Alien Metals Limited (UFO.L) Initial Drill Results from Hamersley Project

Initial Drill Results from Hamersley Iron Project confirm Direct Shipping Ore mineralisation

Results include 13m @ 61.5 % Fe from 2m depth

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

http://www.rns-pdf.londonstockexchange.com/rns/6971X_1-2021-5-5.pdf

Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, is pleased to advise that the Company has received initial results from the maiden drilling program on its Hancock Iron Ore project, which is part of the Hamersley Iron Ore Project, Western Australia.

 

 

Highlights:

o Drilling completed in March 2021, with 53 Reverse Circulation (RC) holes for 3,350m of shallow drilling across priority High Grade Direct Shipping Ore (“DSO”) targets.

o 3 main target areas drilled, including Sirius Extension

o Results received to date from 17 holes. Best results to date include:

o 26m @ 54.3 % Fe from surface, including 13m @ 61.5 % Fe from 2m depth hole AM21RC001 006.

o 18m @ 55.1% Fe from surface hole AM21RC001 016.

o 10m @ 55% Fe from 3m hole AM21RC001 012.

o 66m of Banded Iron Formation (BIF) intercepted in hole AM21RC001 027 with results pending.

o Drilling confirms new iron ore zone targets in permit area

o Interpretation work outlines much larger target areas for follow up

o Assay results of remaining 36 drill holes expected during the month of May.

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

“We are really pleased with the success thus far from our maiden drilling program and are delighted to now be looking towards next stage work and planning. In addition to the known DSO grade iron ore at the Sirius Extension prospect, initial assay results confirm the existence of outcropping DSO grade mineralisation in initially identified ridges A to E. The program has also opened new highly prospective areas of the tenement previously not explored and identified prospective further DSO grade potential.

“To date, we have received assay results from 17 out of the 53 holes drilled. Initial results are encouraging and already add to the understanding of the mineralisation of the project. The remaining results are expected in the coming weeks and will provide the Company with a greater understanding of the potential of the project and support planning for a follow-up drilling program, which will be commencing shortly after, given that we are now in the optimum field season in the Pilbara region.

“Overall, we are extremely encouraged by the BIF intersections on certain ridges and the information we have today gives us great confidence in the potential for the project. With current iron ore prices at multi-year highs, we believe that our iron ore projects will deliver significant value to shareholders as we continue to advance them with further exploration.”

Figure 1: Location of the Brockman and Hancock Ranges Iron Ore projects within the prolific iron ore producing region of the Pilbara.

Background

The two projects are located within the Hamersley Province of Western Australia, known as one of the premier iron ore producing regions of the world. The Brockman Project (E47/3953) is located in the west Hamersley Province, 100km northwest of the Rio Tinto iron ore mining town of Tom Price, and 90km west of the Tom Price to Dampier mine railway. The Hancock Ranges Project (E47/3954) is located in the east Hamersley Province, 15km north of the BHP iron ore mining town of Newman, and 20km west of the Newman to Port Hedland mine railway. Alien acquired a 51% in the Hamersley Iron Ore project in March 2020.

Drill Program

The maiden drilling program at the Hancock Ranges project was aimed to test four main targets which had been defined from historic and recent work. These were two high grade east-west ridges of outcropping high grade iron ore in the central and north central parts of the tenement recently identified by Alien, and the historically defined Kalgan and Sirius Extension prospects.

The planned holes targeted three initial prospects to enable the Company to continue developing its knowledge of the project as a whole and to further prioritise for next stage drilling. A fourth area was identified in the southern central area and 2 holes were drilled to initially test this at the end of this program as per Figure 2 below.

Figure 2: Drill hole locations, Targets and Prospects, Hancock Tenement, Hamersley Iron Ore Project, May 2021

Figure 3: Drill hole locations under historic surface sampling, Hancock Tenement, Hamersley Iron Ore Project, April 2021

The initial results are from samples taken in 17 of the early holes with results from 36 holes still awaited. t. To date, a maximum intersection of 1m at 65.88% Fe from hole AM21RC001 006 has been reported within a significant intersection of 26m @ 54.3 % Fe from surface, including 13m @ 61.5 % Fe from 2m depth. Other results around this hole returned lower grades which indicate that 2 beds were drilled one below the other, one being the DSO grade unit and the second being lower but still iron ore bearing. This is significant for future targeting and development as the Company identifies the DSO grade beds as priority. Holes AM21RC001 012 and AM21RC001 016 are from the Kalgan Prospect which still requires further results to fully understand while hole AM21RC001 027 is from the E ridge area which has proved a significant interception and further potential to follow up.

Significantly, the majority of assays awaited are from holes which have had significant BIF intercepts, up to 55m widths and are expected to add significant potential to the project potential.

Figure 4: Detail of drill hole locations, Hancock Ridges A-E and Kalgan Prospect, Hancock Tenement, Hamersley Iron Ore Project, March 2021

From review of the geological logs from the program the Company is very encouraged by some of the significant thicknesses of the BIF beds intercepted. As an example, hole 027 intercepted 66m of BIF from surface and with the east-west trend of these very shallow dipping beds, this could represent a significant quantity of BIF. Figure 5 shows a schematic of the significant unit that defines ‘ridge E’, which is outcropping at surface. The holes completed at the Sirius Extension included BIF intersections of up to 46m, hole AM21RC001 035 on ridge E intercepted 47m of BIF while hole AM21RC001 024 also on ridge E intersected 44m of BIF so significant intersections have been made and associated results are keenly awaited.

Figure 5: Schematic Cross Section, Ridge E, at hole AM21RC001-027, Hancock Tenement, Hamersley Iron Ore Project, May 2021

Figure 6 shows an initial interpretation of the extent of the remaining potential the Company now feels is present and which will be factored into all future exploration planning and targeting.

Figure 6: Interpreted untested BIF Ridges, Hancock Tenement, Hamersley Iron Ore Project, April 2021

As part of the next phase of work, the Company is planning for surface traverses and sampling of as yet untested part of the tenement as well as planning a next stage drilling program as it now has greater access to these new areas.

The Board of Alien continues to assess a range of mineral projects and opportunities, with particular focus on exploration projects with near term news flow and value creation.

– Ends –

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 20 7796 8644


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