Alien Metals is in discussions with potential partners to finance the Hancock iron ore project

Alien Metals Ltd, (AIM: UFO). stated that it was making progress at its Hancock iron ore project, where production is expected in 2023.

A metallurgical testing program, which was completed now, highlights the Hancock deposit’s high-grade and low-impurity nature, according to AIM-traded Alien. Due to the ratio of fines to lumps and low impurities of the DSO material at Hancock. These discussions have led to the delivery of marketing samples.

Alien is in advanced discussions with potential offtake partners due to the high ratio of fines to lumps, and the low impurities of direct shipping ore (DSO).

According to the company, it is in preliminary talks with several potential funding partners. It has been presented with a variety of funding options including equity and debt.

The test work was conducted using 2,563kg of bulk samples at the ALS laboratory in Perth. The test work’s success to date confirms the quality of the iron ore to be produced from the resource area.

Chief executive Bill Brodie Good stated that “the development aspects of Hancock iron ore are moving very well and will be ready in early 2023.”

“We are on track for all the permits being in place and will soon be able to start mining next year. We are also continuing to have in-depth conversations with potential offtake partners and third-party contractors to allow us to go into production in 2023.

Yesterday’s early trading session saw shares rise 20% to 0.78 pence

Bill Brodie Good, Chief Executive Officer & Technical Director of Alien Metals, commented: “The development aspects of the Hancock Iron Ore Project to be shovel ready for early 2023 are progressing very well. We are on track to have all the permitting in place, and will soon be in a position to commence mining next year. Additionally, in-depth discussions with third party contractors and potential offtake partners to enable us to get into production in 2023 are continuing”.

Alien, which announced last September a maiden-inferred resource estimate for Hancock of over 10 million tonnes, has since stated that it believes there is considerable potential to increase this resource.

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