RE: UFO Twitter16 Dec 2021 09:59
Alien Silver PGM potential news
Alien expects the workings will be safe to enter by the end of the March Qtr 2022.
The company will remap and sample from inside the deposit, but it will also be able to expedite drilling of the polymetallic mineralised halo - which is the long game at Elizabeth Hill.
"Historically they focused on the silver, and parts of the area are drilled like Swiss cheese, but they never assayed for anything else, but we look at the reports and we see they recorded 30-40m of disseminated sulphides that were never assayed at all," he said.
Recent work around the mine has provided visual encouragement for the presence of nickel, copper, cobalt and PGMs.
Trenching and rock chip sampling to the south of the mine, over the J-Reef at the Natalie Hill, and the Yannery Hill prospect returned strong results, which Alien sees as confirmation of a theory that Elizabeth Hill has potential for a large VMS-style system.
Alien already had the adjacent Munni Munni North leases, and recently secured a 30% interest in the famous Munni Munni platinum project from Platina Resources for A$2.23 million, primarily in shares.
Brodie Good confirmed it has designs of Artemis Resources' remaining 70% stake and has right of first refusal.
Some $20 million has been spent at Munni Munni over the decades, including by Lonmin, which made Munni Munni its first investment outside South Africa, but it dropped the project in 2003 when the palladium price tumbled.
A JORC 2004 resource of 2.2Moz, comprising 1.14Moz palladium, 830,000oz platinum, 152,000oz gold and 76,000oz of rhodium, but it remains open along strike and at depth.
Munni Munni "sort of fizzled out", and the whole area was left on simmer, until the platinum price started its climb and Azure Minerals made the Andover nickel-copper discovery.
Suddenly, the area seemed interesting again, and Alien decided to leverage its presence in the Pilbara iron ore space as "a foot in the door".
Alien views its trio of projects as a single opportunity to be unlocked.
One of the advanced targets is the J Reef, which is an extension of the Munni Munni intrusion, and could be either part of the same system that hosts Munni Munni, or a parallel to the Ferguson Reef resources.
Alien also has an interest in the Elizabeth Hill silver tailings that were left behind from the inefficient plant that recorded recoveries of about 50-60%. In 2000 they were valued at $8 million using the considerably lower silver price of the day.
With areas now effectively under one company, Brodie Good said Alien was keen to unlock exploration synergies.
"If we can get all of Munni Munni we'd have a fantastic, large project offering a mix of local and regional exploration to better understand the mafic-ultramafic contact and the Munni Munni fault," he said.
The native silver is found at a sheared contact between the basement granite and Munni Munni
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