Silver Tenement Acquisition/Silver Projects Update

RNS Number : 6358N

Alien Metals Limited

02 February 2021

 

Trading Symbols

AIM: UFO

FWB: I3A1

2 February 2021

Alien Metals Ltd

("Alien Metals" or "the Company")

Completion of Strategic Silver Tenement Acquisition & Silver Projects Update

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

http://www.rns-pdf.londonstockexchange.com/rns/6358N_1-2021-2-1.pdf

Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, is pleased to provide an update on the Company's silver projects located at Elizabeth Hill, Western Australia and San Celso and Los Campos in Zacatecas State, Mexico

San Celso and Los Campos Silver Projects

• Completion of final legal registration to acquire the Nueva Andromeda permit, strategically contiguous to the San Celso project.
• Detailed mapping and sampling to be carried out on Nueva Andromeda by newly appointed Senior Geologist in Mexico in coming days.
• Review of new projects presented to Alien for earn in or acquisition for Copper, Silver in same region.
• Awaiting environmental drilling permit authorisation for San Celso and Los Campos.

Elizabeth Hill Silver Project

• Airborne Magnetic Survey has been completed and data captured in the eastern area and combined with the western areas, the whole of which is currently being processed and analysed by Southern Geoscience.
• The JORC compliant Mineral Resource at Elizabeth Hill Mine was completed by Iana Ltd in 1999 for 46,800 tons at 2,450g/t silver (86 Oz/t) for 4.05m Oz contained silver.
• As announced on 14th December 2020, planning is underway to re-enter the historic Elizabeth Hill underground mine which was mined between 1998 and 2000 via underground mining, primarily between the 62 metre (m) and 102 m levels. Silver production totalled approximately 16,800 tonnes of ore grading 2,195 g/t Ag (70.24 Oz/t Ag) generating 1,170,000 ounces, including some very large specimens of native silver (Karratha Metal Group Prospectus, 29 June, 2018).
• Direct underground drilling on the target zones will prove more effective than surface drilling of this target, given there are already workings to provide access, to facilitate defining the remaining resource and the potential untested new mineralisation.
• An initial trenching program to commence as soon as possible with the aim of identifying at surface native silver and new silver targets

The Nueva Andromeda permit lies contiguous to San Celso to the south east containing the extension of the mineralised Nueva Andromeda vein that has already been identified in the San Celso permit. Indications of historic mining all along this vein exist and so the coming field mapping and sampling is planned to better understand the potential of this extension.

With the Southern Geoscience interpretation work expected in the next few weeks over the larger area the Company will then be able to plan specific next stage exploration on new and existing targets, including potentially surface close spaced geophysical surveys, further trenching, mapping and even initial drilling if warranted.

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

"We are pleased to provide an update on our exciting silver projects, particularly in light of the recent strengthening silver market which has seen the price hit an eight year high of $30/oz. Management anticipates this trend to continue in line with rising global demand for the metal, particularly given its modern applications in electronics and green energy, along with the fact that silver is seen as an important store of wealth. With funds in place, the team is actively securing our drilling permits for Mexico and we are excited to get underway.

"As part of this process, the Company has employed Jose Luis Posadas, a highly experienced Zacatecas-based exploration geologist, on a fulltime basis. Jose will be a great addition to our team and his knowledge and connections will help Alien to advance its discussions with local parties about potential projects, review them on the ground quickly and in-house and enable even closer relations with the Mexican Mines department.

"With the maiden drilling program underway on the Iron Ore Projects in Western Australia, Capstone pushing ahead with drilling in Mexico on the Donovan 2 copper-gold project, drill permit applications awaiting approval for our Silver Projects in Mexico and work commencing on the Elizabeth Hill Silver Project, we are extremely pleased with the strong start we have made to 2021 and look forward to updating the market further in due course."

Figure 1: Location of Nueva Andromeda Permit in relation to San Celso with projected mineralised system, Alien, Feb 2021

Figure 2: Location of Elizabeth Hill Project, Western Australia, Jan 2021

Figure 3: Schematic Cross Section of Elizabeth Hill Silver mine, East Coast/Legend JV, 1999 - Note the untouched upper mineralised bodies classed as 'open pit' in the resource of 1999

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. 

Mexico Mining Forum

The Company is pleased to announce it will be attending the 2021 Virtual Mexico Mining Forum, along with other major mining companies operating in Mexico, between February 10^th and 11th 2021. Details of the conference can be found at: https ://mexicobusinessevents.com/mining/2021 .

For further information please visit the Company's website at www.alienmetals.uk , or contact:

Alien Metals Limited Bill Brodie Good, CEO & Technical Director St-James' Corporate Services, Company Secretary Tel: [phone]	Turner Pope Investments (TPI) Limited (Joint Broker) Andy Thacker / Zoe Alexander Tel [phone]
Beaumont Cornish Limited (Nomad) James Biddle / Roland Cornish www.beaumontcornish.com Tel: [phone]	First Equity Limited (Joint Broker)    Jason Robertson  Tel [phone]
Yellow Jersey PR (Financial PR) Sarah Hollins / Joe Burgess / Matthew McHale [e-mail] Tel: [phone]

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company's focus is on precious and base metal commodities, with its operations located in proven mining jurisdictions and it has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets.

In 2019 it made two acquisitions over the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and the Elizabeth Hill Silver projects both located in the Pilbara region, Western Australia.

The Company also holds silver projects located in the Zacatecas State, Mexico's largest silver producing state which produced over 190m oz of silver in 2018 alone accounting for 45% of the total silver production of Mexico for that year.

In addition to progressing and developing its portfolio of assets and following its strategic review of its portfolio of silver and precious metals projects in Mexico, Alien Metals has identified priority exploration targets within its nine mining concessions which it is working to advance systematically.

 

END

 

 

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