Last checked at 
(Sharecast News) - Mineral exploration and development company Alien Metals has agreed to acquire, subject to granting and ministerial consent, 117 square kilometres of tenure adjacent to and surrounding its Elizabeth Hill Silver Project in Western Australia, it announced on Thursday, along with associated historic technical data.
The AIM-traded firm said the tenement, ELA 47/4422, included a range of precious and base metal prospects identified by previous operators, with priority prospects within 10 kilometres of its Elizabeth Hill Silver Project.
Those prospects included Sunchaser, five kilometres west of the Hundo copper mine and consisting of two electromagnetic conductors.
Previous reverse circulation drilling reportedly returned 6.1 metres at 3.1% zinc from 28.4 metres depth.
The second prospect was Conquest, where copper-zinc-lead occurrences had been located on the surface in the immediate vicinity of two modelled electromagnetic conductors, with previous reverse circulation drilling returning 25 metres at 0.52% copper from 144 metres depth.
It added that the Carver prospect was situated along the Maitland intrusion, which controls mineralisation at Sunchaser and Conquest, and covers an area that appeared to be a "major conduit" for fluids, identical to the structural setting proposed for the intrusion of the Radio Hill Layered Complex to the north west.
Finally, the Munni Munni East prospect, south of Elizabeth Hill, was situated alongside the Munni Munni fault and was host to mineralised gossans.
Alien said the licence included southern extension of "highly prospective" fault structures, including the Munni Munni fault which controls the mineralisation of the Munni Munni Platinum Group Elements project.
The transaction included the acquisition of all available historical technical data, including around 600 historical soil samples ready for assaying, which had been despatched to ALS Global in Perth for full assay suite analysis.
Planning for Alien's geological team to get on the ground as soon as possible to commence trenching and costeaning, further mapping and grid based soil sampling was underway.
"We are thrilled about the conditional acquisition of this license as it adds considerable exploration potential to the company's portfolio, with numerous new and exciting targets to develop," said technical director Bill Brodie Good.
"It adds significant tenure to the Elizabeth Hill Silver Project area allowing us to work from a central location on several different targets and commodities having a range of known prospects that are prospective for precious and base metals."
Brodie Good said some of the prospects were "almost walk-up targets", and with the data acquisition, added that the company was hoping to uncover more prospects to develop.
"This area has been quite neglected for many years and the company is keen to get on the ground and make new discoveries."
At 1337 BST, shares in Alien Metals were up 3.28% at 0.65p.
29 Sep 2023 14:39
EARNINGS: R&Q Insurance loss swells, Jade Road still selling assets
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:
Read more