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Alecto Minerals : Matala Results

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03/02/2016 | 05:04am EDT

94ecf884-38ec-48e9-b01d-e137d66c16ba.pdf

Alecto Minerals plc / EPIC: ALO / Market: AIM / Sector: Exploration & Development 2 March 2016

Alecto Minerals plc ('Alecto' or the 'Company')

Significant Additional Gold Resources Identified Within the Matala Project Area in Zambia


Alecto Minerals plc (AIM: ALO), the African-focused gold and base metal exploration and development company, is pleased to announce excellent results from a confirmatory sampling programme conducted at its wholly owned Matala Gold Project in south-central Zambia ('Matala'). The results have validated an historic report produced in 1984, which was issued by the Zambian Industrial and Mining Corporation ('ZIMCO') (the 'ZIMCO Report') which estimated that an additional 75,000 tonnes of measured non-code compliant mineral resources exist in recently identified historic dumps and tailings adjacent to the Matala deposit.


Highlights:

  • Discovery represents a significant quantity of contained metal sitting at surface that will not incur direct mining costs and is therefore expected to provide potential for early, low cost feedstock for the Company's future mining operations


  • Confirmatory sampling programme by Alecto has revealed strong correlation with the ZIMCO Report, thereby providing confidence that the ZIMCO sampling work was comprehensive and seemingly undertaken to a high standard, highlighting the potential for estimated additional non-code compliant mineral resources of 75,000 tonnes at a weighted average of 2.83 g/t Au, for approximately 6,800 ounces of gold. To be classified as a JORC (2012) mineral resource a full audit of the report verified by an independent third party would be required.


  • Grades encountered in Alecto's sampling demonstrate the high-grade nature of the Matala deposit and include:

    • Mill Tailings Dump: 3.87 - 8.37 g/t Au o Scree Rubble Deposit: 0.39 - 7.96 g/t Au o Waste Dump: 0.72 - 3.88 g/t Au

    • Slimes Dump: 0.32 - 0.63 g/t Au


  • Additionally, four confirmatory samples taken from the main Matala Lode and the oxidised leached cap at Matala replicated excellent grades for the in-situ material with an average grade of 5.59 g/t Au


Mark Jones, CEO of Alecto, commented:

"Since acquiring the historical Matala and Dunrobin mines in November last year, our team has worked swiftly to understand the full potential of these deposits and progress our exciting Matala mining project, such that our goal of Alecto becoming a medium term cash producer, is becoming increasingly achievable. Establishing that we have additional high-grade tonnage sitting on surface that can be

processed with minimal mining cost is a real bonus and will be a significant boost to the economics in the early phases."


Figure 1: Location Map


ZIMCO Report


ZIMCO is the former holding company for all of the Zambian state's industrial interests, and held rights to the Matala and Dunrobin deposits in the early 1980s. It completed a number of positive detailed studies on the deposits, the results of which were mostly incorporated into its later exploration work. However, more recent exploration activities and most importantly the Mineral Resource Estimates reported by Coffey Mining Pty Ltd in 2012, as set out in Table 1, did not include the mineral resources defined within the historical mine dumps by ZIMCO.


Table 1: Matala gold deposit Mineral Resources Estimate, Coffey Mining, November 2012

Luiri Hill Gold Project Matala Gold Deposit

Multiple Indicator Kriging Estimate (10mE x 5mN x 5mRL Selective Mining Unit)

Lower Cutoff Grade (g/t Au)

Tonnes (kt)

Average Grade (g/t Au)

Ounces (Kozs)


Indicated

0.4

0.5

0.7

1.0

1.5

4,150

4,015

3,727

3,204

2,334

2.2

2.3

2.4

2.7

3.2

300

298

292

278

243



Inferred

0.4

0.5

0.7

1.0

1.5

7,649

7,200

6,106

4,525

2,600

1.5

1.5

1.7

2.0

2.6

360

354

333

290

213

Note 1: appropriate rounding has been applied

Note 2: Resource estimates with a lower cut-off grade of 1.0g/t have been highlighted above as Coffey Mining considered this to be an appropriately conservative value at the then stage of project definition.


Figure 2: Dump Locations


Figure 3: Volumetric calculations being undertaken at one of the dumps


Table 2 presents the original ZIMCO resource estimate alongside the results from Alecto's recent confirmatory sampling programme:


Table 2: Comparison of ZIMCO and Alecto results


Source

ZIMCO

ALECTO

Location

Tonnage

(tonnes)

Weighted Average Grade

(g/t Au)

Weighted Average Grade

(g/t Au)

Slimes Dump

46,000

1.93

0.53

Scree Rubble Deposit

11,000

2.44

2.96

Mill Tailings Dump

15,000

5.97

6.28

Waste Dump

3,000

2.34

1.56


Slimes Dump


A composite Slimes Dump is located 80m NNE of the historical Main Shaft at Matala, and consists of weakly stratified brown to reddish brown clay/silt. ZIMCO, surveyed the dump using a theodolite and assessed it to contain 46,000 tonnes of material. Measurement by Alecto's personnel on site confirmed the calculations in the ZIMCO Report.

Alecto Minerals plc issued this content on 02 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 March 2016 10:03:56 UTC

Original Document: http://www.alectominerals.com/news/MATALA DUMPS 02.03.16.pdf

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