GCIAlien Metals granted exploration licence in Greenland
(AIM:UFO ) said it has been granted a 208 km2 exploration licence surrounding the Citronen zinc-lead project, a high-grade metal project located in northern Greenland.
Owned by resources firm, Ironbark Zinc Limited (ASX:IBG) (Ironbark), Licence number 2020-44 Citronen is believed to be one of the world's largest undeveloped zinc-lead projects.
JORC Resource
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 licence granted today covers prospective ground on strike east and west of the Citronen project area and was previously held by Ironbark, adjoining their Citronen project.
Location of Ironbark Zinc Ltd’s Citronen zinc-lead deposit and permit area, Greenland
"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.
Shares in Alien Metals have risen strongly over the past three months from 0.20p in August 2020 to open a further 17.65% higher this morning at 2p following this morning’s announcement.
Bill added, “Greenland is known for its low-sovereign risk, prospective geology and great potential in the resource sector. The Company's immediate focus is to undertake a comprehensive review of the licence area to guide initial work programmes.”
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 this month regarding UFO’s Donovan 2 copper-gold project.
Location of Donovan 2 Project, Zacatecas Region, Mexico
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.
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