RE: Start producing 20231 Jun 2022 10:01
Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to update the market on the Company's progress regarding the Han**** Iron Ore Project and first production commencing in 2023.
Highlights:
· Metallurgical test work programme completed and flow sheet finalised
o Results further highlight the high-grade and low impurity nature of the Han**** deposit
· Due to the ratio of fines to lumps and low impurities of the DSO material at Han****, Alien is in advanced discussions with potential offtake partners. These discussions have led to the delivery of marketing samples
· The Company is in preliminary discussions with a number of potential funding partners
o Alien has been presented with a range of funding options, both equity and debt, to ensure optimum financing structure and minimal dilution
· Engagement with key stakeholders during the development and mining stages has commenced
· Key approvals and permitting advancing on schedule, overseen by experienced consultants, Greenvalues
Bill Brodie Good, Chief Executive Officer & Technical Director of Alien Metals, commented: "The development aspects of the Han**** Iron Ore Project to be shovel ready for early 2023 are progressing very well. We are on track to have all the permitting in place, and will soon be in a position to commence mining next year. Additionally, in-depth discussions with third party contractors and potential offtake partners to enable us to get into production in 2023 are continuing".
The Company continues to advance the Han**** Project towards being mine ready in early 2023. On 22 September 2021, the Company delivered a maiden JORC compliant inferred Mineral Resource Estimate at Han**** of 10.4Mt @ 60.4% Fe. The Company believes there is significant potential to grow the size of the DSO grade resource at Han**** (see announcement dated 30 March 2022), with three 1,400m+ long high grade targets on ridge F, and two targets on ridge G of 900m and 600m. In addition, there remains ~6.5 kilometres of additional ridges to test across the central and eastern areas of the project.
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