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(Alliance News) - Exploration firm Alien Metals Ltd on Wednesday said there is "uncovered potential for palladium, nickel and copper mineralisation" at its Elizabeth Hill project in Australia.
Technical Director Bill Good visited the site, as Alien Metals bids to seal the acquisition of the mine, located in the Pilbara region on Western Australia.
The mine is being purchased from Karratha Metals Group Ltd, though the deal is subject to due diligence, regulatory approval, and the approval of Karratha shareholders. Alien will pay by issuing 200 million company shares, alongside 50 million warrants, it said in December.
Alien Metals expects to conclude the acquisition in the first quarter of 2020.
The company added that a survey at its Donovan 2 copper and gold project in Mexico is underway. Alien Metals added "initial feedback" shows "excellent data quality".
Shares in Alien Metals were 6.0% lower at 0.13 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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