Alien Metals (LON: UFO) shares are climbing on Thursday after the company said the maiden drilling program at its Hancock Iron Ore project, is underway.
The project is part of the Hamersley Iron Ore Project in Western Australia where geological mapping and field observations indicated that the BHP 19 and BHP 20 prospects may be part of the same more extensive system.
There are two projects within the Hamersley Province of Western Australia, which is considered one of the world’s leading iron ore producing regions.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The Hancock drilling program will consist of a minimum of 3,000m grid-based shallow RC drilling across priority targets, planned new drill line on Sirius Extension prospect and
at least four target areas to test.
Results from sampling are expected in late February 2021.
“We are extremely pleased to get underway with this maiden drilling program which the team has managed to deliver in a very short timeframe. The recent sampling and mapping work completed at each phase has added confidence to the potential of both tenements,” said Bill Brodie Good, CEO and Technical Director of Alien Metals.
Alien Metals stock price rose to highs of 1.20p following the news. However, they have since given up the majority of those gains and are trading at 1.10p, up 2.33%.
