Alien Metals High Grade Direct Ship Ore confirmed at Sirius Extension

Alien Metals Ltd (LON:UFO), a global minerals exploration and development company, has announced through its wholly-owned subsidiary Iron Ore Company of Australia Pty Ltd the first batch of assay results from its recent resource definition drilling programme (see RNS 2 May 2023) at the Company’s 90% owned Hancock Iron Ore Project, Pilbara Region, Western Australia.

Highlights

·   13 diamond core holes drilled during April 2023 for a total of 1049 metres (“m“) at the Company’s Sirius Extension Deposit. This infill campaign increased the total density of the drilling activities to date at the Sirus Extension Deposit allowing the Company to target Resource upgrades from Inferred to Indicated which should then support future Reserve reclassifications  

·   The initial batch of assay results for the first two (23IHD003 and 23IHD006) holes have been received, with highlights that include:

•  from Drill Hole 23IHD003

– 26.9m @ 60.03% iron (“Fe“) from 13.9m including a high grade intercept of 12m @ 61.2% Fe from 28.8m, and

– 16.1m @ 59.75% Fe from 46.9m including a high grade intercept of 9.9m @ 61.03% Fe

•  from Drill Hole 23IHD006

– 49.0m @ 59.29% Fe from 14.0m including high grade intercepts of 8m @ 60.70% Fe from 17m, 9.0m @ 61.51% Fe from 36.0m and 12.0m @ 60.58% Fe from 51.0m

•   Consistent grades of over 60% Fe with low levels of deleterious elements that meets, and in some places exceeds, the Company’s current resource model

•   The high grade, direct ship ore results further reinforces the Company’s confidence in the Hancock Project

•    This phase of in-fill drilling will be included in future Mineral Resource Estimates and Mining studies which the Company expects will result in increased Mining Reserves.

Troy Whittaker, Alien Metals Chief Executive Officer commented:

“These initial results from the recent Sirius Extension drilling campaign reinforce the potential of the Hancock Project. These results mirror or exceed that of the Company’s resource model and we look forward to announcing the balance of the results that will support the next phase in the development of this Project in the coming weeks.”  

The Company is pleased to report, that there appears to be a number of upside intersections returned in the results.

1.    16.1m @ 59.75% Fe including 9.9m @ 61.03% Fe. This area is superior to that of the existing blocks and nearby blocks with respect to the Mineral Resource Estimate grades within the resource model, and

2.    7.8m @ 62.63% Fe from 74.1m. This further suggests potential for a higher grade portion in the footwall ore position of the resource model.

The Company is confident this recently completed core program will lead to a conversion of the Resource from the Inferred to Indicated classification and have a positive impact on Mining Inventory and Ore reserves in due course.

Table 1 – Summary of significant high grade iron ore drillhole interceptions, Sirius Deposit (*max 3m internal dilution, cut off >=59% Fe)

* Drilling depths are from surface

Table 2 – Hole ID’s (Only holes with assays results received are reported)

Sample analysis and QA/QC

All samples generated from the drilling were dispatched to ALS Perth.

Samples were analysed for their Iron Ore Package Analysis with XRF finish, which includes Fe, Al, Ca, K, Mg, Mn, Na, P, S and Si. This is the same as the analysis and laboratory used in all of Alien’s analysis work on these projects to maintain consistency and comparability between all analyses.

For QA/QC purposes, Alien used the industry standard of inserting 5% Certified Reference Material (“CRM“) samples, 5% Blanks plus duplicate samples at source. The CRMs were sourced from Geostats Pty Ltd, Perth, WA, a global leader in the manufacture and sale of CRMs.

The results of the standard, duplicates and blanks are all within acceptable variance of expected analytical results.

Hancock Project JORC Reserves and Resources (see RNS 26 April 2023)

Table 3 – Hancock Project Ore Reserves

Table 4 – Hancock Mining Inventory

Table 5 – Mineral Resource