JOHANNESBURG (miningweekly.com)–Africa-focused gold and base-metal exploration and development company Alecto Minerals has been awarded an additional three years for its Gassel-Manere and Arae mineral exploration permits, known as the Kerboulé project, in Burkina Faso.
The company said on Thursday that this was a crucial step to securing a potential joint-venture partnership.
The additional term would give Alecto sufficient time to expand on the known gold resource estimate in the Kerboulé-Yalema corridor (KY-corridor) of 230 758 oz and to complete further exploration at the Palpaga exploration target.
“An additional three-year licence period for the Kerboulé project sets the conditions for adequate additional exploration work to be completed at this gold asset,” said Alecto CEO Mark Jones.
He added that, with nearly 0.25-million ounces already defined in the KY-corridor, and a vast exploration target at Palpaga, the company was confident that with the additional time to explore, this project would deliver significant future returns.
Alecto's strategy remained focused on becoming a producer in the mid- to near term through the development of the Matala gold deposit in Zambia.
It would also continue to advance its early-stage exploration portfolio through a joint venture or early monetisation of opportunities.