Gold exploration and development company Alecto Minerals has renewed the permits for its Gassel-Manere and Arae mineral exploration (Kerboulé project) in Burkina Faso for another three years.

The validity of existing Kerboulé exploration permits has been extended until 16 January 2019. Alecto said that the extension will further help to secure a potential joint venture (JV) partnership.

Renewal of the permits and potential JV are said to be in-line with the company’s strategy to maintain its exploration portfolio in West Africa.

"This project will deliver significant future returns."

With the additional three-year term, Alecto will have enough time to expand the known mineral resource estimate of 230,758oz Au in the Kerboulé-Yalema Corridor.

The company will also be able to complete further exploration at the Palpaga exploration target.

Alecto Minerals CEO Mark Jones said: "An additional three-year licence period for the Kerboulé project sets the conditions for adequate additional exploration work to be completed at this highly attractive and exciting gold asset in a well-established mining jurisdiction.

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"With nearly 0.25 million ounces already defined in the KY-corridor and a vast exploration target at Palpaga we are confident that with additional time to explore, this project will deliver significant future returns."

The Kerboulé project covers 399.5km² of Birimian-age Djibo gold belt in the north of Burkina Faso. It was acquired by Alecto in November 2014 and lies 20km along strike of the 5Moz Inata gold mine.

Alecto also owns the Wad Amour IOCG project in Mauritania, which is at the exploration stage.