Alien Metals Share News (UFO)

(Sharecast News) - Minerals exploration and development company Alien Metals announced the completion of its phase 2 drilling programme on the Hancock tenement on Monday, which is part of the Hamersley Iron Ore Project in Western Australia.
The AIM-traded firm said the programme targeted three main direct shipping ore zones identified in the maiden drill programme, which intersected high-grade direct shipping ore mineralisation.

It said the phase was completed in the month of June, with 40 reverse circulation holes totalling 2,175 metres, and "excellent" hand held portable x-ray fluorescence results across all targets.

At the Sirius extension, which adjoins the Sirius iron ore project held by Brockman Mining, a resource drill plan was completed with "significant" portable x-ray fl;uorescence readings, including 23 metres at 60.5% iron and 28 metres at 60.5% iron.

Ridge C included nine metres at 62.8% iron, 10 metres at 61.4% iron, and 10 metres at 60.4% iron, which had an initially-defined strike of over 800 metres.

Alien said ridge E included 11 metres at 65.5% iron, 11 metres at 64.5% iron, 10 metres at 63.1% iron, and eight metres at 62.4% iron, for a strike length of over 1,300 metres.

A new target, 'Krill Back', was identified south east of the Sirius extension, with the firm noting that laboratory results would be released once available.

"Being able to retain the same drill rig and crew for this critical second phase of drilling, particularly when there is such a high level of demand in Western Australia, was a great coup for us and we are delighted to have completed this second phase so quickly after the first," said chief executive officer and technical director Bill Brodie Good.

"With the early observations from geological logging and the portable x-ray fluorescence monitoring, we are very hopeful the results will confirm our interpretation.

"We now hope to be in a position to produce a maiden inferred resource on the Sirius extension prospect, and subsequently plan some further pinpoint drilling in order to develop potential additional resources on one or several of the western ridges."

Brodie Good said the company was planning to further explore ridges C and E, while advancing exploration on the "highly prospective and pretty much non-explored" remaining extensive ridges it had outlined.

Looking ahead, he said the firm was now considering a "very early-stage" strategic review to determine the potential for the project to become a standalone economic operation, and to understand the work streams required to advance that.

"We are also working with the relevant parties to complete the necessary heritage surveys on the Brockman tenement so we can carry out a maiden drilling program there as well.

"With iron ore prices remaining robust and the consistently good results we are seeing from our exploration, the team is increasingly encouraged by the potential of Hamersley Iron Ore Project, and we look forward to updating the market further as we continue to drive these projects up the value curve."

At 1323 BST, shares in Alien Metals were up 2.17% at 0.89p.