Mexico Silver and Copper Gold Exploration Update
Trading Symbols
AIM: UFO
FWB: I3A1
20th July 2020
Alien Metals Ltd
("Alien" or "the Company")
Link to full announcement including figures:
http://www.rns-pdf.londonstockexchange.com/rns/4609T_1-2020-7-20.pdf
Mexico Silver and Copper Gold Exploration Update
Alien Metals Limited, the exploration and development Company, is pleased to provide an update on its ongoing exploration work of its portfolio of projects in Mexico. Sampling of the historic mines of the San Celso Silver project is in progress, with focus on the team's safety paramount, following this the team will move to the Los Campos Silver project to enter and sample a section of the historic underground mine.
A review and input from a world-class Canadian geophysical consulting group has been completed on the Donovan 2 copper gold project, the Company is hoping to finalise the upcoming drill programme at Donovan 2 at the end of next week. The independent review confirms the Company's internal work, providing a number of priority targets that have potential to delineate hidden copper-gold mineralisation.
Highlights:
- Current underground sampling at San Celso and Los Campos is the first to be undertaken at San Celso since 2006 and the first on Los Campos
- Underground access and sampling in progress on Los Campos main vein system to aid in knowledge of historic workings and support final drill targeting and initial exploration target
- Legal due diligence on significant adjacent Andromeda tenement at San Celso project near completion
- Donovan 2 copper gold project geophysics has been reviewed by world-class Canadian group, with targets feeding into final drill programme
- Compilation work at Elizabeth Hill silver project and Hamersley iron ore project nearing completion with updates to be provided soon
- Continued review and discussion of new projects ongoing
Bill Brodie Good, Technical Director, commented:
"The underground sampling programme at the San Celso project area has been slower than expected due to safety issues however as safety of the team is paramount to the Company we would rather take the necessary precautions. We are confident that some potentially excellent samples will be collected to add to our knowledge of the mineralisation and help finalise the planned drilling. The team will move on to Los Campos once finished at San Celso.
"Finalisation of the geophysical review for Donovan 2 is essentially complete and we are excited to have highly prospective targets to drill test. We will push ahead with drill planning for Q3.
"We expect a busy couple of months ahead, adding significant geological knowledge, and hence value, to the Mexican portfolio while also continually reviewing prospective projects to add to the current portfolio. We are also very encouraged by the continuing rise in the silver price which has moved to nearly $20 USD/Oz in the past few days and seems closely tied to the positive rise in gold as well."
Figure 1: Location of core Mexico assets with surrounding projects, Alien Metals, July 2020
San Celso (Silver)
The underground in-fill and confirmatory sampling programme has been designed to provide a more robust sampling database and update underground geological mapping. This work will assist with finalising an initial drill programme at San Celso, which despite being subject to historic silver mining, hasn't been drill tested to date. The Mexican geological team are accessing the historical workings via the main historic shaft to carry out this in-fill work.
Figure 2: Main access, San Celso vein, San Celso Silver Project, July 2020
Figure 3: Historic underground sample location, San Celso Vein, San Celso Silver Project, July 2020
Figure 4: 2m wide mineralised system (blue lines) seen at surface dipping south west, San Celso, July 2020
The legal due diligence on the acquisition of the strategic adjoining permit, which hosts the Andromeda silver vein, is near completion. Following completion of the acquisition, the Company's technical team will undertake desktop studies to plan for follow up work on the newly acquired ground. This ground contains further historic silver workings and Alien believe it will add to the overall resource potential of the project.
Los Campos (Silver)
After sampling is completed at San Celso, the team will move to Los Campos to undertake underground exploratory sampling programme. While limited information exists from previous modern exploration work at Los Campos, the project area hosts a series of long narrow 'open pits' that follow the mineralised vein systems as well as several deep vertical shafts for underground access. Given the favourable topology of the Los Campos project, the Company feels the project would lend itself to modern local mining methods.
The results from the underground sampling programmes at San Celso and Los Campos are expected in mid-August 2020.
Donovan 2 Copper Gold Project
Final interpretation and discussions are all but complete for finalising the initial drill programme on Donovan 2 to maximise the effectiveness of the first drilling to be carried out on the project. Working with the geophysicists from Mexico and Canada, Alien is confident that the defined geophysical anomalies combined with the geological targets represent excellent targets and are hopeful to get drilling completed in Q3 2020. Once finalised the Company will advise on the drill plan and reasoning behind it in the coming weeks.
The Company is finalising the historical data compilations for the Elizabeth Hill and Hamersley Iron Ore Projects. The wealth of historical information has provided numerous new targets and favourable geological structures that the Alien team aims to follow-up in due course. The Company will update shareholders on the Western Australian projects and upcoming work programmes in coming weeks.
Alien continues discussions with a range of parties regarding potential joint venture and funding opportunities on the existing portfolio of assets while continuing to review new projects that would fit with the Company's strategy going forward. No binding agreements have been reached to date.
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
|
First Equity Limited (J oint Broker) Jason Robertson Tel +44 (0)20 7374 2212 |
|
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 |
|
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 |
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, 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.
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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