Friday, September 30, 2011

Alecto Starts Gold Exploration in Ethiopia

Alecto Minerals plc, the AIM listed resource company, announced today that it had started exploration programmes on its 1,953 sq km gold exploration licence in a mineral-rich region of Ethiopia. The company’s key focus has been on advancing its 1,953 sq km gold licence in the Aysid-Metekel region of north western Ethiopia, Damian Conboy, managing director of Alecto, said. Alecto acquired the 1,953 sq km gold exploration licence in May which marked its move into the Arabian-Nubian shield on the Western Akobo Greenstone belt, a prime mineralised region with extensive artisanal workings. Gold exploration activities in Ethiopia have increased substantially with both foreign and local companies involved in the sector. Alecto’s license is approximately 50 km north and north east respectively of the Towchester and Brantham tenements owned by AIM and ASX quoted Nyota Minerals Limited. In addition, the Fiti skarn gold deposit, discovered by MIDROC Gold Mine plc, owner-operator of the Lege Dembi gold mine in southern Ethiopia, is about 80 km away. Alecto recently completed an initial reconnaissance exploration programme including regional stream sediment, soil and rock chip sampling. It is now compiling and analysing the data, alongside results from reconnaissance work carried out by the previous owners, in order to establish a staged exploration campaign appro
priate to the geology of the region.
 Source: Mineweb