Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to deliver a maiden JORC compliant Mineral Reserve for the Company's flagship Hancock Iron Ore Project ('Hancock'), situated in the prolific iron ore producing region of the Pilbara, Western Australia.
Further, the Company is pleased to report further drill results from the Natalie Hill South prospect, Elizabeth Hill, Australia's highest grade silver deposit.
Rod McIllree, Executive Chairman, commented: 'The updated JORC Mineral Resource and maiden Ore Reserve for the Hancock Project further confirms our confidence in the Project with its high grade, direct shipping quality iron ore. This, combined with the ongoing negotiation of commercial tenders for the material packages associated with the Hancock Project lays the strong economic foundations for project and operational execution. In the coming weeks, I look forward to sharing the outcomes of these negotiations with you as we finalise the pathway to operations. 'It is also exciting to see that this recent drilling has successfully intersected Judy's Reef, demonstrating the Company's understanding of potential expansions of the existing resource at and around the Munni Munni/Elizabeth Hill Area, but also, highlighting new targets of untested PGE reefs similar to that seen at the main Munni Munni complex. The geochemical and geological targeting model that the Company's geologists are working on will assist future drill programs to unlock the value at one of Australia's premier layered ultramafic complexes.'
Summary - Elizabeth Hill
Further to the Company's RNS on 20 February 2023, the Company is pleased to report the final Assay results from four reverse circulation holes have been received for Elizabeth Hill. The drill holes were positioned to test an electromagnetic ('EM') anomaly and the continuance of Judy's Reef, which is 1.5km south of Elizabeth Hill. Pleasingly, the results have indicated the presence of broad zones of anomalous Ni and Cu in an area that is co-incident with an EM anomaly and the interpreted position of an extension to Judy's Reef. The new data from the drilling and geological interpretation demonstrates that a reef, similar to the significant ones at Central Munni Munni, is located further west of this drilling. The reported anomalous PGEs, Ni, Cu and elevated Chromium units are of a similar tenor form and reef style orientation, with a similar dip to the granite contact as seen at the Munni Munni Resource area. The main reef at Munni Munni is known as the Ferguson Reef. It is part of the historical non JORC compliant resource of 24Mt at 2.9 grammes per tonne ('g/t') Platinum Group Metals ('PGM') and gold for 2.2 million ounces ('Moz').
To support future drilling campaigns, the Company has recently commenced a significant geochemical signature program capturing pXRF data down complete holes through the Ferguson Reef area to create a geochemical fingerprint and signature of the prospective ultramafic sequences in the Munni Munni tenements. By systematically recording the geochemical information at regular intervals, the Company's geologists will be able to use advanced artificial intelligence techniques to predict the height in the stratigraphic sequence and which direction to the prospective resource rich zones are located. This geochemical signature program, although just commenced, has already highlighted similarities between the Ferguson Reef signature (which demonstrates Chromium ('Cr') at the basal part of the zone), and the recent drilling at Elizabeth Hill South. The cross-section for hole 22AMC007 demonstrates the elevated Cr anomaly, combined with geological mapping and interpretation has identified high priority areas for future drilling campaigns targeting high grade new PGE reefs. The Company, through its acquisitions of the Elizabeth Hill and Munni Munni deposits, has the enviable position of being the first company to consolidate the wider Munni Munni complex into one project, allowing it to better identify and unlock a potential major mineralised system
Contact:
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The programme of reverse circulation drilling at Elizabeth Hill comprised of eight holes for a total of 709 metres ('m'). Five regional holes were drilled in one line several hundred metres to the north but failed to identify any structure suggesting a change in trend of the mineralisation. Two holes will be re-entered and completed using a diamond drill rig to push past the water into the mineralised envelope. The mineralisation, as intersected in this drilling, is on the contact of a structurally controlled contact between granite and ultramafic rocks thought to create a metal receptive reactive shear zone as well as a metal rich liquid highway. The main high-grade vein of silver plunges steeply to the south and testing of interpreted parallel structures will be part of future drilling. The polymetallic nature of the mineralisation, with Pb values up to 2.09% (22AMC001) recorded, has not been fully accounted for in previous work demonstrating potential for additional product co and by-product including Pb, Au, Pt and Pd. Elizabeth Hill is located 45km southeast of the city of Karratha, Western Australia. The project is situated in the Pilbara Craton, a region well-known for precious metal mineralisation. Elizabeth Hill is recognised as being Australia's highest-grade silver mine when it was in production between 1999-2000. Elizabeth Hill had a pre JORC 2012 resource of 4.05Moz of silver prior to the start of mining and was renowned for its exceptional native silver nuggets and silver wires. Over one million ounces of silver, mainly in the form of nuggets, were produced between 1999-2000 from a single shaft and small processing plant before the mine was closed due to water inflow. Elizabeth Hill is 100% owned by the Company and Alien is undertaking a complete review of all historic data from both surface and underground drilling with a view to reopening the mine. The Company also owns the nearby Munni Munni Project (4km southwest of Elizabeth Hill) which hosts significant PGE mineralisation. Munni Munni has a historical non JORC compliant resource of 24Mt at 2.9g/t Platinum Group Metals ('PGM') and gold for 2.2Moz. This includes 1.14Moz of palladium, 0.83Moz of platinum, 152koz gold and 76koz of rhodium. The Munni Munni Project is one of Australia's largest PGM deposits.
Competent Person's Statements - Hancock Project
The information in this report that relates to the Hancock Mineral Resources is based on information compiled by Mr Howard Baker, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy and is employee by Baker Geological Services Ltd. Mr Baker has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Baker consents to the disclosure of information in this report in the form and context in which it appears. Mr Baker of BGS is a resource geologist with 25 years experience covering multiple commodities from early-stage exploration through to definitive feasibility studies. Mr Baker is the Managing Director of BGS and previously worked for the International Mining Consultancy, SRK Consulting (UK) Ltd ('SRK') where he was employed for eight years as a Principal Consultant and Practice Leader. In his time at SRK, he focused on the management of Mineral Resource Estimates with a strong focus on technical quality management and compliance to international reporting codes. In addition, he played a key role in advising on suitable exploration protocols and drill programmes and effectively assisted clients in the development of numerous large-scale iron ore projects. Prior to his time at SRK, Mr Baker lived and worked in Australia, working for Rio Tinto, BHP Billiton, Iluka Resources and Anaconda Nickel. Mr Baker has extensive global experience in the geology and Mineral Resource Estimation of iron ore projects and worked as a mine geologist and specialist resource geologist in the iron ore Pilbara district of Western Australia. The information in this report relating to Ore Reserves is based on information compiled by Mr Jeremy Peters, a Director of Burnt Shirt Pty Ltd, a Fellow of The Australian Institute of Mining and Metallurgy (AUSIMM) and Chartered Professional Geologist and Mining Engineer of that organisation who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
ALIEN METALS LIMITED 
