Exploration to commence at Mexico Silver projects
Trading Symbols
AIM: UFO
FWB: I3A1
16th June 2020
Alien Metals Ltd
("Alien" or "the Company")
Link to full announcement including images and figures
http://www.rns-pdf.londonstockexchange.com/rns/1251Q_1-2020-6-16.pdf
Next stage of exploration work to commence at San Celso and Los Campos Silver projects, Mexico
Alien Metals Limited ("Alien Metals" or "Company") the exploration and development company is pleased to announce that it is about to commence 2 consecutive underground sampling programs on its core silver projects in Mexico, San Celso and Los Campos. The Company is also completing final legal due diligence to potentially acquire the rights to acquire a strategic adjacent permit east of the current San Celso project area. Both of these events tie into the long-term development plans for these projects.
Highlights:
- Accurate georeferenced sections have been produced for the 2 San Celso historic underground mine historic sampling programs
- 2006 underground sampling work shows excellent continuity of grade defined by sections for the San Celso and Las Cristinitas mines
- Better understanding of the scale of historic mining increases potential for the San Celso project
- Underground access and sampling planned at Los Campos main vein system to aid in knowledge of historic workings
- Letter of intent signed for acquisition of significant tenement at San Celso project expanding project footprint
Bill Brodie Good, Technical Director, commented:
"I am very pleased that we are able to progress with field work at our Mexican silver projects. Having obtained the detailed information for the 2006 underground sampling work at San Celso, we are now able to clearly see the exceptional grades, continuity and outline of the two historic mines. The San Celso sampling program is designed to verify historic work as well as target, if possible, zones not tested in 2006 to complete a full picture and understanding of underground workings and help finalise planned drill hole locations.
The Los Campos underground sampling program is an initial exploratory program to ascertain the condition of the underground workings and hopefully be able to get some initial samples and outline mapping of the core area of the historic mine on the Los Campos vein.
Alien has signed a Letter of Intent to potentially acquire the adjacent tenement on the south eastern side of the San Celso project area that contains a third significant mineralised vein. Our aim is to finalise the deal in June."
San Celso (Silver)
Located within the Zacatecas Silver belt of Mexico, the San Celso project is a highly prospective silver target in a favourable mineralised district. Previous exploration programmes at San Celso have highlighted the high-grade silver potential of the project.
Recent acquisition of the details of the 2006 underground sampling undertaken on the San Celso and Las Christinatas historic mines has provided Alien with significant encouragement for the project as they highlight the high grade of the historic workings. Given there has been no mining since the last exploration work done in 2006, Alien is optimistic much of this sampled material remains in situ.
The follow up underground sampling program commencing shortly is designed to confirm previous sampling as well as infill certain gaps to get a complete picture and understanding of the main mineralisation. This will also enable final planning of drilling to follow.
Figure 1: Las Cristinitas historic mine 2006 sampling results showing high grades silver results, San Celso Project (Purple samples < 300 g/t Ag)
Figure 2: San Celso historic mine 2006 sampling results showing high grades silver results, San Celso Project (purple samples < 300 g/t Ag)
Los Campos (Silver)
Located within the Zacatecas Silver belt of Mexico, previous exploration activity at Los Campos highlighted the high-grade silver potential of the project, which features a historic mine within the project area which records show was mined between 1883 until all work stopped in 1904. The mine achieved an average mine head grade of over 1,000 g/t Ag (32.2 oz/t Ag) in the early 1890s. The project is also situated adjacent to Endeavour Mining's (TSX:EDV) El Compas operating silver gold mine.
The results of the previous surface sampling programme show that the mineralisation is concentrated in the previously defined main veins from sampling of numerous historic dumps on the site.
As at the San Celso project, Alien is keen to access and sample part of the historic underground mine to add knowledge and understanding of the mineralised systems to better plan and target a future drilling campaign.
The exploration team plan to enter the old workings shortly to map and sample part of the historic workings. Due to lack of information on the old workings this will be very much exploratory and based on safe access and conditions to do this work.
Figure 3: Central historic shaft, Los Campos Project
Figure 4: Area for sampling access, Los Campos
Alien has signed a letter of intent to acquire the rights to a tenement adjacent to the San Celso Project. If acquired, this will be a significant addition to the project as it contains the main strike length of the mineralised Andromeda vein, which has been identified in the current project area but only a small part. Alien believe that this addition will add potential resource to the project.
Alien is also continuing discussions with a range of parties regarding potential joint venture opportunities; however, no binding agreements have been reached to date.
The Company is also finalising the interpretation work of the geophysics from the Donovan 2 Copper/gold VMS project to ensure the most accurate drill hole locations are chosen to maximise the planned initial drill programs success.
The company will provide updates as soon as material information is received from the upcoming exploration program
For further information please visit the Company's website at www.alienmetals.uk , or contact:
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Alien Metals Limited Bill Brodie Good, Technical Director
St-James' Corporate Services, Company Secretary
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First Equity Limited (J oint Broker) Jason Robertson Tel +44 (0)20 7374 2212 |
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Beaumont Cornish Limited (Nomad) James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396 |
Novum Securities Limited (Joint Broker) Jon Belliss Tel +44 (0)20 7399 9425 |
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Blytheweigh (Financial PR) Megan Ray/Rachael Brooks Tel: +44 (0) 207 138 3204 |
Turner Pope Investments (TPI) Limited (Joint Broker) Andy Thacker/ Zoe Alexander Tel +44 (0)20 3657 0050 |
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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 12 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 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.
Glossary:
g/t - Gram per ton
Ag - Silver
Georeferenced - A georeferenced map means that the internal coordinate system of a digital map or aerial photo can be related to a ground system of geographic coordinates.
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