TIDMUFO
RNS Number : 0098F
Alien Metals Limited
04 March 2020
Trading Symbols
AIM: UFO
FWB: I3A1
4(th) March 2020
Alien Metals Ltd
("Alien Metals" or "the Company")
http://www.rns-pdf.londonstockexchange.com/rns/0098F_1-2020-3-4.pdf
ELIZABETH HILL SILVER PROJECT AND MEXICO EXPLORATION UPDATE
Alien Metals, the minerals exploration and development company,
is pleased to provide an update on the Elizabeth Hill Silver
Project ("Elizabeth Hill" or the "Project") and exploration
planning. Following Technical Director Bill Brodie Good's recent
successful visit to the Company's Mexican projects and a visit to
Australia, where he spent time with the in-country teams, the
Company is pleased to provide an update on project development.
Highlights :
-- Elizabeth Hill open pit resource untouched to date
-- Further Resource potential in underground workings and strike extensions
-- Review has uncovered potential for Palladium, Nickel and
Copper mineralisation within the project area
-- Donovan 2 Copper Gold Induced Polarisation Magnetic survey underway
-- Finalising underground sampling program for San Celso Silver Project
In Australia, Bill worked with the in-country technical team to
advance project planning as part of the Company's ongoing due
diligence on Elizabeth Hill and work to conclude the acquisition,
as further detailed in the original announcement of 4 December
2019. The Company expects to conclude this by the end of Q1
2020.
Bill Brodie Good, Technical Director, commented:
"Elizabeth Hill is historically one of Australia's highest grade
silver mines and has produced over one million ounces at an average
of 2,195 g/t Ag (70.24 Oz/t Ag) from an initial resource of just
over four million ounces with exceptional native silver nuggets
including, as previously reported, a 180 Kg nugget. Mining ceased
in 2000 due to a depressed silver price hence the remaining
considerable untapped resource. With the current silver price on
the rise, currently over $18 USD/oz, Alien is excited by the
growing potential this project holds."
"Valuable time was spent with the Company's technical teams to
advance exploration planning on all fronts. With the recent capital
raise the Company is now pushing to get boots on the ground to
carry out next stage exploration both in Mexico and Australia."
Elizabeth Hill Silver Mine Project
From initial data review work it is apparent that there remains
both underexplored resource potential within the existing 'mine' as
well as an 'open pit' surface Resource and extensions of the deeper
mineralisation, some of which has been partially mined to date and
some of which has not been fully tested to date (East Coast
Minerals/Legend Mining JV Annual Report 1998, 1999, 2000) (Figure
1). There are also several underexplored prospects within the lease
with significant historic anomalies that require follow up
testing.
Figure 1: Schematic Cross Section, Elizabeth Hill Mine, East
Coast/Legend JV, 1999 - Note the upper mineralised bodies classed
as 'open pit' in the resource of 1999
The Mineral Resource of 1999 including the open pit and
underground ore zones was only classified to Indicated due to the
extremely high silver grades and 'nugget' effect of some of the
sampling analysis, therefore it was deemed not possible at the time
of completing this resource to estimate the average grades within
close enough limits to declare a measured classification.
High priority follow-up work has been identified by mention of a
historic high-grade silver intersection in a costean. The costean
is about 160m due south of the current deposit. It is suggested
that this could represent a parallel mineralised system occurring
within the same structural setting of Elizabeth Hill. Further
historical trenching work (see figure 2 and 3) also identified
further anomalies focused on a copper, nickel, silver and PGE
bearing pegmatite unit associated with ultramafic units (East Coast
Minerals/Legend Mining JV Annual Report 1997). A second Costean
returned 0.85% Cu/Ni and 0.42 g/t Pd from a 4m composite sample
between 48-52m (East Coast Minerals/Legend Mining JV Annual Report
1997). Other mineralised intersections were recorded but no follow
up work nor drilling was done to fully test these anomalies such as
those in Figure 3 at the Natalie Hills prospect. Alien Metals is
reviewing follow-up work required for both extending and deepening
existing costean's and possible drill targeting.
Figure 2. Compilation map of historic data for central Elizabeth
Hills Project area over regional geology, Elizabeth Hills Silver
Project, February 2020
Figure 3. Detail of Natalie Hill prospect historic costean
results, Elizabeth Hills Silver Project, February 2020 (Ni in ppm,
Cu in ppm, Pd in ppb)
3D modelling of the compiled data within the mine area is about
to start to further support next stage exploration and resource
update planning.
San Celso Silver project, Mexico
The Company is finalising an underground sampling and mapping
program on the San Celso silver project in Mexico. This will
provide invaluable up-to-date data on the grade, width and extent
of the mineralisation in the historic workings and will aid in
final planning of the initial drilling program scheduled for Q2
2020.
A very competitive quote for diamond core drilling has been
received from TecMin Mexico for an initial drill program at San
Celso following a visit to their headquarters in January 2020 and
the Company is confident of receiving the necessary environmental
permitting in due course, to be able to finalise this program
incorporating the results of the underground work as well.
Figure 4: Drill hole collars and access tracks plan for Semnaret
application, San Celso, February 2020
Donovan 2 Copper/Gold VMS project, Mexico
TMC Geopysical of Mexico has just completed the data acquisition
work of the Ground Induced Polarisation (IP) Program over the
Donovan 2 ground magnetic targets. Initial feedback from TMC
reported excellent data quality and some high chargeability
responses. TMC is now processing and interpreting the data with
results expected in a couple of weeks. The final plan of lines
completed is outlined in Figure 5.
Figure 5: Final IP lines, Donovan 2, February 2020
Alien Metals continues to review new project opportunities as
well as advancing various discussions concerning potential joint
venture or farm-in arrangements in both Mexico and Australia.
For further information please visit the Company's website at
www.alienmetals.uk , or contact:
Alien Metals Limited First Equity Limited (J oint
Bill Brodie Good, Technical - Broker)
Director Jason Robertson
Tel: +44 (0) 20 3907 4257 Tel +44 (0) 20 7374 2212
St James Capital, Company Secretary
Tel: +44 (0) 20 7887 6599
Beaumont Cornish Limited (Nomad) Novum Securities Limited (Joint
James Biddle/ Roland Cornish - Broker)
www.beaumontcornish.com Jon Belliss
Tel: +44 (0) 207 628 3396 Tel +44 (0) 20 7399 9425
Turner Pope (Joint - Broker)
Blytheweigh (Financial PR) A ndy Thacker/Zoe Alexander
Megan Ray/Rachael Brooks Tel +44 (0) 20 3657 0050
Tel: +44 (0) 207 138 3204
Notes to Editors
Alien Metals Ltd is a mining exploration and development company
listed on AIM of the London Stock Exchange (LSE: UFO). The
Company's focus is on precious and base metal commodities.
Alien Metals has embarked upon an acquisition-led strategy
headed by a high-quality geological team to build a strong
portfolio of diversified assets including two recent acquisitions
in 2019. These include the Brockman and Hancock Ranges high grade
(Direct Shipping Ore) iron ore projects and the Elizabeth Hill
Silver projects both located in the Pilbara region, Western
Australia.
In addition to progressing its acquisition-led strategy and
following its strategic review of its portfolio of silver and
precious metals projects in Mexico, Alien Metals has identified
priority exploration targets within its 12 mining concessions which
it is working to advance systematically. The Company's silver
projects are located in the Zacatecas State, Mexico's largest
silver producing state which produced over 190m oz of silver in
2018 alone accounting for 45% of the total silver production of
Mexico for that year.
Qualified Person
The information in this report that relates to exploration
targets, exploration results, and other information of a technical
nature has been reviewed by Dr Lex Lambeck Ph. D, a technical
consultant to the Company. Dr Lambeck is a Member of the American
Institute of Professional Geologists and a Certified Professional
Geologist, CPG-11734, with over 15 years of relevant experience in
exploration and assessment of resource projects.
Forward-Looking Information
This press release contains certain "forward-looking
information". All statements, other than statements of historical
fact that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future are deemed forward-looking information.
This forward-looking information reflects the current
expectations or beliefs of the Company based on information
currently available to the Company as well as certain assumptions,
including the availability of sufficient funds. Forward-looking
information is subject to a number of significant risks and
uncertainties and other factors that may cause the actual results
of the Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realised or substantially realised, there can be no assurance that
they will have the expected consequences to, or effects on the
Company.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Glossary:
g/t - Gram per ton
Oz/t - Ounce per ton
Ag - Silver
Indicated Mineral Resource - The part of a Mineral Resource for
which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a reasonable level of
confidence
Measured Mineral Resource - The part of a Mineral Resource for
which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a high level of
confidence.
Costean - is a process in mineral exploration to aid in
discovering mineralisation near surface. It consists in sinking
small pits through the surface soils to the solid rock, and then
driving from one pit to another across the direction of the vein,
in such manner as to expose all the veins between the two pits,
similar to a deep surface trench.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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