RE: Placing23 Nov 2020 08:56
Turner Pope Investments (TPI) Limited ("Turner Pope") and undertaken with a combination of new and existing Professional and Institutional investors.
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:
"I am really pleased with the placing result and ongoing strong support from Turner Pope Investments and its clients, including institutional investors.
"The proceeds of this Placing will be utilised to fast-track activities in all our projects and allow us to really advance them all with larger exploration budgets. With the continued strength of silver, iron ore and gold prices, we are excited that with these additional funds we can really fast-track on our projects.
"We are eager to undertake a follow-up work program at the Hamersley Iron Ore projects in the Pilbara region of Western Australia with some maiden drilling; we now have the scope to test additional priority prospects in more detail to materially advance them.
"We continue to push for the award of drill permits in Mexico to pursue our maiden drilling programs on both San Celso and Los Campos Silver projects, which will now be subject to larger programs to further define the potential of the projects.
"The Company looks forward to updating the market on a range of fronts in coming months."
USE OF PROCEEDS FOR WORK PROGRAM
The net proceeds secured from the Placing will fund the 2021 exploration activities and be utilised towards exploration and development of the Company's assets, including the following activities:
Mexico
Placing proceeds will be used to fund maiden drill programs and potentially follow up in-fill programs at both the San Celso and Los Campos silver projects to start developing initial resources for both projects. Metallurgical testing will be factored in as well as for San Celso continuing to add strategic ground contiguous to the project to enhance its potential and ground holding. An initial scoping study is also envisaged for either or both of San Celso and Los Campos, dependent on positive drill results.
Alien will also continue to review other project opportunities that may fit with the Company's strategy and experience within Mexico and surrounding jurisdictions.
Australia
Following finalisation of the digitisation of historical data, the Placing proceeds will be used to update resource modelling and undertake a comprehensive trenching and sampling program at the Elizabeth Hill Silver project with possibility of some initial drilling to follow. Further, the Company is planning to undertake more detailed exploration across the conditionally acquired Exploration Licence ELA 47/4422, which surrounds Elizabeth Hill.
As per the RNS dated 29 October 2020, the Company plans to follow-up on five priority prospects at the Hamersley Iron Ore Projects that were identified for next stage exploration. This program, subject to the fin