Alien Metals Limited (UFO.L) 20 Priority targets defined at Elizabeth Hill

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Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, is pleased to report the results of the recently completed litho-structural interpretation and target generation study completed over the Elizabeth Hill Silver Project based on recent and historic combined airborne geophysical survey data. The project area includes the Mining Lease containing the historic Elizabeth Hill Silver Mine and the Munni Munni North Exploration Lease that surrounds it. The work was carried out by Southern Geoscience Consultants of Perth, WA, a leading geophysical consulting company with extensive experience in this type of commission.

Highlights

· Of 20 priority targets identified seven highest priority targets delineated for PGE and Ag/Ni/Cu mineralisation

· A further seven level 2 priority targets and six level 3 priority targets also delineated

· New targets previously not defined amongst these

· Exploration recommendation methods to focus development

Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:

“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. 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.

“Alien is excited to be pushing on with its exploration plans and field work and looks forward to updating the market in the coming months.”

Figure 1: Location of Elizabeth Hill Project, Pilbara, WA

Alien engaged Southern Geoscience Consultants (SGC) of Perth, WA, to provide and manage the acquisition, processing, and interpretation of airborne magnetic, radiometric, and digital elevation data over the Elizabeth Hill Project. From a detailed review of existing available data, it was decided to only fly the eastern section of the project area, as the western area was recently flown at the same line spacing and line direction with that data available to purchase for substantially less than the cost of re-flying. SGC integrated both data sets into a larger set that covers the entire target area. It should be noted that a slightly larger area than the ground held by Alien defined the area covered by this study to ensure the significant regional geological and structural units were included to aid in the final interpretation work.

The tenements cover the northern part of the Munni Munni Complex, one of Australia’s largest and most prospective layered Archaean mafic to ultramafic Intrusion. The project covers about 60% of the ultramafic rocks, including the Cadgerina Dyke to the west, which is interpreted to be a possible feeder zone of the Munni Munni intrusion.

The Munni Munni Complex (MMC) shows many similarities with other layered mafic-ultramafic intrusions found elsewhere, including the Bushveld Complex in South Africa, the Stillwater Complex in Montana, USA and particularly, the Great Dyke of Zimbabwe, which all host world class deposits of Platinum Group Elements (PGE) mineralisation.

The MMC hosts one of the most significant PGE deposits located to date in Australia and also the extremely high-grade Elizabeth Hill silver deposit.

At Munni Munni, the most promising PGE horizon discovered to date, the Ferguson Reef, lies just below the contact between the ultramafic and mafic, mainly gabbroic, rock types. This porphyritic reef outcrops over a strike length of approximately 8 km of which about 2.5 km lies within the Company’s ground while a further 1 km length of reef is outcropping near the Cadgerina Dyke also within the Company’s ground holding. A limited amount of historical exploration has been done on some of these outcrops and targets to date and updating and infilling such work will be part of the work program being developed now by Alien.

Another PGE-enriched horizon, Judy’s Reef or the J-reef, is located along the northern and north eastern margins of the intrusion approximately 30m above the base of the Complex just east south east of the Elizabeth Hill Mine itself trending towards the Natalie Hill prospect. This is within the Elizabeth Hill Mining Lease and this important target will be the focus of some initial infill and updated exploration work in the coming phase of work as well.

The major structural feature within the project area is the NNE trending Munni Munni Fault which offsets the Ferguson Reef in the south and the northern margin of the Complex by about 600 metres. The Elizabeth Hill silver deposit was formed at the intersection of the fault at the base of the MMC in a local dilation zone caused by shearing along the ultramafic/granite contact.

In summary SGC defined the area as highly prospective for PGE, Ag, Ni and Cu and potentially Li mineralisation in addition to the known Elizabeth Hill Silver and Munni Munni PGE (formerly Hunters zone) deposits.

About the geophysical survey review

The whole project area is covered by two 50 m line-spaced surveys: one newly commissioned and one existing multi-client survey, with good quality aeromagnetic and radiometric data, acquired at 35-50m ground clearance.

The interpretation was based primarily on a new merge by SGC of these airborne datasets and available geological information from historical exploration. The interpretation was primarily focussed on defining lithological contacts, prominent faults and identification of structurally complex areas within and around Munni Munni and Maitland intrusive complexes. Detailed interpretation of ultramafic/gabbroic zone contacts as well as magnetically anomalous mafic/ultramafic layers within the Munni Munni intrusive complex was also carried out.

Zones of intense deformation and breaks along the borders and within intrusive complexes were identified and used in the targeting process. The geological setting and geophysical signatures of the Elizabeth Hill silver deposit were assessed and used for the targeting as well. The highest priority was given to targets with structural context similar to the known Ag and PGE mineralisation within the target area. These include target areas associated with the Munni Munni fault around the northern margin of the MMC in the vicinity of the Elizabeth Hill Mine as well as focus areas along the PGE Hunters/Ferguson zone/reef which hosts the Munni Munni PGE deposit.

A total of 20 targets have been identified by SGC in the Elizabeth Hill project area. Seven are considered high priority for PGE and Ag/Ni/Cu mineralisation, with a further 7 as lower priority targets and a further 6 as lower priority but still priority targets all warranting follow up exploration. It should be noted that these are the priority targets and that there are more areas of interest still to be tested but currently lower in the ranking.

Figure 2: Elizabeth Hill Project Airborne survey area, the magenta polygon is covered by existing multi-client survey and the blue area newly surveyed by Alien, February 2021

Figure 3: Geophysical and structural targets generated by SGC, Elizabeth Hill Silver Project, April 2021

Table 1 summarises all targets identified by SGC with their relative priority and commodity target demonstrating the diverse and numerous targets that are present on the project.

The targets generated include some existing prospects from historic exploration such as Hunters Reef East and West, Natalie Hill and Conquest. Significantly there are also several new targets such as targets 4, 5 and 13 (no names yet applied to them), the Cadgerina Dyke, which presents a very interesting target in its own right should it be the original feeder for the MMC.

The interpretation has delineated extensive lithological contacts, prominent faults and structurally complex areas. In particular, detailed mapping of ultramafic/gabbroic zone contacts within the MMC as well as magnetically anomalous mafic/ultramafic layers within it will be required to advance the potential of some of these targets.

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 is excited by the full potential of the area for other styles of mineralization (base metals, gold, lithium etc.)

Table 1: Summary of Exploration Targets, Elizabeth Hill Project, SGC, April 2021

Figure 4: Southern area targets detail, Elizabeth Hill Silver Project, SGC, April 2021

The faulted (and presumably sheared) contacts between ultramafic and granitoid rocks along the northern margin of the MMC were identified as the most prospective zone, as well as structurally interesting areas along the Hunters/Ferguson reef which is known already to host PGE mineralisation. Several targets are also proposed along the western border of the Maitland intrusive complex and along the Cadgerina dyke, which has been interpreted in the past and from this work to be the potential source of the MMC which could be a significant target for mineralisation.

The Company are very pleased with the results of this work and are 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.

For further information please visit the Company’s website at www. alienmetals.uk