(Sharecast News) - Minerals explorer and developer Alien Metals updated the market on its Hancock iron ore project on Tuesday, announcing the execution of heritage agreements (HPAs) with the Karlka Nyiyaparli Aboriginal Corporation.
The AIM-traded firm said the initiative was for two exploration and one miscellaneous licence application for the project, which is 90%-owned through its subsidiary, the Iron Ore Company of Australia (IOCA).
It said IOCA's commitment to a long-term, constructive relationship with the Nyiyaparli traditional owners culminated in the execution of the HPAs for exploration licence applications E 47/4817, E 47/5001, and miscellaneous licence application L 47/1063 at the Hancock Project, in the Pilbara region of Western Australia.
The Nyiyaparli native title determination envelops the entire project and its associated tenements, highlighting the substantial potential for auxiliary iron ore discoveries, as indicated on 2 August.
Alien said the HPAs were procedural and pivotal in enhancing and cementing its engagement with the Nyiyaparli traditional owners regarding the Hancock project.
The agreements facilitate the grant of the licences without objection from native title parties, including the withdrawal of existing objections, instituting mechanisms for engagement with the Nyiyaparli people and the execution of heritage surveys.
"The company and its board would like to thank the Karlka Nyiyaparli Aboriginal Corporation and its board of Nyiyaparli directors for their support in reaching this significant milestone regarding the relevant licences," said chief executive officer Troy Whittaker.
"We are delighted to have signed the HPAs as they will further advance the approvals pathway, and in the long-term, it will assist in the Company de-risking the project execution for the Hancock Project."
At 1024 BST, shares in Alien Metals were down 2.05% at 0.19p.
Reporting by Josh White for Sharecast.com.
Alien Metals (UFO)