GCIAlien Metals encounters ‘greatly encouraging’ results at San Celso project
The results come from a recently completed surface mapping and sampling program which the group had carried out on its newly acquired Nueva Andromeda permit (Figure 1.)
Figure 1: Location of Nueva Andromeda Permit in relation to San Celso with projected mineralised system, Alien, Feb 2021
The program returned significant silver results of 734 grams per tonne (“g/t”), 488g/t, and 280g/t of silver, respectively. Three samples also returned significant gold up to 0.44 g/t while there was also a significant zinc anomaly identified up to 19,350 g/t, which is nearly 2% zinc.
Alien highlighted to investors that the samples (Fig 2.) taken from the program are ‘all composed of quartz and carbonate dominant vein material with varying amounts of sulphides and hence are very similar to the mineralisation seen in the San Celso vein to the north.’
Figure 2: Summary of sampling results, Nueva Andromeda Permit, San Celso Project, March 2021
UFO considers that there is up to a further 500m strike length of mineralisation in this permit alone, increasing the overall mineralisation strike to over 1500m in the project area.
“We were particularly pleased to see better than expected subcrop and historic mining activity results and the results confirm our interpretation that there is a continuation of silver and base metals mineralisation and historic mining within the permit area, with the total strike length now increased by a further 50% to 1,500m,” said CEO & Technical Director, Bill Brodie Good.
The next step in UFO’s assessment of the project is the planned drilling of the silver system within the permit area, which it stated will commence ‘once approvals have been obtained.’
Reasons to Follow UFO
UFO’s portfolio of exploration stage assets includes volcanogenic massive sulphide style mineralisation (copper, zinc and lead), high-grade silver projects in Mexico and a 51% interest in two highly prospective iron ore projects in the Pilbara region in Australia.
The company said its portfolio may be expanded to include other minerals such as iron ore and lithium, and jurisdictions within Africa and Asia where its management has demonstrable expertise advancing assets in line with international reporting standards.
Expanding License Areas
In recent weeks, the company was granted a 208 km2 exploration licence by Ironbark Zinc surrounding the Citronen zinc-lead project, a high-grade metal project located in northern Greenland which is believed to be one of the world's largest undeveloped zinc-lead projects.
The minerals exploration and development company said the project holds a JORC resource of 131.1m tonnes @ 4.5% zinc and lead for 13bn pounds of contained zinc and lead metal.
The licence is valid until 31 December 2023 and continues UFO’s strategy of identifying counter-cyclical opportunities in first class mining jurisdictions with ‘excellent upside potential.’
"The Company and its advisers continue to assess new projects and identified an opportunity to secure an exploration footprint in northern Greenland on strike and adjacent to the world class undeveloped Citronen zinc-lead project,” said CEO, Bill Brodie Good.
IBK believes the projects offer an attractive entry into one of the world's premier silver belts and will soon start marketing them to a range of potential investors and project partners.
UFO said it will continue its efforts in exploring and developing the projects and simultaneously consider third party funding options to develop and mine the projects.
In other recent news, the company has also recently completed a detailed geological mapping and sampling programme at the Hamersley iron ore projects in Australia with field observations indicating that two of its prospects may be part of the same larger system.
The two projects, which have demonstrated “great potential” are located in the Hamersley Province which is known as one of the premier iron ore producing regions of the world.
Preliminary handheld XRF results are consistent with those observed in the 2019 field programme, with reported ranges of between 40% and 70% iron.
Alien Metals has now commenced preparing a Program of Works ("POW") for submission ahead of drilling.
Meanwhile, North American advisor firm IBK Capital has commenced the marketing process for the Company's San Celso and Los Campos silver projects which are located in Mexico.
The process for the silver projects follows the successful earn-in transaction with Capstone Mining announced earlier in October 2020 regarding UFO’s Donovan 2 copper-gold project.
Complementary Acquisitions
Alien Metals has executed an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets including two recent acquisitions in 2019
These include the Brockman and Hancock Ranges high-grade iron ore projects and the Elizabeth Hill Silver projects both located in the Pilbara region, Western Australia.
In addition to progressing 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 9 mining concessions which it is working to advance systematically.
The Company’s silver projects are 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.
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