Alien Metals, the minerals exploration and development company, is pleased to provide an update on the acquisition of the high-grade Elizabeth Hill Silver Project (“Elizabeth Hill” or the “Project”).
The Company is working closely with the advisors of Karratha Metals Group Limited (“KMG”), the current owner of the Project, to effect completion of the acquisition as soon as possible. In the coming week, KMG will be despatching a notice of meeting to its shareholders to approve the sale of Elizabeth Hill to Alien Metals. The expected meeting date is for mid-September, with completion of the acquisition to take place shortly thereafter.
Link to full announcement including figures:
The historical data review undertaken by the Company in conjunction with its technical advisors, has provided a wealth of information on the Project, including prospective areas for immediate follow-up. As such, Alien Metals plans to submit a programme of work (“POW”) in the coming weeks to facilitate a first pass trenching programme at Elizabeth Hill.
Bill Brodie Good, Technical Director of Alien Metals, commented: “The Company is eager to complete the acquisition of Elizabeth Hill as quickly as possible. Importantly, we have been continuing our data compilation and planning upcoming work programmes, including the submission of a POW to undertake an initial trenching programme at Elizabeth Hill combined with some more detailed mapping and surface sampling.
“Elizabeth Hill is a very high-grade silver project in a tier 1 jurisdiction. Mining ceased in 2000 when silver dropped to 4 USD an ounce, so with current silver prices of over 28 USD and the remaining potential we believe to exist we are excited about the prospects of fast-tracking work at the Project.”
About the Elizabeth Hill Silver Mine Project
Elizabeth Hill is historically one of Australia’s highest grade silver mines and has produced over one million ounces at an average of 2,195 g/t Ag (70.24 Oz/t Ag) from an initial resource of just over four million ounces. The deposit was also unique for the exceptional native silver nuggets including, as previously reported, a single 180 Kg nugget. Mining ceased in 2000 due to a depressed silver price leaving a remaining considerable untapped resource both within the mine itself and in the remainder of the licence area with several anomalies still to be fully tested.
Figure 1: Location of Elizabeth Hill Silver Project
Limited and sporadic exploration in the mining licence has been undertaken since mining ceased in 2009, however numerous targets remain to be further tested to follow up on historical work as well as new targets not yet tested. Alien Metals has identified several significant priority exploration targets based on a combination of lack of historic exploration on such targets, early stage work outlining mineralisation but not having been followed up as well as simply no work having been carried out to date.
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