avocet Mining, which generated around 118,000 ounces of gold in 2013.

The acquisition includes a wholly equipped exploration camp at Kerboule and an office in Ouagadougou, the capital of Burkina Faso.
This strengthens Alecto's current inventory of its own drilling equipment and will hence help to keep costs down. Amounting to Ł350,000, the initial consideration, will be fulfilled through the issue of shares. Alecto CEO Mark Jones said the purchase was a "timely addition to our portfolio and in line with our strategy of acquiring complementary assets and rapidly seeking to unlock value at low cost. We believe that Kerboulé is capable of delivering significant returns for the company and this acquisition strengthens our asset portfolio by exposing our shareholders to a highly exciting project in a new territory, with extensive existing data and upside potential."

"Alecto has demonstrated that it is capable of delivering resource ounces at a very low cost, and turning acquisitions into desirable joint venture projects. Accordingly, we have a clear plan to establish a maiden resource at Kerboulé and thereafter expand on it while we identify and assess the earliest route towards monetisation. "Whilst Burkina Faso may have been in the news recently due to the popular uprising that saw the departure of long-time President Blaise Compaoré, after 27 years in power, the country is now transitioning towards a newly elected government. "Burkina Faso has already shown that despite the political changes it has remained open for business and our first class contacts and network in-country will allow us to operate effectively."

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