Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Alien Metals (LON: UFO) shares climbed and then fell Wednesday after the company provided an update on the Hancock Iron Ore Project in the Pilbara region of Western Australia.
Following the maiden JORC compliant inferred resource, the company engaged Mining Plus to conduct a follow-up Scoping Study on the project.
Alien said the results of the work are due shortly, and it will be announcing the results of the work in a more detailed announcement, with a subsequent live webinar next Tuesday, 19th October.
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:
“After the rapid progress since acquiring the Hancock Iron Ore Project, including the recent initial mineral resource estimate (MRE), we have continued to advance the project through engaging Mining Plus to complete the Scoping Study, which provides an initial economic assessment of the MRE.
“Mining Plus provides a highly credentialed team with recent work including the design and planning of another high-grade DSO project in Western Australia.
“We are very pleased to be in a position whereby Mining Plus is finalising its initial Scoping Study and we are looking forward to sharing the findings with the market next week to show the progress and potential of this project. In the meantime, we continue to plan and make preparations for the Phase 3 drilling programme that will target extensions of the high-grade, low strip ridges.”
The news was enough to see Alien Metals' share price jump to a high of 0.795p at the open. However, it could not sustain the rally and has since fallen, now trading at 0.70p, down 3.45% from Tuesday's close.
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