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Alien Metals (LON: UFO) said on Monday that results from the maiden drilling program at its Hancock Iron Ore project confirm four high-grade Direct Shipping Ore mineralisation prospects.
Results from the project, which is part of the Hamersley Iron Ore Project, Western Australia, confirmed the “significant potential” of the Sirius Extension prospect, as well as the potential of the wider licence area, said UFO.
According to Alien Metals, a follow-up reverse circulation program is progressing well, with 1,300m drilled to date.
The follow-up drill program should enable Alien to generate a maiden JORC resource at the Hancock Iron Ore Project.
“The remaining assays confirmed the significant potential of the Sirius Extension prospect, as well as the potential of the wider licence area,” said Bill Brodie Good, CEO & Technical Director of Alien Metals.
“The second phase of drilling is progressing well, with roughly 1,300m drilled to date. In addition to the known DSO grade iron ore at the Sirius Extension prospect, the focus of the follow-up program is to prove up the DSO potential across the other prospect areas using surface mapping and sampling to study the untested areas of the tenement we believe to have even more potential,” he added.
Alien Metals' share price is currently 4% above Friday's close at 1.16p.
Alien Metals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are UFO shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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