Three Copper-Gold Drill Targets at Donovan 2

RNS Number : 3887V

Alien Metals Limited

06 August 2020

 

Trading Symbols

AIM: UFO

FWB: I3A1

6th August 2020

Alien Metals Ltd

("Alien Metals" or "the Company")

Link to full announcement including figures:

http://www.rns-pdf.londonstockexchange.com/rns/3887V_1-2020-8-6.pdf

Three Copper-Gold Drill Targets identified at Donovan 2

Alien Metals Ltd (LSE AIM:UFO)  ("Alien Metals" or "the Company"), a minerals exploration and development company, is pleased to announce, following its last update of 20th July 2020, the details of its maiden exploration drilling program on the Donovan 2 Copper Gold Volcanic Massive Sulphide (VMS) project in Mexico.

Highlights:

-  Three targets defined for a maiden drilling program at Donovan 2

-  Two geophysical targets at Cerro de la Cruz with coincident geological features within a broad well-defined corridor

-  One geological target with proven copper mineralisation from shallow historic underground workings and adjacent water hole samples at Los Alomos

-  Targets identified by Alien Metals technical team and supporting world class geophysical consultants

-  All targets are robust and require drilling to develop the project

-  Six drill holes planned for 1,000 metres of drilling

-  Work to commence as soon as possible

Bill Brodie Good, Technical Director of Alien Metals, commented:

"We have extensively reviewed all available data including some reinterpretation work as well as using one of our consultants experience and knowledge of the San Nicolas VMS deposit just down the road to lead us to this maiden drilling program which we feel now provides us with some exciting targets. The company will work as efficiently as possible to update the existing drill permission documentation and work to get the drilling started as soon as is safely possible under the current situation."

The Donovan 2 project is situated in a flat-lying area located about 45km south east of Zacatecas with excellent access and local infrastructure. The Teck Resources Limited San Nicolás VMS deposit lies within 24km of Donovan 2 and hosts a Measured and Indicated resource of 108.9Mt, with average grades of 1.16% Copper and 0.43g/t Gold.

Figure 1: Location of Donovan 2 project, Zacatecas State, Mexico

Alien Metals has to date completed surface mapping and sampling and two ground based geophysical surveys in the last couple of years. The work has identified numerous indications that a Volcanic Massive Sulphide (VMS) type Copper rich deposit is potentially present.  

Further to a detailed review of all historic data and in-depth discussions with geophysical consultants used to date, the Company has designed the initial drill program to test the two identified prospects of Cerro de la Cruz and El Alomos. A total of six holes for 1,000 metres of drilling are planned, all diamond core drilling, with four holes at Cerro de la Cruz to test the defined magnetic and gravity anomalies and two holes at El Alomos to test the identified geological anomaly.

Figure 2: Location of prospects, Donovan 2, August 2020

Figure 3: Location of proposed drill holes in the two key target areas Cerro de la Cruz and Los Alomos, Donovan 2, August 2020

The Company feels that this maiden drilling program is the natural next phase of exploration for the project and is looking forward to reporting results to help further understand and work out the project potential.

VMS deposits occur throughout the world and throughout the geological time column in virtually every tectonic domain that has submarine volcanic rocks as an important constituent. VMS deposits are major sources of Copper and Zinc and contain significant quantities of Gold, Silver, Lead, Tin as well as minor amounts of other metals.

As a group, VMS deposits consist of massive accumulations of sulphide minerals (more than 60% sulphide minerals) which occur in lens-like or tabular bodies parallel to the volcanic stratigraphy or bedding. Teck's VMS San Nicolás deposit proximal to Donovan 2 is such a deposit.

They are usually underlain by a footwall stockwork of vein and stringer sulphide mineralization and hydrothermal alteration  They may occur in any rock type, but the predominant hosts are volcanic rocks and fine-grained, clay-rich sediments. The deposits consist of ubiquitous iron sulphide (pyrite, pyrrhotite) with chalcopyrite, sphalerite, and galena as the principal economic minerals. Barite and cherty silica are common gangue accessory minerals.

For further information please visit the Company's website at www.alienmetals.uk , or contact:

Alien Metals Limited Bill Brodie Good, Technical Director St-James' Corporate Services, Company Secretary Tel: [phone]	First Equity Limited (J oint Broker)    Jason Robertson  Tel [phone]
Beaumont Cornish Limited (Nomad) James Biddle/ Roland Cornish www.beaumontcornish.com Tel: [phone]	Novum Securities Limited (Joint   Broker) Jon Belliss Tel [phone]
Blytheweigh (Financial PR) Megan Ray/Rachael Brooks Tel: [phone]	Turner Pope Investments (TPI) Limited (Joint   Broker) Andy Thacker/ Zoe Alexander Tel [phone]

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.

Qualified Person

The information in this report that relates to exploration targets, exploration results, and other information of a technical nature has been reviewed by Dr Lex Lambeck Ph.D, a technical consultant to the Company. Dr Lambeck, LamSil Geological Services LLC, is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist, CPG-11734, with over 15 years of relevant experience in exploration and assessment of resource projects.

Forward-Looking Information

This press release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are deemed forward-looking information.

This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions, including the availability of sufficient funds. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

 

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