Alien Metals defines 20 priority targets at Elizabeth Hill
(UFO ) said it has defined 20 priority targets from its recent litho-structural interpretation and target generation study completed over the Elizabeth Hill Silver Project.
The Elizabeth Hill Silver project area (Fig 1) includes the Mining Lease containing the historic Elizabeth Hill Silver Mine and the Munni Munni North Exploration Lease that surrounds it.
The work from the study, which was based on recent and historic combined airborne geophysical survey data, was carried out by Southern Geoscience Consultants of Perth, a geophysical consulting company with ‘extensive experience’ in this type of commission.
Figure 1: Location of Elizabeth Hill Project, Pilbara, WA
(Source: Alien Metals)
Figure 2: Geophysical and structural targets generated by SGC, Elizabeth Hill Silver Project, April 2021
(Source: Alien Metals)
Out of 20 priority targets identified, the seven highest priority targets were delineated for platinum-group elements (PGE and) silver, nickel and copper (Ag/Ni/Cu) mineralisation.
The Munni Munni Complex (MMC) is one of Australia’s largest and most prospective layered Archaean mafic to ultramafic Intrusion which hosts one of the most significant PGE deposits located to date in Australia and also the extremely high-grade Elizabeth Hill silver deposit.
A further 7 targets were identified as lower priority targets and a further 6 as lower priority, but still priority targets all warranting follow up exploration. While these are priority targets, there are more areas of interest still to be tested but currently lower in the ranking, it said.
The project area comprises a diverse and multi commodity array of targets associated with a significant geological feature that has already produced 2 significant orebodies, Alien noted.
The Company noted to investors that it is ‘excited by the full potential’ of the area for other styles of mineralisation. This includes, amongst other things, base metals, gold and lithium.
Alien said it is ‘very pleased’ with the results of this work and that it is ‘pushing ahead with planning and beginning field work following up on some of the highest priority targets in the coming weeks as well as pushing ahead with work on the silver deposit at Elizabeth Hill.’
"A fantastic 20 priority targets were delineated by Southern Geoscience from the results of the merging of the combined magnetic data for the project area. We are very pleased with the results of this study and are already planning follow up ground exploration work on the higher priority targets with the goal of making the next discovery, while at the same time planning update work on the silver mine and the tailings as well," said Bill Brodie Good, CEO & Technical Director of Alien Metals.
He added, "As expected, some historically defined prospects were identified but we also are really pleased to have some new targets which related to more recent new discoveries in the region that can be now applied to this project area.
The Company is now working with various consultants who possess extensive knowledge of the area, as well as the historical work carried out, to support the Company's planning and execution of the next phase of exploration programs on several of the priority targets."
Reasons to UFO
UFO’s portfolio of exploration stage assets includes volcanogenic massive sulphide style mineralisation (copper, zinc and lead), high-grade silver projects in Mexico and a 51% interest in two highly prospective iron ore projects in the Pilbara region in Australia.
The company said its portfolio may be expanded to include other minerals such as iron ore and lithium, and jurisdictions within Africa and Asia where its management has demonstrable expertise advancing assets in line with international reporting standards.
Expanding Licence Areas
In recent weeks, the company was granted a 208 km2 exploration licence by Ironbark Zinc surrounding the Citronen zinc-lead project, a high-grade metal project located in northern Greenland which is believed to be one of the world's largest undeveloped zinc-lead projects.
The minerals exploration and development company said the project holds a JORC resource of 131.1m tonnes @ 4.5% zinc and lead for 13bn pounds of contained zinc and lead metal.
The licence is valid until 31 December 2023 and continues UFO’s strategy of identifying counter-cyclical opportunities in first class mining jurisdictions with ‘excellent upside potential.’
"The Company and its advisers continue to assess new projects and identified an opportunity to secure an exploration footprint in northern Greenland on strike and adjacent to the world class undeveloped Citronen zinc-lead project,” said CEO, Bill Brodie Good.
IBK believes the projects offer an attractive entry into one of the world's premier silver belts and will soon start marketing them to a range of potential investors and project partners.
UFO said it will continue its efforts in exploring and developing the projects and simultaneously consider third party funding options to develop and mine the projects.
In other recent news, the company has also recently completed a detailed geological mapping and sampling programme at the Hamersley iron ore projects in Australia with field observations indicating that two of its prospects may be part of the same larger system.
The two projects, which have demonstrated “great potential” are located in the Hamersley Province which is known as one of the premier iron ore producing regions of the world.
Preliminary handheld XRF results are consistent with those observed in the 2019 field programme, with reported ranges of between 40% and 70% iron.
Alien Metals has now commenced preparing a Program of Works ("POW") for submission ahead of drilling.
Meanwhile, North American advisor firm IBK Capital has commenced the marketing process for the Company's San Celso and Los Campos silver projects which are located in Mexico.
The process for the silver projects follows the successful earn-in transaction with Capstone Mining announced earlier in October 2020 regarding UFO’s Donovan 2 copper-gold project.
Complementary Acquisitions
Alien Metals has executed 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 iron ore projects and the Elizabeth Hill Silver projects both located in the Pilbara region, Western Australia.
In addition to progressing its portfolio of assets 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 9 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.
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