(Alliance News) - Alien Metals Ltd on Tuesday said it is making good progress at San Celso silver project in Mexico and as well as Elizabeth Hill silver project in Australia.
The Australia and Mexico focused minerals explorer noted the completion of final legal registration to acquire the Nueva Andromeda permit, which is "strategically contiguous" to the San Celso project.
The rights to explore and mine within the Neuva Andromeda area will cost a minimal annual fee of USD3,000 for a period of three years with an option to buy the rights to the property at the end of the three-year period.
Detailed mapping and sampling at Nueva Andromeda will soon follow, the company said.
Alien said it is waiting for the authorisation of environmental drilling permits at San Celso and Los Campos, also in Mexico.
Alien added that an airborne magnetic survey has been completed at Elizabeth Hill silver project. Data has been captured in the eastern area and combined with the western areas, the whole of which is currently being processed and analysed.
Chief Executive Bill Good said: "We are pleased to provide an update on our exciting silver projects, particularly in light of the recent strengthening silver market which has seen the price hit an eight-year high of USD30 per ounce. Management anticipates this trend to continue in line with rising global demand for the metal, particularly given its modern applications in electronics and green energy, along with the fact that silver is seen as an important store of wealth. With funds in place, the team is actively securing our drilling permits for Mexico and we are excited to get underway."
Alien Metals shares were down 9.1% at 1.20 pence each in London on Tuesday morning as silver prices fell to USD27.67 per ounce after a high of USD30.03 an ounce on Monday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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