Last checked at 13 Nov 2020 07:00
Trading Symbols
AIM: UFO
FWB: I3A1
13th November 2020
Alien Metals Ltd
("Alien Metals" or "the Company")
Follow the link to view the announcement in full including all figures:
http://www.rns-pdf.londonstockexchange.com/rns/2006F_1-2020-11-12.pdf
Capstone commences detailed IP Survey at Donovan 2 Copper-Gold Project
Alien Metals Ltd (Alien Metals or the Company), a minerals exploration and development company, is pleased to announce that since its Earn-in Agreement ("Agreement") with Capstone Mining Corp (Capstone) (TSX: CS) over its Donovan 2 Copper-Gold project (the "Project") in Mexico (Transaction) Capstone have commissioned a detailed close spaced surface Induced Polarisation (IP) geophysical survey across the majority of the tenement to both add infill detail to the northern anomaly already defined by Alien and as an extension to historic geophysical work undertaken by Alien.
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:
"The Company is extremely encouraged by the speed of progress by the excellent Capstone technical team to push ahead quickly on exploration of the project. While knowing that Alien had planned to do a maiden drilling program Capstone considered that commissioning a more detailed ground IP survey to compliment historic work done by Alien while awaiting the necessary drill permitting would refine or reaffirm the existing drill targets.
"Capstone is managing the main elements of the program while Alien provide the necessary early stage on the ground support and help as required and we are looking forward to some enhanced results from this work."
Brad Mercer, Senior Vice President of Operations and Exploration, Capstone Mining Corp. commented:
"We review many business opportunities every year but very few meet our high criteria. Donovan 2 has the potential to be a high grade, near surface deposit in a world class mining district. Zacatecas is mining friendly and is where we operate a Tier-1 asset, the Cozamin Mine less than 60km to the NW on the Pan-American Highway. Capstone and Alien are fully aligned on an early stage plan and we look forward to exploring Donovan-2 together."
Figure 1: Location of Donovan 2 Project, Zacatecas Region, Mexico
The IP survey will be in the order of approximately 25.2 line-kilometers over 15 lines of variable length. The data acquisition is estimated to take around 25 days with follow up data interpretation a further couple of weeks. The IP survey is being carried out by Zonge International of Arizona, USA, who have extensive experience of working in Mexico.
The work is due to commence imminently, with all necessary access rights for the target area provided.
Drilling is then expected to follow once this work has been completed and fully interpreted.
Figure 2: Planned IP survey lines, Donovan 2, Capstone JV, November 2020
Alien are looking forward to the results of this work and which will be reported in due course.
For further information please visit the Company's website at www.alienmetals.uk, or contact:
Alien Metals Limited Bill Brodie Good, CEO & Technical Director St-James' Corporate Services, Company SecretaryTel: +44 20 7796 8644
| First Equity Limited (Joint Broker) Jason Robertson Tel +44 (0)20 7374 2212 |
Beaumont Cornish Limited (Nomad) James Biddle/ Roland Cornish www.beaumontcornish.com Tel: +44 (0) 207 628 3396 | Novum Securities Limited (Joint Broker) Jon Belliss Tel +44 (0)20 7399 9425 |
Blytheweigh (Financial PR) Megan Ray/Rachael Brooks Tel: +44 (0) 207 138 3204 |
Turner Pope Investments (TPI) Limited (Joint Broker) Andy Thacker Tel +44 (0)20 3657 0050 |
Notes to Editors
Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company's focus is on precious and base metal commodities.
Alien Metals has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets including two recent acquisitions in 2019. These include the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and the Elizabeth Hill Silver projects both located in the Pilbara region, Western Australia.
In addition to progressing and developing its portfolio of assets and following its strategic review of its portfolio of silver and precious metals projects in Mexico, Alien Metals has identified priority exploration targets within its 9 mining concessions which it is working to advance systematically. The Company's silver projects are located in the Zacatecas State, Mexico's largest silver producing state which produced over 190m oz of silver in 2018 alone accounting for 45% of the total silver production of Mexico for that year.