The Alien Metals Ltd (LON: UFO) share price rallied 9.11% after issuing an update about its exploration and corporate activities. The company revealed that recent drill results from its Elizabeth Hill project in Australia confirmed the presence of Australia’s highest-grade silver deposits.
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The global minerals exploration and development company revealed that it had received analytical results for hole 22AMC001 after the hole was designed and drilled, which confirmed extensions to the main silver lode. Some of the high-grade results recorded include 42 metres (m) at 12.1 troy ounces (ozt) of silver (Ag) and 0.52% lead (Pb) from a depth of 8m.
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The firm further re-examined and reinterpreted historical data from EH, which extended the known areas of mineralisation, indicating the likelihood of a high-grade bulk-tonne silver-rich polymetallic orebody at EH. The results show that the narrow silver vein identified at EH is the high-grade core of a more giant mineralised halo.
Investors cheered that the firm had encountered other high-grade deposits at Elizabeth Hill, such as 13m at 35.4ozt Ag, 1.11% Pb and 0.48 g/t gold-platinum-palladium (Au+Pt+Pd) from 16m.
Alien Metals also issued an update about the development of its flagship Hancock Mine, which is 90% owned and operated by its wholly-owned subsidiary, the Iron Ore Company of Australia Pty Ltd (IOCA). The company noted that IOCa had received the final fixed-price tenders from interested parties to develop the DSO iron project at Hancock.
Still, IOCA has filed applications for Native Title approvals and other necessary permits that would allow the construction of the Hankcock project to proceed. The company found it challenging to give timelines for when the project shall kick-off, given that much of what is pending is outside its control.
Alien Metals asked stakeholders to be patient since it was doing its best to get the project off the ground. The company promised to start civil and site works after it receives the Native Title approvals and the mining license is granted.
UFO shares were still trading at their daily highs at the time of writing.
*This is not investment advice.
Alien Metals’ share price.
The Alien Metals share price surged 9.11% to trade at 0.5510p, from Friday’s closing price of 0.5050p.
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