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(Sharecast News) - Exploration and development company Alien Metals updated the market on the Hancock Iron Ore Project in the Pilbara region of Western Australia on Tuesday, reporting that with the final laboratory assay results from the second phase of drilling now received, preparations on optimising the phase 3 drilling programme had started.
The AIM-traded firm said that was expected to be completed during the fourth quarter.
It said the programme was designed to target the delineation of a maiden resource estimate at the Western Ridges Prospect.
The phase 2 programme had "clearly defined" significant widths of direct shipping ore (DSO) from surface at the Sirius Extension Prospect and the Western Ridges Prospect, with all intersections from the Sirius Extension Project "clearly" pointing to a contiguous DSO-grade deposit.
Further intersections from Sirius Extension included 90 metres at 59.60% iron in hole AM21RC002 008 from 10 metres, 119 metres at 58.87% iron in hole AM21RC002 010 from one metre, and 43 metres at 57.41% iron in hole AM21RC002 011 from one metre.
The results would be included in the maiden resource estimation work and mining studies that recently began, with Alien saying it expected initial results from the programmes in September.
Significant intersections from the Western Ridges Prospect included 10 metres at 58.37% iron in hole AM21RC002 022 from eight metres, 10 metres at 60.20% iron in hole AM21RC002 025 from 10 metres, 11 metres at 59.46% iron in hole AM21RC002 032 from seven metres, 10 metres at 60.32% iron in hole AM21RC002 035 from 13 metres, 12 metres at 62.54% iron in hole AM21RC002 036 from two metres, and 14 metres at 62.80% iron in hole AM21RC001 030 from one metre.
"At each new step the Hancock tenement is shaping up to be a significant development opportunity for Alien," said chief executive officer and technical director Bill Brodie Good.
"We have now defined a robust DSO grade iron ore body at the Sirius Extension Prospect, and are pushing ahead with detailed development and study work to bring this project online as soon as is practical.
"We also believe that the Western Ridges Prospect provides a significant opportunity to open a second front on the potential development schedule within this outstanding tenement."
At 1042 BST, shares in Alien Metals were down 1.7% at 0.81p.
29 Apr 2024 19:46
IN BRIEF: Alien Metals seals lithium JV with Errawarra Resources
Alien Metals Ltd - Australian-focused minerals exploration and development company - Enters into a joint venture with Errawarra Resources Ltd in respect of the lithium rights on the Pinderi Hills Project located in West Pilbara. Errawarra has the potential to earn up to a 50% interest in the lithium rights in the project by spending up to AUD4 million with the first AUD500,000 being by way of a subscription for common shares.
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