Alien Metals Limited - Capstone to commence drill program at Donovan 2
Alien Metals Ltd
("Alien Metals" or "the Company")
Capstone to shortly commence 2,500m drill program at Donovan 2 Cu-Au Project
Follow the link to view the announcement in full including all figures: http://www.rns-pdf.londonstockexchange.com/rns/4655L_1-2021-1-12.pdf
Alien Metals Ltd (Alien Metals or the Company), a minerals exploration and development company, is pleased to announce that since executing the earn-in agreement (Agreement) with Capstone Mining Corp (Capstone) (TSX: CS) over its Donovan 2 Copper-Gold project (the Project) in
Pursuant to the terms of the Agreement, Capstone can acquire a 65% interest in Donovan 2 through committed expenditure and cash payments totalling
The core of the work carried out by Capstone in late-2020 was to complete a detailed close spaced surface Induced Polarisation (IP) geophysical survey across the majority of the tenement, as announced by Alien Metals on
Capstone have indicated that they have planned an initial 2,500m drilling program as part of their required
"The Company is extremely encouraged by the speed of progress by the Capstone technical team, who mobilised quickly in an effort to drive exploration of the project. Capstone considered that commissioning a more detailed ground IP survey to compliment historic work undertaken by Alien while awaiting the necessary drill permitting would refine or reaffirm the existing drill targets.
Capstone have been managing the main elements of the program while Alien provide the necessary early stage on the ground support. We are looking forward to some positive results from this work.
Alien has managed to get the previous drilling permit granted on Donovan 2 at the end of 2020, and with Capstone now ready to move into the next phase of the earn-in agreement, drilling can finally start to fully test what we see as an exciting copper-gold VMS system. Given the location of Donavan 2, near to existing infrastructure and operating mines, if Capstone are successful in identifying a commercial deposit it is well placed for rapid advancement."
Figure 1: Location of Donovan 2 Project,
The IP survey was completed for 27.3 line kilometres and the data capture took 24 days. The IP survey was carried out by Zonge International of Arizona, USA, who have extensive experience of working in
An initial review of the provisional data generated by this IP survey appear to confirm and extend upon the anomalies that Alien had identified in the north and east-central areas of Donovan 2. Additional new features are also observed along the western and southern limits of the license. The original drill plan designed by Alien may be subject to change upon Capstone's review of the finalised geophysical data.
Figure 2: Donovan 2 provisional resistivity 2D inversion sections in a 3D view looking north, Capstone,
Figure 3: Donovan 2 provisional chargeability 2D inversion sections in a 3D view looking north, Capstone,
Alien are looking forward to the final interpretation and results of this programme and to the next stage of work at Donovan 2 and are delighted with the work and engagement of Capstone in all aspects.
The Board of Alien continues to assess a range of mineral projects and opportunities, with particular focus on exploration projects with significant exploration and value upside.
For further information please visit the Company's website at www.alienmetals.uk, or contact:
Alien Metals Limited
St-James' Corporate Services, Company Secretary
Turner Pope Investments (TPI) Limited (Joint Broker)
Tel +44 (0)20 3657 0050
Beaumont Cornish Limited (Nomad)
Tel: +44 (0) 207 628 3396
First Equity Limited (Joint Broker)
Tel +44 (0)20 7374 2212
Yellow Jersey PR (Financial PR)
Tel: +44 (0) 20 3004 9512
Notes to Editors
Alien Metals Ltd is a mining exploration and development company listed on AIM of the London Stock Exchange (LSE: UFO). The Company's focus is on precious and base metal commodities.
Alien Metals has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets including two recent acquisitions in 2019. These include the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and the Elizabeth Hill Silver projects both located in the Pilbara region,
In addition to progressing and developing its portfolio of assets and following its strategic review of its portfolio of silver and precious metals projects in
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