IP Survey commences at Donovan 2 project
Trading Symbols
AIM: UFO
FWB: I3A1
11th February 2020
Alien Metals Ltd
("Alien" or "the Company")
http://www.rns-pdf.londonstockexchange.com/rns/5383C_1-2020-2-10.pdf
IP Survey commences at Donovan 2 Copper-Gold project
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. Further to the 30 January 2020 announcement, the Company has now commissioned the IP survey to generate high-priority drill targets.
Highlights:
- The Donovan 2 Copper-Gold project contains a prospective Volcanic Massive Sulphide ('VMS') target, identified by previous sampling and mapping programmes
- A Ground Magnetic Induced Polarisation (IP) survey over the VMS target is being conducted in order to generate high-priority drill targets
- Results expected during Q1 2020
- Next stage of work on Donovan 2 would, subject to additional funding being available, entail drilling of priority targets identified by the survey
Bill Brodie Good, Technical Director, commented:
"I am pleased to announce that we have commissioned TMC EXPLORACION, S. R.L. de C.V. of Mexico, who did the previous geophysical studies on Donovan 2 to carry out a ground based IP survey to aid in defining a coherent drill target or targets. With their knowledge of the project to date they will be able to add further value to this program combining historic and new data and we look forward to a successful and positive outcome from the program. Mobilisation to site is imminent by TMC. Discussions are continuing with drilling companies to carry out future follow up work."
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. 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% Cu and 0.43g/t Au.
With no apparent in-situ outcrop the planned ground magnetic IP Survey is an important tool in identifying the underlying source of the surface float samples containing significant copper mineralisation. The value of utilising IP at the project was further confirmed through discussions between Alien Metals and a major base metals mining company who utilise IP as an effective exploration tool in this region for copper and gold exploration in the region.
Figure 1: Ground magnetic survey anomaly at 50m depth with surface copper anomalies and planned IP lines (black), Donovan 2, January 2020
As figure 1 shows, copper mineralisation has been confirmed at surface from float samples taken which seem also associated with the ground magnetic anomaly. These sample results (as announced on 29 April 2019 and 27 June 2019) included:
• 3.34 % Cu
• 1.61 % Cu
• 1.21 % Cu
• 1.15 % Cu and
• 1.08 % Cu
Over 9 km of survey lines will be conducted over the key ground magnetic anomaly with the aim of generating more robust and accurate priority drilling targets based on recommendations from TMC Exploration following their field work and interpretation of results from the 2019 program and in consultation with the Company.
The Donavon 2 copper-gold project has attracted a number of enquires and the Company 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.
Figure 2: Donovan 2 Gold/Copper project and nearby major mines and deposits, Mexico
The Donavon 2 copper-gold project has attracted a number of enquires and the Company 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.
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 (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.
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:
Induced Polarisation Survey - a geophysical imaging technique used in mineral exploration to identify the electrical chargeability of subsurface materials, in this case VMS type ore. ... In the frequency-domain induced polarization mode, an alternating current is injected into the ground with variable frequencies.
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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