Alien Metals Limited (AIM:UFO) New high-grade ridge targets defined at Hancock

A further 3km of new high-grade ridge targets defined at Hancock Iron Ore Project

Follow the link to view the announcement in full including all figures:

http://www.rns-pdf.londonstockexchange.com/rns/4673G_1-2022-3-29.pdf

Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, is pleased to provide an update on the Company’s Hancock Iron Ore Project, part of its Hamersley Iron Ore Project, Western Australia, further to its announcement of 2 March 2022.

Highlights

  • Results from a recent rock chip sampling programme conducted at part of the Hancock Phase 3 drilling has confirmed the potential for additional DSO grade Fe mineralisation at surface
  • During the programme, 67 rock chip samples were taken across newly identified target areas with 25 samples returning assays of greater than 60% Fe and with an average grade of 63% Fe
  • The programme highlights excellent continuity of potential high-grade zones with at least 5 new high-grade ridge targets defined
  • In total, over 3km strike length of new drill targets have been identified and the results further support the Company’s belief of repeat high-grade ridges across the Hancock Project
  • None of these newly identified targets have yet been drill tested

Bill Brodie Good, Chief Executive Officer & Technical Director of Alien Metals, commented: “Ongoing exploration across the Hancock Project continues to deliver outstanding results. To have identified further potential high-grade ridges is very encouraging and, once the weather permits, we will aim to continue our programme of drill testing.

“The Company’s iron ore assets in Australia are progressing very rapidly. At Hancock, the bulk sample testing is nearing completion and the work programme to secure the necessary permits in getting the project shovel-ready remains ongoing. Across at the Brockman Project, planning of our maiden drill programme has been completed and we are looking forward to testing the project during the next field season.”

Further to the announcement of the 12 January 2022, the Company now has the laboratory results of the 67 rock chip samples taken on the untested western and central parts of ridges F, G and H while the team was in the field working on the third drilling phase. The initial results as reported were already very positive and these completed full analysis results cement the early interpretation and give the Company numerous new drill targets to test.

Of the 67 samples taken, 25 returned assays greater than 60% Fe (with an average of 63% Fe).

These significant new high-grade green iron ore values are excellent and continue to show the untapped potential of the project. Furthermore, these are not isolated results but in almost all cases show continuous high-grade strike lengths on all ridges tested, which the Company believes could represent new localised resources, similar to those already defined on ridges C and E. The similarity of the high-grade extensions to what has already been defined is also highly encouraging and the Company is now planning the next phase of drilling to turn these surface targets into potential new resources.

The deleterious elements from the results are also all within acceptable range to not affect the overall grade and potential of these targets.

There are three 1400m+ high-grade targets on ridge F, two targets on ridge G of 900m and 600m, and significantly there still remains 6.5 kilometres of ridge to test on G and H. It is also worth noting that the ridge E resource is approximately 800m long at this stage, containing well over 1Mt of high-grade iron ore, while the ridge C resource is even shorter at 650m and also contains over 1Mt of high-grade material. As such, having a further 3km of highly prospective targets still in the central western area of the tenement illustrates the excellent progress thus far. Figure 3 below demonstrates part of the F Ridge anomaly in relation to the existing E Ridge resource outline.

Table 1: Summary of high-grade results, rock chip sampling, Hancock Iron Ore Project, March 2022

Read More

See Appendix 1 for the full set of results

The Company is very pleased with this continued positive exploration work and will continue to develop all these targets as well as new untested ground in the coming months.

Brockman

Maiden drilling on the Brockman tenement is now in final planning and the Company hopes to carry out its maiden drilling on Brockman in the coming months.

Further updates will be provided in due course as appropriate.

Figure 1: Location of Hancock Iron Ore Project, Western Australia

Figure 2: Location and results of rock chip sampling programme, Hancock Iron Ore Project, Western Australia, March 2022

Figure 3: Detail of rock chip samples and Iron Ore Grades (%), part of Ridge F, Hancock Iron Ore Project, March 2022 – (Note relative size of Ridge E Resource)

Figure 4: Detail of rock chip samples and Iron Ore Grade, Ridge G, Hancock Iron Ore Project, March 2022

For further information please visit the Company’s website at www.alienmetals.uk, or contact:

Alien Metals Limited

Bill Brodie Good, CEO & Technical Director

(via St-James’ Corporate Services, Company Secretary)

Tel: +44 (0) 203 811 2144


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