26 November 2024

Alien Metals Ltd

("Alien" or the "Company")

Western Australian Government Awards Exploration Incentive Scheme Grant for Pinderi Hills

Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, is pleased to report that it has been successfully awarded a grant of up to A$120,000 by the Western Australian State Government to co-fund three proposed deep diamond core holes at the Pinderi Hills Project, 50km south of Karratha, Western Australia.

Highlights:

·    The grant, up to A$120,000, is to co-fund exploration diamond core drilling at Pinderi Hills

·    The applications are assessed through a competitive process that rewards innovative and scientifically meritorious drilling programmes

·    The drilling proposed is targeting the basal units of the Munni Munni ultramafic intrusion in areas with no previous exploration drilling under alluvial cover

·    The basal units are considered highly prospective for Cu, Ni, PGMs and Ag

Robert Mosig, Technical Director, commented: 

"We have always considered the Munni Munni intrusion to be highly prospective for precious and base metals, and so it is pleasing to see that the Company's application has been judged against its peers and was successful.

"The benefits of drilling these holes will be of long-term use to the Company as they will add immense geological knowledge to the lower, highly prospective, ultramafic units. This proposed drilling, in under-explored areas which are also under alluvial cover, will enable the Company to accelerate its geological understanding and exploration models in its vision of finding new, significant, precious metal mineralisation at Pinderi Hills."

About Pinderi Hills¹

The Pinderi Hills Project is an area of exploration and mining licenses covering ~180km² of highly prospective terrain in the West Pilbara region of Western Australia. The ground is highly prospective for Ag and Cu-Ni-PGM sulphide deposits in mafic/ultramafic complexes. The West Pilbara region has seen several significant discoveries in recent times with the giant lithium discovery at Andover, partly owned by the Chilean company, Sociedad Química y Minera de Chile SA, (NYSE: SQM) ("SQM"), and the De Grey Mining Ltd +10Moz Hemi Gold Project being the standout discoveries.

The project area also contains the high-grade Elizabeth Hill Silver Mine which was Australia's highest-grade silver mine at the time it was mined between 1999 to 2000. The Company also has a lithium joint venture with ASX-listed lithium specialists, Errawarra Resources Limited, which has identified a 6km² LiO₂ footprint within the project area.

The EIS programme

The Co-funded Exploration Drilling Programme is part of the Western Australian State Government-funded Exploration Incentive Scheme ("EIS"). It is a competitive programme that awards grants to co-fund innovative exploration drilling projects within Western Australia. The Company was successful in its application and is eligible for up to A$120,000 to cover up to half of the drilling costs of three deep diamond core drill holes.

For further information on the EIS, please refer to www.dmp.wa.gov.au/Petroleum/Exploration-Incentive-Scheme-2251.aspx  

Drilling at Pinderi Hills

The proposed diamond core drilling is up to three holes targeting the more prospective basal units of the Munni Munni intrusion in areas under transported cover with no soil geochemistry nor electromagnetic testing over these lower portions (Figure 1). The eastern side of the Munni Munni intrusion basal units are anomalous for Ag, PGM, Cu and Ni, along the line of Judy's Reef. These planned holes will test the geology and structural interpretation and the modelled extension of Judy's reef extension under areas of transported cover where there has been no previous exploration.

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

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Robert Collins

Tel: +44 (0) 207 409 3494

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 203 829 5000

CMC Markets (Joint Broker)

Douglas Crippen

Tel: +44 (0) 203 003 8632

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel: +44 (0) 203 004 9512

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on the AIM market of the London Stock Exchange (AIM: UFO). The Company's focus is on delivering a profitable direct shipping iron ore operation from it 90% Hancock iron ore project in the central Pilbara region of Western Australia. The Hancock tenements currently contain a JORC-compliant resource of 8.4Mt iron ore @ 60% Fe and offers significant exploration upside which is targeted to deliver a mining operation of 2Mtpa for 10 years.

These Hancock Project tenements have direct access to the Great Northern Highway, which provides an essential export route to export facilities at Port Hedland, from where more than 500Mt of iron ore is exported annually (30% of global production). The Company also has an interest in two iron ore exploration projects Brockman and Vivash, located in the West Pilbara.

The Company owns the Elizabeth Hill Silver Project, located near Karratha in the Pilbara, which consists of the Elizabeth Hill Mining Lease and exploration tenements surrounding the historical silver mine which has produced some of Australia's highest-grade silver ore during the late 1990's. The Company also owns one of Australia's largest PGM deposits, Munni Munni which hosts a deposit containing a historic resource of 2.2Moz PGM (Palladium, Platinum, Gold, and Rhodium).

Competent Person's Statement

The information in this announcement that relates to Exploration Results, is based on information compiled by Mr. Bradley Toms who is the Exploration Manager and a full time employee of Alien Metals Ltd. Mr. Toms is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Toms consents to the inclusion in the document of the information in the form and context in which it appears. Mr Toms has declared that he holds Performance Rights in the Company.