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Alien Metals (UFO) Share Price Gains On Hancock Iron Ore Project Update

Updated: 7 Jun 2021

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.

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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.

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