TIDMUFO
RNS Number : 5383C
Alien Metals Limited
11 February 2020
Trading Symbols
AIM: UFO
FWB: I3A1
11(th) February 2020
Alien Metals Ltd
("Alien" or "the Company")
http://www.rns-pdf.londonstockexchange.com/rns/5383C_1-2020-2-10.pdf
IP Survey commences at Donovan 2 Copper-Gold project
Alien Metals Ltd ("Alien Metals" or "Company") the exploration
and development company is pleased to provide an update on the
Company's Donovan 2, copper-gold project. Further to the 30 January
2020 announcement, the Company has now commissioned the IP survey
to generate high-priority drill targets.
Highlights:
- The Donovan 2 Copper-Gold project contains a prospective
Volcanic Massive Sulphide ('VMS') target, identified by previous
sampling and mapping programmes
- A Ground Magnetic Induced Polarisation (IP) survey over the
VMS target is being conducted in order to generate high-priority
drill targets
- Results expected during Q1 2020
- Next stage of work on Donovan 2 would, subject to additional
funding being available, entail drilling of priority targets
identified by the survey
Bill Brodie Good, Technical Director, commented:
"I am pleased to announce that we have commissioned TMC
EXPLORACION, S. R.L. de C.V. of Mexico, who did the previous
geophysical studies on Donovan 2 to carry out a ground based IP
survey to aid in defining a coherent drill target or targets. With
their knowledge of the project to date they will be able to add
further value to this program combining historic and new data and
we look forward to a successful and positive outcome from the
program. Mobilisation to site is imminent by TMC. Discussions are
continuing with drilling companies to carry out future follow up
work."
Donovan 2 Copper-Gold (Cu/Au)
The Donovan 2 project is situated in a flat lying area of mainly
crops with excellent access and local infrastructure, located about
45km south east of Zacatecas. The Teck Resources Limited San
Nicolás VMS deposit lies within 24km of Donovan 2 and hosts a
Measured and Indicated resource of 108.9Mt, with average grades of
1.16% Cu and 0.43g/t Au.
With no apparent in-situ outcrop the planned ground magnetic IP
Survey is an important tool in identifying the underlying source of
the surface float samples containing significant copper
mineralisation. The value of utilising IP at the project was
further confirmed through discussions between Alien Metals and a
major base metals mining company who utilise IP as an effective
exploration tool in this region for copper and gold exploration in
the region.
Figure 1: Ground magnetic survey anomaly at 50m depth with
surface copper anomalies and planned IP lines (black), Donovan 2,
January 2020
As figure 1 shows, copper mineralisation has been confirmed at
surface from float samples taken which seem also associated with
the ground magnetic anomaly. These sample results (as announced on
29 April 2019 and 27 June 2019) included:
-- 3.34 % Cu
-- 1.61 % Cu
-- 1.21 % Cu
-- 1.15 % Cu and
-- 1.08 % Cu
Over 9 km of survey lines will be conducted over the key ground
magnetic anomaly with the aim of generating more robust and
accurate priority drilling targets based on recommendations from
TMC Exploration following their field work and interpretation of
results from the 2019 program and in consultation with the
Company.
The Donavon 2 copper-gold project has attracted a number of
enquires and the Company is continuing discussions with a range of
parties regarding potential joint venture opportunities on this
project, however no binding agreements have been reached to
date.
Figure 2: Donovan 2 Gold/Copper project and nearby major mines
and deposits, Mexico
The Donavon 2 copper-gold project has attracted a number of
enquires and the Company is continuing discussions with a range of
parties regarding potential joint venture opportunities on this
project, however no binding agreements have been reached to
date.
For further information please visit the Company's website at
www.alienmetals.uk, or contact:
Alien Metals Limited First Equity Limited (Joint -
Bill Brodie Good, Technical Broker)
Director Jason Robertson
St James Corporate Services, Tel +44 (0)20 7374 2212
Company Secretary
Tel: +44 20 7796 8644
Beaumont Cornish Limited (Nomad) Novum Securities Limited (Joint
James Biddle/ Roland Cornish - Broker)
www.beaumontcornish.com Jon Belliss
Tel: +44 (0) 207 628 3396 Tel +44 (0)20 7399 9425
Blytheweigh (Financial PR)
Megan Ray/Rachael Brooks
Tel: +44 (0) 207 138 3204
Notes to Editors
Alien Metals Ltd is an AIM quoted mining exploration and
development company. Since the restructure of the company in 2018,
Alien has focused on delivering its strategy of acquiring mining
projects which demonstrate significant development upside, in
jurisdictions with established infrastructure and mining codes, and
where strong operational controls can be assured.
In addition to progressing its acquisition-led strategy,
following the strategic review of its portfolio of projects in
Mexico during 2018-19, the Company has identified exploration
targets across its 12 mining concessions in Zacatecas, Mexico,
which it is working to advance systematically.
Forward-Looking Information
This press release contains certain "forward-looking
information". All statements, other than statements of historical
fact that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future are deemed forward-looking information.
This forward-looking information reflects the current
expectations or beliefs of the Company based on information
currently available to the Company as well as certain assumptions,
including the availability of sufficient funds. Forward-looking
information is subject to a number of significant risks and
uncertainties and other factors that may cause the actual results
of the Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realised or substantially realised, there can be no assurance that
they will have the expected consequences to, or effects on the
Company.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Glossary:
Induced Polarisation Survey - a geophysical imaging technique
used in mineral exploration to identify the electrical
chargeability of subsurface materials, in this case VMS type ore.
... In the frequency-domain induced polarization mode, an
alternating current is injected into the ground with variable
frequencies.
Cu - Copper
Au - Gold
Mt - Million tons
Volcanic Massive Sulphide (VMS) - Volcanogenic massive sulphide
ore deposits, also known as VMS ore deposits, are a type of metal
ore deposit, mainly copper-zinc bearing, which are associated with
and created by volcanic-associated hydrothermal events in submarine
environments.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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