Alien Metals upbeat on analysis from Hamersley project

The AIM-traded firm said assays were received for 95 rock-chip and grab samples from Hamersley, with highs of 66.95% iron from the Hancock project and 64.39% iron from the Brockman project, with consistent direct shipping ore (DSO) grades where expected.

It said the assay results confirmed high-grade results from preliminary handheld x-ray fluorescence (XRF) results.

High-grade sample locations extended the previously-mapped prospective areas, which were outside of those incorporated into the company's maiden exploration targets.

A maiden reverse circulation (RC) drilling programme had been finalised for the Hancock Ranges Project, which Alien said would consist of between 3,500 and 4,000 metres.

It said field work had confirmed the drilling access areas, with a programme of works for drilling submitted, with drilling to start in the first quarter of 2021.

Drilling would test the high-priority Kalgan prospect in the Hancock Ranges tenement, which had been mapped over a strike length of more than three kilometres.

“These are excellent results and confirm the findings from XRF readings taken in late October,” said chief executive officer Bill Brodie Good.

“Our technical team has scoped out drilling access at the Hancock Ranges Project and in particular the Kalgan prospect.

“Additionally, the team has taken additional samples from Kalgan to in-fill areas covered from the October programme.”

Brodie Good said the firm had identified the highest priority target, and was finalising the first target’s maiden drilling programme.

“With the programme of works submitted, we hope to be on the ground as soon as possible.

“Following the recent capital raising, which was strongly supported, the company will be advancing exploration across the entire project portfolio and looks forward to updating the market regarding Hamersley, Elizabeth Hill and Mexico.”

At 1504 GMT, shares in Alien Metals were down 4.81% at 1.24p.