RE: Top up20 Sep 2019 08:48
Highlights
· Exclusive option acquired over majority stake in two prospective iron ore projects in the Pilbara region of Western Australia
· Western Australia is the largest iron ore producer and exporter in the world with production of around 800 million tonnes of DSO dominated by Rio Tinto, BHP and Fortescue Metals
· Historic exploration undertaken by mining majors demonstrates high-grade, DSO iron ore potential
· Han**** Ranges Iron Ore Project
Project on-strike to Brockman Mining Limited’s (“Brockman”) Sirius Deposit which has a JORC inferred and indicated mineral resource estimate of 124MT @ 60.32% Iron (Fe) (see Figure 2)
One of four historic drill holes returned 126m @ 60.28% Fe from surface (Hole 14SERC004)
Surface results taken from an approximate 4km outcropping on strike mineralised ridge in the north west of the project area returned assay results of up to 68.7% Fe
· Brockman Iron Ore Project
Contains part of the historic BHP deposit 20, with surface sample grades averaging 62% Fe
The tenement geology is dominated by the Brockman Iron Formation, which hosts nearby commercial operations
The tenement remains underexplored for iron mineralisation, despite being held by numerous companies over a long period of time
· Alien to undertake first pass exploration programmes to further test the potential of the iron ore projects
· Company will continue to advance Mexican project portfolio and review other opportunities in the precious and base metals sector
Dan Smith, Chairman of Alien commented: “This is an extremely exciting opportunity for the Company. Over the last 6 months the Board has been reviewing a range of potential opportunities and these projects are surrounded by major iron ore mines owned by global mining companies and there has already been significant interest in these projects given their prospectivity and resurging iron ore price.
These iron ore licences are in the heart of the most prolific iron ore region in the world, with first class transport links and associated infrastructure. This represents a real opportunity for the Company to unlock shareholder value as iron ore focused companies have delivered significant returns to investors this year. We are excited to commence fieldwork in Q4 2019 and will update the market on our progress in this regard.”