Alien Metals Limited (UFO.L) Hancock firming up as standalone DSO operation

Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to update the market on the Hancock Iron Ore Project in the Pilbara region of Western Australia.

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

http://www.rns-pdf.londonstockexchange.com/rns/1959I_1-2021-8-10.pdf

Highlights

· Initial Assay results from the second phase of Reverse Circulation (RC) resource drilling have demonstrated significant widths of direct shipping ore (DSO) grade intersections from surface at the Sirius Extension Project

· All intersections from the Sirius Extension Project clearly point to a contiguous DSO grade deposit with best initial results from the second phase drill program including:

o 47m @ 61.50 % Fe in hole AM21RC002 001 from 2m

o 78m @ 61.20 % Fe in hole AM21RC002 002 from 1m

o 25m @ 61.50 % Fe in hole AM21RC002 003 from surface

o 88m @ 60.60 % Fe in hole AM21RC002 004 from 1m

o 29m @ 59.60 % Fe in hole AM21RC002 005 from 12m

o 19m @ 59.30 % Fe in hole AM21RC002 006 from 15m

o 68m @ 58.50 % Fe in hole AM21RC002 007 from 11m

· With the continued strong results from the Sirius Extension Project, maiden resource estimation work and mining studies have commenced with initial results anticipated in the September quarter

· Further drilling at the Western Ridges Project is being planned as a third phase program; management’s expectation is that this will deliver a zone to contain a potential second resource

The second phase of drilling was designed to in-fill the maiden drilling at the Sirius Extension Project. We are now confident that the current drill spacing is sufficient to enable the delineation of a maiden JORC resource to be calculated. The laboratory results received to date have further confirmed the excellent potential of the Sirius prospect.

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

“Our Hancock Iron Ore Project is shaping up to be a significant development opportunity for Alien. We have now defined DSO grade iron ore over a strike length of 350 metres at the Sirius Extension Prospect alone and we now have nearly all the data to calculate a maiden JORC resource at Sirius.”

“In parallel to this work the Company has already engaged specialisist mining consultants, Mining Plus, to deliver a high level scoping study for the Sirius Extension prospect. Mining Plus has extensive experience with similar DSO grade projects that have recently transitioned from explorer to producer in Western Australia; this provides valuable data as a benchmark for Alien and will provide robustness to the financial model, even at this preliminary stage. Alien is highly encouraged by the early review work and looks forward to providing an update in due course.”

“In addition to the Sirius Extension prosect and the yet to be resource drilled Western Ridges, significant potential still remains at Hancock, with only 15% of the tenement tested to date.”

John Battista, Principal Mining Consultant, Mining Plus, commented:

“Based on our conceptual study-level work to date, the Hancock project has the potential to be developed into a niche direct-shipping iron ore producer in the heart of the world-famous Pilbara region of Western Australia.”

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

Figure 2: Summary drilling results to date, Sirius Extension, Hancock Tenement, August 2021

Figure 3: Section AM21L03, Sirius Extension, August 2021

Alien used the industry standard of inserting 5% Certified Reference Material (CRM) samples and 5% duplicate samples at source. The CRMs are sourced from Geostats Pty Ltd, Perth, WA, a global leader in the manufacture and sale of CRMs. All samples generated were dispatched to Intertek Genalysis at Maddington, Perth, WA, and analysed for their Standard Iron Ore Package Analysis with XRF finish, which includes elements Fe, Al, Ca, K, Mg, Mn, Na, P, S and Si. This is the same as the analysis and laboratory used in all Alien’s analysis work on these projects to date to maintain consistency and comparability between all analyses.

The Company notes that we are still waiting on the laboratory results of 3 holes from the Sirius Extension Prospect phase 2 drilling as well as all the Western Ridge prospect holes and are hoping to receive these in the coming couple of weeks.

Figure 4 below shows the Company’s untested target ridges outline for the remainder of the Hancock tenement and plans are already afoot to start testing these targets as well.

Figure 4: Target areas for further ground reconnaissance, Hancock Tenement, Hamersley Iron Ore Project, August 2021

Alien Metals Limited

Bill Brodie Good, CEO & Technical Director

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

Tel: +44 20 7796 8644

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company’s focus is on precious and base metal commodities, with its operations located in proven mining jurisdictions and it has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets.

In 2019, the company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and increased its holding to 90% in May 2021 while in 2020 acquired 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Silver Mine Mining Lease and the surrounding Munni Munni North Exploration Tenement. The Australian projects are located in the world-renowned Pilbara region of Western Australia.

The Company also holds two silver projects, San Celso and Los Santos, located in Zacatecas State, 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 holds a Copper Gold project in the same region, Donovan 2.

The company was also awarded an Exploration Licence in Greenland in late 2020, which surrounds the world class Citronen Zinc-Lead deposit.

In addition to progressing and developing its portfolio of assets and following its strategic review of its portfolio of silver and precious metals projects, Alien Metals has identified priority exploration targets within all of its projects which it is working to advance systematically


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