IP Survey at Donovan 2 to Commence in Coming Weeks
Trading Symbols
AIM: UFO
FWB: I3A1
30th January 2020
Alien Metals Ltd
("Alien" or "the Company")
Please follow link for full announcement including figures and images: http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2020-1-29.pdf
IP Survey at Donovan 2 copper-gold project to commence in coming weeks
Alien Metals Ltd ("Alien Metals" or "Company") the exploration and development company is pleased to provide an update on the Company's Donovan 2, copper-gold project. In addition to the recent successful visit to the Company's silver project portfolio, the Alien technical team carried out a site visit to Donovan 2, followed by an exploration strategy session including future work programs.
Highlights:
- The Donovan 2 copper-gold project contains a prospective Volcanic Massive Sulphide ('VMS') target, identified by previous sampling and mapping programmes
- A ground magnetics Induced Polarisation (IP) survey plan has been finalised and an updated quote has been received for the VMS target in order to generate high-priority drill targets
- Discussions with various drilling companies are in progress with quotes requested for possible next stage work on Donovan 2
- Successful site visit and technical review at Donovan 2 during recent trip improves confidence in interpreted VMS style mineralisation
Bill Brodie Good, Technical Director, commented:
"A site visit to the Donovan 2 Copper Gold project confirmed that the planned next stage of work will be a ground based IP survey to aid in defining a coherent drill targets and discussions are already underway with drilling companies to carry out follow up work."
"Additionally, surface float samples have showed from visible inspection on site excellent sulphide and copper content which further supports Donovan 2 as a highly prospective target."
Donovan 2 Copper-Gold (Cu/Au)
The Donovan 2 project is situated in a flat lying area of mainly crops with excellent access and local infrastructure, located about 45km south east of Zacatecas. With no apparent in-situ outcrop the planned ground magnetic Induced Polarisation (IP) Survey is critical to identify the underlying source of the surface float samples containing significant copper mineralisation. The value of utilising IP was further confirmed through discussions with a major Mexican base metals mining company who utilise IP as an effective exploration tool in this region for copper and gold exploration.
A couple of copper and sulphide bearing float samples (see below) were located during the site visit sourced from a hand dug water well located right over the ground magnetic anomaly defined from work performed by the Company in 2019. It is interpreted that these float samples were from the well rather than having been transported from elsewhere.
Figure: Ground magnetic survey anomaly with proposed IP lines perpendicular (green), Donovan 2, January 2020
An updated quote from TMC EXPLORACION, S. R.L. de C.V., who carried out the ground magnetic and initial IP work for Alien in 2019, has been received and Alien hope to commission the work soonest.
Image: Copper bearing float sample, Donovan 2, January 2020
The Teck Resources Limited San Nicolás VMS deposit lies within 24km of Donovan 2 and reports a National Instrument 43-101 compliant Measured and Indicated resource of 108.9Mt averaging grades including 1.16% Cu and 0.43g/t Au.
Alien is continuing discussions with a range of parties regarding potential joint venture opportunities on this project, however no binding agreements have been reached to date.
Alien has also been presented with other projects in Mexico while in country and are currently reviewing them.
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 David Taylor, Company Secretary
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First Equity Limited (Joint - 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 |
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Notes to Editors
Alien Metals Ltd is an AIM quoted mining exploration and development company. Since the restructure of the company in 2018, Alien has focused on delivering its strategy of acquiring mining projects which demonstrate significant development upside, in jurisdictions with established infrastructure and mining codes, and where strong operational controls can be assured.
In addition to progressing its acquisition-led strategy, following the strategic review of its portfolio of projects in Mexico during 2018-19, the Company has identified exploration targets across its 12 mining concessions in Zacatecas, Mexico, which it is working to advance systematically.
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:
Cu - Copper
Au - Gold
Mt - Million tons
Volcanic Massive Sulphide (VMS) - Volcanogenic massive sulphide ore deposits, also known as VMS ore deposits, are a type of metal ore deposit, mainly copper-zinc bearing, which are associated with and created by volcanic-associated hydrothermal events in submarine environments.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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