Alien Metals Ltd - mineral exploration in Australia, Mexico and Greenland - Receives all laboratory analysis results for the recent drilling program on San Celso and Donovan 2 projects in Mexico.
No significant intersections were returned for San Celso, however an anomalous section was identified in one of the holes at Donovan, returning an assay of 0.33% copper with minor associated lead and zinc from a depth of 9.43 metres to 11.3m.
However, the sample recovery is considered sub-standard for the industry, with returns of only 15% to 20% in key areas.
At San Celso, local stakeholders have said that Alien will not be allowed to drill in the central licence, which is the target area for drilling. As a result, no more work can be done at the project until future access is secured.
"While we are highly disappointed with the news from San Celso meaning we have not secured access to advance the project as previously planned, we are encouraged by the anomalous results from the Donovan 2 assays, even though they lack any single assays that investors may deem 'economic'. Geologically, enough indicators are present for us to remain optimistic and they may provide vectors to a potentially larger zone of mineralisation," said CEO Bill Good.
Current stock price: 0.62 pence, down 8.3% on Monday
12-month change: down 21%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Alien Metals (UFO)