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(Sharecast News) - Mineral exploration and development company Alien Metals updated shareholders following a recent site visit by its technical consultants as part of the due diligence on the Hancock Ranges and Brockman iron ore projects on Tuesday.
The AIM-traded firm has an exclusive option to acquire 51% of the projects, with the site visit forming part of its due diligence.
It said independent laboratory analysis of 17 rock chip samples taken from both tenements highlighted the high-grade direct shipping ore (DSO) potential.
Results suggested that both projects potentially hosted iron ore mineralisation comparable to that being mined by the major operating companies in the region.
High-grade assay results included 64.2% iron at the Sirius Extension prospect, 63.9% iron at the Kalgan prospect, 60.3% iron at the BHP 20 prospect, and 65.4% iron at the BHP 19 prospect.
The site visit confirmed the locations of the 2013-2014 Volta Mining reverse circulation drill hole collars and the interpreted mineralised zones suggested to be within the Hancock Ranges project area.
Alien said the site visit also confirmed the "excellent potential" of the Kalgan prospect in the Hancock Ranges project to host significant tonnages of DSO grade iron ore .
It said initial geological mapping and sampling of the historic BHP 20 deposit on the periphery of the Brockman project indicated that the mineralisation extended onto the project tenement.
The board confirmed the option period had been mutually extended by 15 days, to 18 November.
"The initial assay results and geological information from the technical due diligence field trip are highly encouraging," said Alien Metals technical director Bill Brodie Good.
"Of the 17 samples taken across the two projects, numerous assays returned greater than 60% iron, which is direct shipping ore quality, and the brief geological mapping carried out further enhanced the perceived potential of both projects.
"The assay results corroborate sampling and drilling undertaken by Volta Mining in 2014 at the Hancock Ranges project, and also the significant potential at the Brockman Iron project, where major iron ore companies are drilling on adjacent tenements."
At 1537 GMT, shares in Alien Metals were up 24.33% at 0.19p.
19 Apr 2024 10:57
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