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Alecto Minerals Plc
Summary
| Project: | Mowana | |
|---|---|---|
| Deposit: | Mowana | |
| Location: | Botswana | |
| Commodities: | Copper | |
| Date: | 5/12/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 12-5-2017: Alecto Minerals Plc announces a Resource Estimation report for its Mowana deposit at the Mowana project. Competent persons report updates current resources at Mowana. Alecto Minerals plc (AIM: ALO), the African-focused gold and copper explorati | |
| Resources: | (Resource, Total): 172Mt @ 0.84% Cu for 1.4Mt Cu contained at project | |
| CP/QP: | [Resources]: Phil Newall (Wardell Armstrong International Ltd.) | |
| ABSTRACT: | Alecto Minerals plc (AIM: ALO), the African-focused gold and copper exploration and development company, is pleased to announce that production is now ongoing on a full-time basis at the Mowana Copper Mine in Botswana ("Mowana" or the "Project") following completion of the first blast on 29 April 2017 and a successful trial period, which saw the Company produce saleable concentrate up to 28% copper ("Cu"). To date, over 1,900 tonnes of copper concentrate has been produced, which is being sold to Alecto's offtake partner Fujax Minerals and Energy Limited ("Fujax"). The Company continues to advance the acquisition of the Project by way of a reverse takeover and is pleased to report that the Competent Persons Report ("CPR") on Alecto's African assets and the producing Mowana mine has now been completed by Wardell Armstrong International, representing an important milestone towards the publication of the admission document required to enable Alecto to recommence trading on AIM. The CPR reports a current resource of circa 172Mt at 0.84% Cu, of which 26Mt sits within two existing pre-stripped 350 metre-deep pits. These pits represent the main areas of current operation. Allowing for an element of overlap in the original modelling on which the CPR is based, the Company estimates the resource at 162Mt at 0.84% Cu (equating to 481kt Cu in the Measured and Indicated categories and a732 kt Cu in the Inferred). | |
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