Alecto Minerals shares advanced by more than 11% in early deals today as it released some of the findings from its first exploration program on its Wayu Boda gold concession in Ethiopia.
The exploration work comprised of geophysics, trenching, and geological mapping was focused on three areas that had been a focus of artisanal mining in the past. The miner took a total of 853 samples from 14 trenches. The highlight trenching results included intervals ranging from 1.3 meters to 14 meters with grades of 1.1 grams per ton (g/t) to 4.9 g/t.
It is to be remembered that Alecto reported initial sampling results which included grades of up to 47.4 grams per tonne gold last month.
Alecto announced that trenching was hindered because artisanal mining was more widespread than anticipated in some areas and it was impossible to take samples in areas that have already been mined.
"This first systematic exploration program conducted at our Ethiopian Wayu Boda gold licence has provided us with a stronger understanding of the mineralization on site,” according to Damian Conboy Alecto Director.
The high grades recovered from sampling the deeper artisanal works are encouraging even if the grade is lower at the surface he said.