(Alliance News) - Shares in Alien Metals Ltd rose on Thursday, after the exploration firm said it found that there is potential for an "economic silver resource" following a site visit at its San Celso project in Mexico.
Alien Metals shares were 18% higher at 0.23 pence each in London on Thursday afternoon.
Alien Metals said: "It is apparent that San Celso offers great potential to contain an economic silver resource. Extensive ore grade material is present at surface in both historic mine dumps and in various adits."
Alien Metals said it has also submitted an application for a mining permit with Secretariat of Environment & Natural Resources, Mexico's environmental ministry.
The company added that it is in discussions with various drilling companies.
At its Donovan 2 copper-gold project, also in Mexico, Alien Metals said it will begin a survey at the asset, "to aid in defining a coherent drill targets".
The firm added that it is in discussions with potential joint-venture partners in Mexico, though agreements are yet to be reached.
By Eric Cunha; ericcunha@alliancenews.com
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Alien Metals (UFO)