Alien Metals Ltd - exploration company focused on Australia, Mexico and Greenland - Forms new subsidiary named Iron Ore Co of Australia Pty Ltd, in order to expedite development of the company's iron ore projects in Australia.
Iron Ore has already picked environmental firm Green Values Australia to start the needed studies and requirements to convert the Hancock exploration licence in Western Australia into a full mining lease. In addition, the subsidiary has has started talks with several parties on possible offtake agreements, Alien Metals says.
At Hancock, phase three drilling has already started, totalling 1,400 metres and aimed at increased confidence in the current inferred resource estimate at 10.4 million tonnes at a grade of 60% iron ore.
"With the third phase of drilling at Hancock started and our country manager, Lloyd Edmunds, continuing drive on the permitting and development aspects, we are very pleased with the progress and continue to push Hancock to be 'shovel ready' as soon as possible. We remain extremely confident about the prospects for our iron ore projects and look forward to updating the market as we go," says Chief Executive Officer Bill Good.
Current stock price: 0.68 pence
Year-to-date change: down 46%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Alien Metals (UFO)