(Sharecast News) - Exploration and development company Alien Metals updated the market on the Hancock iron ore project on Wednesday, part of its Hamersley project in Western Australia.
The AIM-traded firm said results from a recent rock chip sampling programme, conducted at part of phase three drilling at Hancock, confirmed the potential for additional direct shipping ore (DSO)-grade iron mineralisation at surface.
During the programme, 67 rock chip samples were taken across newly-identified target areas, with 25 samples returning assays of greater than 60% iron, and with an average grade of 63% iron.
The company said the programme highlighted "excellent continuity" of potential high-grade zones with at least five new high-grade ridge targets defined.
In total, over three kilometres strike length of new drill targets were identified, with the results further supporting the company's belief of repeat high-grade ridges across the Hancock project.
Alien said none of the newly-identified targets had been drill tested yet.
"Ongoing exploration across the Hancock Project continues to deliver outstanding results," said chief executive officer and technical director Bill Brodie Good.
"To have identified further potential high-grade ridges is very encouraging and, once the weather permits, we will aim to continue our programme of drill testing."
Brodie Good said the company's iron ore assets in Australia were progressing "very rapidly".
"At Hancock, the bulk sample testing is nearing completion and the work programme to secure the necessary permits in getting the project shovel-ready remains ongoing.
"Across at the Brockman project, planning of our maiden drill programme has been completed and we are looking forward to testing the project during the next field season."
At 1308 BST, shares in Alien Metals were up 3.23% at 0.8p.
Alien Metals (UFO)