Alien Metals Limited (UFO.L) Maiden Exploration Targets Identified at Hamersley

Alien Metals Ltd (LSE AIM:UFO) (“Alien Metals” or “the Company”), a minerals exploration and development company, is pleased to provide an update on the outcome of an extensive data review of the Hamersley Iron Ore Projects, including the generation of Maiden Exploration Targets and proposed next step exploration plans.

Link to full announcement including figure:

Maiden Exploration Targets Identified at Hamersley Iron Ore Projects

Highlights :

– Both tenements cover large areas of the Hamersley Group sediments which are prospective for deposits of high-grade direct shipping iron ore (“DSO”):

o Both tenements contain areas of high-grade iron ore mineralisation, as confirmed by recent and historic geological reconnaissance, sampling and sample analysis

o Both tenements have the potential to contain significant tonnages of mineralisation, subject to more detailed geological mapping, sampling and drilling

– Five priority prospects for follow up field exploration, including:

o The Sirius Extension prospect and Kalgan Prospect at E47/3954; and

o The BHP 19 and BHP 20 prospects at E47/3953, with a new exciting prospect (BHP 15) defined from historical research study

– Targeting and data review has led to Maiden Exploration Targets[1] across both projects, assumed to be high-grade DSO

– Planning for Alien’s geological team to get on ground as soon as possible

Technical Director Bill Brodie Good said : “The Company is extremely pleased with the results and findings of the detailed data compilation, which helped identify maiden Exploration Targets for the Brockman Iron and Hancock Ranges projects. The field work undertaken last year replicated the high-grade DSO results previously recorded at the projects; our next objectives are to carry-out further exploration work, including a maiden drilling programme, to convert the Exploration Targets into JORC resources.

“The Company is excited about the potential to add significant value to the projects and looks forward to updating the market of progress in due course.”

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

The two projects are 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, 100 kilometres (“km”) 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.

KBG Consultants Ltd (KBG) have completed a detailed compilation and review of all historic exploration work carried out on the two project areas including culminating in submitting a proposed a next stage exploration strategy based on the findings of the detailed review.

Over 600 public reports were reviewed covering both projects, with all relevant reports and maps compiled into a database for future reference. No fieldwork was done during this validation of the historic data, but all field locations were georeferenced as accurately as possible as part of the review.

Five priority prospects were identified and further studied and next stage exploration has been proposed for all of them. For the Brockman Project, three targets focus on the historic high-grade BHP prospects numbers 15, 19 and 20, which the Company has planned to follow-up with detailed grid-based surface mapping and sampling to support a maiden drilling programme. Two key targets in the Hancock Ranges Project are the Sirius Extension prospect, that has previously been drilled by Volta Mining (refer RNS dated September 20th, 2019 for further information), and the Kalgan Prospect in the north-north-west of the project, that the Company believes has excellent potential.

Figure 2: Location of proposed mapping traverses, BHP 20 Deposit, over geology and historic sampling, E47/3953, Alien Metals, August 2020

Figure 3: E47/3954 target areas showing historic sampling over geology, Alien Metals August 2020

Figure 4: Schematic Cross section of BHP20 deposit E47/3953, KBG, Feb 2020

Following the comprehensive historical data review and incorporating the prior sampling and drilling of Volta Mining with the sampling undertaken by Alien Metals in 2019, maiden Exploration Targets have been generated for both projects.

Table 1. Exploration Target estimates for the Brockman Iron and Hancock Ranges projects

Note: exploration data utilised in the model for the Exploration Targets included geological mapping, drill hole data, surface and rock-chip sampling, iron ore assay data from drilling and rock-chip sampling, and adjacent drilling and mapping of the mineralised iron ore formations.

Due to lack of drilling data (primarily at BHP 20 and BHP 19), there is currently insufficient information to allow for a resource estimate in accordance with the JORC Code (2012) guidelines. Management is currently working with the Company’s geological consultants regarding next-stage exploration, leading into maiden drilling programmes.

Grade Range

The iron ore grade ranges are based on the minimum and maximum assayed grades from previous drilling and sampling programmes at the Brockman Iron and Hancock Ranges projects.

Tonnage Range

A specific gravity (SG) of three was used to calculate the tonnage ranges and are based on SG’s used by neighbouring producers/developers within the Hammersley province, including Brockman Mining at their Sirius Project.

Finalisation of field programmes are being done with planning to get a team into the field as soon as possible.

Where the Company refers to previous Exploration Results it confirms that it is not aware of any new information or data that materially effects the information included in previous announcements and all material assumptions and technical parameters disclosed in those announcements continue to apply and have not materially changed.

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