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Cradle Arc PLC

Alecto Minerals to pool resources with neighbour in Mali

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Alecto Minerals (LON:ALO) has signed a co-operation agreement with Desert Gold Ventures (CVE:DAU), the owner of Farabantourou, the tenement adjacent to its Kossanto East project in Mali.

Alecto’s strategy is to work with companies operating similarly sized-gold projects within a 10km radius of Kossanto East to help get them all into production.

Combined, the two properties have a total estimated resource of over 365,000 oz gold and both projects fall within a potential 10km trucking radius from a central location.

Within Farabantourou, the Barani East deposit has an NI 43-101 compliant inferred resource estimate of 73,175 oz Au grading at 2.15 grams per tonne (g/t) Au; Kossanto East has an inferred resource estimate of 247,000 oz Au grading at 1.14 g/t gold.

Both companies have other targets within their respective permit boundaries, which could provide additional tonnage for a collaborative processing plant, said Alecto.

Mark Jones, Alecto's chief executive, said preliminary discussions with potential funding partners had already started and though early stage, the initial interest had been positive.

Roeland van Kerckhoven, Desert Gold's chief executive, said: "Our collaboration with Alecto should enable both companies to benefit from shared knowledge and economies of scale and thereby create shareholder value more quickly."

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