Alecto Minerals has commenced exploration at the Wayu Boda gold project in Ethiopia.
The project is in the central-southern Adola greenstone belt in southern Ethiopia. This is near to several world class deposits. Grades of up to 16g/t have been found in samples from artisanal waste dumps. Alecto should be ready to drill in the fourth quarter of 2012.
Alecto completed the purchase of the Wayu Boda project during July.
Alecto has a portfolio of gold and base metal exploration interests in Guinea, Mauritania, Ghana and Ethiopia.
Earlier this year Alecto acquired Guinea bauxite licences, which are near the Kindia mine. An exploration programme is being designed. Alecto has an option to acquire shares in Forward Africa Resources which owns a bauxite licence for a resource in Guinea of more than 500m tonnes. The option lasts until 18 September.
Alecto has also increased its portfolio of gold exploration interests in Ethiopia.
At 1.43p a share, Alecto is valued at £5.11m.
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