TIDMUFO
RNS Number : 3300H
Alien Metals Limited
23 November 2022
Trading Symbols
AIM: UFO FWB: I3A1
23 November 2022
Alien Metals Ltd
("Alien Metals" or "the Company")
Targeted exploration drilling 100% owned Elizabeth Hill
Project
Initial observations of results
Alien Metals Ltd (LSE AIM:UFO) an iron, precious and Platinum
Group Metals development company is pleased to advise that it has
recently completed a reverse circulation drilling programme at its
100% owned Elizabeth Hill Silver Project ("Elizabeth Hill") and
Munni Munni PGE Project ("Munni Munni") in the west Pilbara of
Western Australia.
Highlights:
- Sulphides observed in drill holes at Elizabeth Hill and Munni
Munni confirming continuation of mineralising structures
- Initial pXRF results indicate above background concentrations of both base metals and silver
- Wide zones of alteration encountered indicating continuity of silver hosting structures
- Priority samples collected and submitted for assay with
balance of samples to be assayed in due course
- Follow up work now being planned
Rod McIllree, Executive Chairman of Alien Metals, commented:
"This extensional exploration drilling at depth and along strike
of known metal occurrences strengthens the teams understanding of
the geology and mineralised system as well as proving the expanded
potential of Australia's highest grade historical silver mine. In
addition, new ideas have been tested for base metal concentrations
along the main Munni Munni fault on which the Elizabeth Hill silver
deposit also sits. The exploration team is now focused and learning
in real time to optimize future exploration activity at both
project areas. This, combined with the continued advancement of the
Hancock iron project towards production in 2023, positions the
Company very well for shareholders to benefit from near term cash
flow from production as well as making significant new discoveries
in this highly mineralized region.
The Elizabeth Hill and Munni Munni Project
The Elizabeth Hill and Munni Munni Project is a contiguous block
of tenements held by the Company that are prospective for silver
and Platinum Group Elements (PGEs). The geology is interconnected
and there are multiple styles of mineralization with numerous
untested targets for both silver and PGE mineralisation.
Figure 1: Location of the Elizabeth Hill and Munni Munni Project
areas, Pilbara, Western Australia
Munni Munni itself has significant PGE mineralization with a
historically stated 2004 JORC resource of:
24 million Mt @ 2.9g/t Platinum Group Element (PGE) and gold for
2.2Moz PGM3
This includes 1.14 million ounces ("Moz") of palladium, 0.83Moz
of platinum, 152,000 oz ("ounces") gold and 76,000 oz of
rhodium.
The historical Elizabeth Hill silver mine produced 1.2Moz of
silver @ 2,195 grammes per tonne ("g/t") silver from underground
between 1999-2000. There is a non-JORC compliant, historically
quoted, resource of around 4Moz of silver at a 200g/t (6 ounce)
cutoff. In addition to this, the mine produced Australia's largest
silver nugget weighing in at 145 kilograms that is currently on
display at the Perth Mint.
Recent Exploration near Elizabeth Hill
The recently completed reverse circulation drilling programme
comprised of 12 holes for 1,370 metres ("m") of drilling. This
drilling was designed to test:
-- Down dip, down plunge and depth extensions to the known high
grade silver mineralisation proximal to the Elizabeth Hill silver
mine
-- Strike extensions north of the Elizabeth Hill shaft,
targeting granite/ultramafic contact zones identified during
underground mining that are interpreted to be extensions to the
main silver lode mineralisation
-- The Judy Reef about 1,400m southeast of the Elizabeth Hill
historical silver mine is a PGE copper nickel target with possible
silver, co-incident with an electromagnetic ("EM") anomaly.
At Elizabeth Hill significant water was encountered in some
holes that may require a short diamond core tail to ensure the
target is properly tested however this will be determined after
receipt of the assays for the existing drilling. Geological logging
encountered several zones of altered material that has similar
characteristics to the main mineralized high grade silver zones at
the Elizabeth Hill mine.
Figure 2: Section looking East through the historical Elizabeth
Hill silver mine workings
Upcoming work programmes planned by Alien during the next
several months
- Core drilling at Hancock to increase resources from Inferred to Indicated
- High priority samples from drilling submitted with results expected in several weeks
- Permitting for the Hancock development into an active mine is
continuing with update in due course
- Refurbishment of the Elizabeth Hill shaft and establishment of a small camp ongoing
For further information please visit the Company's website at
www.alienmetals.uk , or contact:
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish
www.beaumontcornish.com
Tel: +44 (0) 207 628 3396
WH Ireland Ltd
Harry Ansell / Katy Mitchell
Tel +44 (0) 207 220 1666
BlytheRay (Financial PR)
Megan Ray / Said Izagaren
Tel: +44 (0) 20 7138 3204
About Alien;
Alien Metals Ltd is a global mining exploration and development
company listed on the AIM market of the London Stock Exchange (LSE:
UFO). The Company's focus is on starting iron production at Hancock
as well as precious, PGM and base metal exploration at its other
100% owned projects. In 2019, the Company acquired 51% of the
Brockman and Hancock Ranges high- grade (Direct Shipping Ore) iron
ore projects and has since exercised its option to move to 90% of
these iron projects.
In 2020 the Company agreed to acquire 100% of the Elizabeth Hill
Silver Project, which consists of the Elizabeth Hill Historic
Silver Mine Mining Lease and the 150km2 exploration tenement around
the mine. The Company also holds two silver projects, San Celso and
Los Campos, located in Zacatecas State, Mexico, 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. The Company also holds a Copper Gold project
in the same region, Donovan 2.
In November and December 2021, the Company entered into two
Binding Heads of Agreement with ASX listed Platina Resources Ltd
and Artemis Resources Limited to acquire 100% of the current joint
venture interest in the Munni Munni Platinum Group Metals and Gold
Project in the West Pilbara, Western Australia, one of Australia's
major underexplored PGE and base metals projects. Munni Munni holds
a historic deposit containing 2.2Moz 4E PGM: Palladium, Platinum,
Gold, Rhodium.
Glossary
Mineral Resource - a concentration or occurrence of solid or
liquid material of economic interest in or on the Earth's crust in
such form, grade (or quality), and quantity that there are
reasonable prospects for eventual economic extraction. The
location, quantity, grade (or quality), continuity and other
geological characteristics of a Mineral Resource are known,
estimated, or interpreted from specific geological evidence and
knowledge, including sampling. Mineral Resources are sub-divided,
in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.
Competent Person
Competent Person's Statement - Exploration Results Mineral
Resources and Scoping Study The information in this announcement
that relates to Exploration Results, Mineral Resources and Scoping
Study is based on information compiled by Mr. Bradley Toms who is
the Exploration Manager and a full time employee of Alien Metals
Ltd. Mr. Toms is a Member of The Australian Institute of
Geoscientists and has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity that he is undertaking, to qualify as Competent
Person as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves". Mr. Toms consents to the inclusion in the document of
the information in the form and context in which it appears. Mr
Toms has declared that he holds Performance Rights in the
Company.
Mineral resource classification - is the classification of
mineral resources based on an increasing level of geological
knowledge and confidence.
Mt - Million Tonnes
Moz - Million Ounces
Koz - thousand Ounces
g/t - Grams per Tonne
Pt - Platinum
Pd - Palladium
Rh - Rhodium
Cu - Copper
Ni - Nickel
Au - Gold
PGE - Platinum Group Elements
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END
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November 23, 2022 02:00 ET (07:00 GMT)
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