Kerboulé in Burkina Faso is now the main operational focus for Alecto Minerals (LON:ALO) due to its advanced nature, the company confirmed in an operational update.
The Africa-focused exploration company has a number of irons in the fire that it is seeking to develop in partnership with others, as per its business model, and the recently acquired gold project at Kerboulé is the one where the company feels it can most rapidly enhance value without extravagant investment.
Alecto completed the acquisition of Kerboulé last month.
The company has put further exploration activities at its Kossanto West gold project in Mali on hold while discussions with potential partners are underway.
In Ethiopia, scout drilling, mapping, stream sediment, soil sampling and trenching by Centamin continues to meet the joint venture targets and enhance the understanding of these expansive high-potential projects, Alecto said.
Looking back at its activities in 2014, the company asserted it has proved its ability to advance projects at low cost.
The 2013/14 work programme, including reverse air blast (RAB) and reverse circulation 'RC) drilling, increased the JORC code-compliant inferred resource for Kossanto East at a direct drill cost of less than US$5.00 per ounce, the company noted.
“Accordingly, the board continues to be focused on developing its assets through the roll out of the joint venture model across its portfolio, where appropriate, together with raising further funds, inter alia, to finance ongoing exploration work, including the 2014/15 field season,” the company said.
Shares were up 5.6% at 0.475p in early trading.