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.
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%.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.