RE: 53M Sold and 59M Bought so far today22 Oct 2020 17:18
EWT - FYI they are 9% shareholders in ufo competed in march 2020
Alien Metals (LSE: UFO), the minerals exploration and development company, is pleased to advise that it has completed a joint venture agreement ("JVA") with Windfield Metals Pty Ltd ("Windfield"), following its previously notified decision to exercise its option to acquire a 51% interest in the Han**** Ranges and Brockman Iron Ore Projects in Pilbara, Western Australia (see announcement dated 19 November 2019) (together the "Projects").
Projects Overview
The Han**** Ranges and Brockman Iron Ore Projects highlight the potential for high-grade direct shipping ore ("DSO") based on independent laboratory analysis of 17 rock chip samples taken from both tenements, per announcement on 12 November 2019 and a review of historical data.
Han**** Ranges Iron Ore Project
The Han**** Ranges Iron Ore Project is on-strike to Brockman Mining's Sirius Deposit which has a JORC inferred and indicated mineral resource estimate dated December 2014 (Brockman Mining ASX Announcement 1 December 2014) of 124 million tonnes grading 60.32% iron ("Fe"). It contains one of four historic drill holes that returned 126 metres grading 60.28% Fe from surface (Hole 14SERC004), as reported by Volta Mining Ltd ("Volta") in 2014. The surface results taken from an approximate four kilometre outcropping on strike mineralised ridge in the north west of the project area returned assay results of up to 68.7% Fe, again as reported by Volta in 2013.
Brockman Iron Ore Project
The Brockman Iron Ore Project contains part of the historic BHP 20 deposit, with surface sample grades averaging 62% Fe. The tenement geology is dominated by the Brockman Iron Formation, which hosts nearby commercial operations and remains underexplored for iron mineralisation, despite being held by numerous companies over a long period of time. The tenement is adjacent to Fortescue Metals and Rio Tinto tenements.
Assay Results
Since announcing the proposed acquisition in September 2019, the Company has undertaken a range of desktop and field studies of the Projects. This included a site visit in November 2019 which highlighted the high-grade DSO potential of both the Projects. Key assay results returned from the site visit included:
o Sirius Extension: 64.2% Fe
o Kalgan prospect: 63.9% Fe
o BHP 20 prospect: 60.3% Fe
o BHP 19 prospect: 65.4% Fe
High-grade iron ore (or 60%+ Fe) is highly sought after by steel mills as it reduces energy cost, increases efficiency and overall, reduces costs of production.
Technical Director of Alien Metals, Bill Brodie Good, commented that:
"Following the site visit in November last year, which highlighted the high-grade nature of the mineralisation at both projects, the Company is in the process of planning follow-up field exploration during the winter months in Western Australia to develop the already identified priority targets.