Alien Metals Limited (LON:UFO), a company focused on the exploration and development of the Hancock iron ore Project and the Pinderi Hills project in Western Australia, has provided an update covering the activities and exploration works currently being undertaken at the Project.
Highlights
Following the Company’s announcement (AIM: 29 April 2024) detailing the joint venture entered into by Alien, via its wholly owned subsidiary Alien Metals Australia Pty Ltd, with Errawarra Resources Ltd in respect of the lithium rights on Pinderi Hills, Errawarra is undertaking an initial work program as part of its Stage 1 commitment. Whilst the focus of the exploration work is on lithium, utilising the expertise of Errawarra, the data gathered from the fieldwork is also expected to provide important information that will assist in the analysis and drill targeting for silver, base, and precious metals at Pinderi Hills.
The work program to date has focused on first-pass reconnaissance, mapping and sampling and comprises the following:
· Reconnaissance soil (100m x 400m grid), stream sediment, and rock chip sampling comprising 1,017 samples completed
· Photogrammetry completed over the NE portion of E47/4422
· A historical drone survey is being reprocessed to assist in the targeting of pegmatites
· Completing surface mapping and sampling of pegmatites
All samples have been dispatched to Australian Laboratory Services Perth (“ALS”) for analysis with the full assay results anticipated to be available by the end of July 2024. After all sample results are received and interpreted, a follow-up program will be planned and is expected to be implemented during Q4 2024.
Hancock Iron Ore Update
As previously announced (AIM: 30 May 2024), the Company is actively progressing with the ongoing review of strategic funding options with regard to the Hancock Project, including possible funding by way of joint venture and or debt funding.
In addition, Alien Metals is focusing on:
· Finalising approvals for the Hancock and Mallina projects to commence exploration work with a strategy to increase existing resources and reserves to 20 – 50 Mt. The current resource stands at 8.4Mt @ 60.20% Fe.
· Continuing to build a positive, ongoing partnership with the traditional owners, Karlka Nyiyaparli Aboriginal Corporation RNTBC, as the mining development work progresses.
· Planning further works on country heritage surveys in H2 2024.
· Discussions with various parties and field analysis to start exploration work.
· Undertaking bulk sample collection for testing to end users e.g. steel mills.
Engineering and transport logistic disciplines remain well advanced and scoped for mining, crushing, road haulage, and port loading, with the intent to further develop them and move towards a tender process.
Guy Robertson, Alien Metals Limited Executive Director, commented:
“The Errawarra joint venture exploration work will provide significant data for Alien as it continues to fast-track plans to develop the high-grade Elizabeth Hills Silver Mine. As the results are processed, we will be able to update the market with our plans for the next phase of exploration.
“As negotiations continue with potential funding partners with regards to the Hancock Project, Alien is working hard on progressing developmental milestones and expanding the existing iron ore resource significantly in Q4 2024 with additional exploration at the Mallina Target west of the Hancock Mining Lease.”
