GCIAlien Metals receives ‘very encouraging’ lab results from Elizabeth Hill project
The Company agreed to acquire the tenement ELA 47/4422 last month as part of the deal included around 600 soil samples, 370 of which have been found to be within ELA 47/4422.
The soil samples were processed by ALS Global in Perth for low level standard suite analysis and showed the anomalous areas for nickel, copper, zinc, silver, palladium and platinum.
UFO said the anomalies are coincident with structures and lineaments, which further supports its strategy of follow-up with detailed geological mapping and additional sampling.
"These initial soil sample results are very encouraging and at such an early stage to the new tenement acquisition, add some new targets already into the list,” said CEO, Brodie Good.
He added, “The anomalous trends appear consistent with mapped and interpreted structures and contacts, which further cements their veracity as genuine new targets.
A more detailed review of this recent data will be undertaken in conjunction with the ongoing historic data review, which will lead to next stage exploration work to be planned.
Commenting on the results he said, “As a start, we are really pleased with the results and looking at the recent major discoveries in the area, we feel there is considerable potential to identify a new mineral discovery and are keen to progress this project on several fronts."
Shares in Alien Metals have increased by over 200% since the beginning of September 2020 to open 8.62% higher to 1.575p this morning following the announcement.
Reasons to Follow Alien Metals
Multi-Mineral Portfolio
UFO’s portfolio of exploration stage assets include 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 Area
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.’
Location of Ironbark Zinc Ltd’s Citronen zinc-lead deposit and permit area, Greenland [Source; UFO]
"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.
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.
Location of Ironbark Zinc Ltd’s Citronen zinc-lead deposit and permit area, Greenland [Source: UFO]
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.
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