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(Sharecast News) - Exploration and development company Alien Metals updated the market on its Donovan 2 copper-gold project on Tuesday, explaining that it had now commissioned the induced polarisation survey to generate high-priority drill targets.
The AIM-traded firm said the project contained a prospective volcanic massive sulphide target, identified by previous sampling and mapping programmes .
It said a ground magnetic induced polarisation survey over the volcanic massive sulphide target was being conducted, in a bid to generate high-priority drill targets.
The results of that were expected during the first quarter, with the board saying the next stage of work on Donovan 2 would be the drilling of priority targets identified by the survey, subject to additional funding being available.
"I am pleased to announce that we have commissioned TMC Exploracion of Mexico, who did the previous geophysical studies on Donovan 2, to carry out a ground-based induced polarisation survey to aid in defining a coherent drill target or targets," said technical director Bill Brodie Good.
"With their knowledge of the project to date they will be able to add further value to this programme combining historic and new data and we look forward to a successful and positive outcome from the program."
Brodie Good said mobilisation to site was "imminent" by TMC.
"Discussions are continuing with drilling companies to carry out future follow up work."
At 1007 GMT, shares in Alien Metals were up 8.11% at 0.2p.
16 Jun 2022 11:55
IN BRIEF: Alien Metals confirms premium ore grades at Hancock project
Alien Metals Ltd - London-based mineral exploration company - Pretax loss widens to USD2.6 million in 2021 from GBP1.2 million in 2020. Total assets are USD13.1 million at the end of the year, up 38% from USD9.1 million a year before. At year-end, the company holds 12 fully owned mining concessions in Mexico and is in the process of obtaining an option to acquire an interest in another project. Alien Metals says that 2021 was held back by the Covid-19 pandemic but adds that despite this it was able to achieve significant milestones, such as a maiden direct shipping ore inferred resource for the Hancock iron ore project.
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