The Alien Metals Ltd (LON: UFO) share price rose 5.53% after announcing that it had encountered significant intersections of high-grade Direct Ship Ore (DSO) confirmed at its 90%-owned Hancock Project, including 78.2 metres at 60.4% Iron.
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The company noted that it had received all the assay results from the recent resource definition core drilling programme. The company had drilled 13 diamond core holes during Q2 2023 for 1049 metres at its Sirius Deposit, with the initial assays indicating high-grade mineralisation.
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The final assay results confirm exceptional direct ship ore grades and excellent widths and depth continuity of the proposed Sirius Mining Pit. Some of the significant results from the final tranche of assays include:
52.8m @ 60.9% iron (Fe) from 1m, including high-grade intercepts of 40m @ 61.5% Fe from 13m from Drill Hole 23IHD013. The second assay result was 61.2m @ 60.8% Fe from 1m, including high-grade intercepts of 31.9m @ 61.6% Fe from 22.2m from Drill Hole 23IHD010.
Other assay results highlighted by the company include 57m @ 60.6% Fe from 13m, including high-grade intercepts of 40.5m @ 61.3% Fe from 27m from Drill Hole 23IHD008, and 78.2m @ 60.4% Fe from 43.7m, including high-grade intercepts of 11.3m @ 61.0% Fe from 110.6m from Drill Hole 23IHD007.
The final tranche compliments and reinforces the grades from the first tranche of assay results reported on 20 July 2023. The drilling campaign was designed to support a planned update to the existing Mineral Resource Estimate and the follow-up Mining Reserves (after the mining studies are completed) at the Sirius Pit.
These updated resources and reserves will become part of the Company's updated Feasibility Study. The company also intends to conduct a Geotechnical Study to support the DFS and mine design process.
Troy Whittaker, Alien Metals’ CEO, commented: “These significant results continue to showcase the abundant potential we have at our Hancock Project. The results demonstrate high-grade, direct ship ore at substantial intersections, which continue to underpin further confidence in the resource. As an outcome of this resource definition drilling, we will in the coming months update the Hancock Project Resources and Reserves.”
Alien Metals (UFO) share price.
The Alien Metals share price rose 5.53% to trade at 0.2005p, from Tuesday’s closing price of 0.1900p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.