Alien Metals reports high grade results

Francesca Morgan
RNS Newswire
07:39, 2nd December 2020

Alien Metals (AIM:UFO FOLLOW) said it has received final lab analysis of assays at the Company’s Hamersley Iron Ore Projects confirming high grade iron ore results of up to 66% Fe. 

The Brockman Project and the Hancock Ranges Project (Figure 1) are in Hamersley in Western Australia, known as one of the premier iron ore producing regions of the world. 

UFO received assays for 95 rock-chip / grab samples from Hamersley Iron Ore with results indicating highs of 66.95 % Fe from the Hancock project and 64.39 % Fe from the Brockman project with consistent direct shipped iron ore (DSO) product grades where expected. 

The assays confirmed high-grade results from preliminary handheld X-ray Fluorescence (XRF) results while the sample locations (Figure 3) extended previously mapped prospective areas which are outside of those incorporated into the group’s maiden Exploration Target. 

Chief Executive of Alien Metals, Bill Brodie Good, has described the high-grade iron ore results, which confirm the findings from the XRF readings in late October, as “excellent.” 

Figure 1: Location of the Brockman and Hancock Ranges Iron Ore projects within the prolific iron ore producing region of the Pilbara (Source: Alien Metals). 

While the mapping and sampling has not comprehensively evaluated all the BIF occurrences within the tenement, at least two targets have been highlighted for additional follow-up work 

UFO said it has also finalised a Reverse Circulation (RC) maiden drilling programme for the company’s Hancock Ranges Project , which will consist of between 3,500-4,000m of drilling. 

Figure 3: Detail of BIF ridges, sample locations and final Iron Ore values, Kalgan Prospect, Hancock Ridges Iron Project, November 2020 (Source: Alien Metals) 

Following the recent field visit by its technical team, Alien has an understanding of the best access routes for mobilising a drill rig to the Kalgan prospect at the Hancock Ranges Project.  

The Program of Works (“POW”) has been submitted and is expected to commence in Q121. Drilling will test the Kalgan prospect, which has been mapped over a strike-length of 3km+. With the POW submitted, the group said it hopes to be on the ground “as soon as possible.” 

Figure 2: Location and Iron Ore grade of samples, Kalgan Prospect, Hancock Ridges Iron Project, November (Source:Alien Metals) 

“Our technical team has scoped out drilling access at the Hancock Ranges Project and in particular the Kalgan prospect (Figure 2). Futher, the team has taken additional samples from Kalgan to in-fill areas covered from the October programme,” said Brodie Good. 

UFO told investors that it ‘looks forward to reporting the full results and interpretations and associated next stage plans once received in the coming couple of weeks.’ 

“Following the recent capital raising, which was strongly supported, the Company will be advancing exploration across the entire project portfolio and looks forward to updating the market at Hamersley, Elizabeth Hill and Mexico,” added Brodie Good. 

Shares in Alien Metals have soared over 85% in value since the beginning of October 2020 to close at 1.3p on Tuesday afternoon trading. 

UFO price chart

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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