Alien Metals (LON: UFO) share price is gaining after it said initial drill results from the maiden drilling program on its Hancock Iron Ore project, part of the Hamersley Iron Ore Project, Western Australia, are encouraging.
The AIM-listed company said the drilling was completed in March, with 53 Reverse Circulation (RC) holes for 3,350m of shallow drilling across priority high-grade Direct Shipping Ore (DSO) targets.
Alien Metals share price is currently trading 3.32% above Wednesday’s close at 1.136p.
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The best results from the 17 holes include 26m at 54.3% iron from surface, including 13m at 61.5 % iron, 18 metres at 55.1% iron from surface hole, and 10 metres at 55% iron from a 3m hole.
The drilling has confirmed new iron ore zone targets in the permit area, while the assay results of the remaining 36 holes are expected in May.
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented: “To date, we have received assay results from 17 out of the 53 holes drilled. Initial results are encouraging and already add to the understanding of the mineralisation of the project.
“The remaining results are expected in the coming weeks and will provide the Company with a greater understanding of the potential of the project and support planning for a follow-up drilling program, which will be commencing shortly after, given that we are now in the optimum field season in the Pilbara region.”
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