Alien has today announced that following the signing of an Earn-in Agreement (the ‘Agreement’) with Capstone Mining Corp (‘Capstone’) (TSX: CS) on 22 October 2020, covering its Donovan 2 Copper-Gold Volcanogenic Massive Sulphide project (the ‘Project’) in Mexico.
Capstone has confirmed completion of their initial 2020 obligation for exploration expenditures and will now advance to the next phase of the Agreement. With Alien having managed to get the previous drilling permit re-granted at the end of 2020, Capstone has indicated a planned initial 2,500m drilling program as part of its required US$450,000 commitment to the Agreement in 2021.
Although provisional planning is already underway, drill locations are expected to be finalised on receipt of Capstone’s Induced Polarisation (‘IP’) geophysical survey results which are now in the final stages of reporting and interpretation. Post the fund raise of 23 November 2020, the Group is well capitalised with around £4.3m (US$5.8m) cash for its planned 2021 programme of works.
This leaves Alien well positioned to advance its other highly prospective base and precious metals projects in Mexico and Australia, along with any newly identified opportunities.
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