Alien Metals starts work to re-open historic underground mine at the Elizabeth Hill silver project
Elizabeth Hill is the only pure silver mine in Western Australia
Company
LON:UFO
Alien Metals Ltd is advancing the development activities for its 90% owned Hancock Iron Ore Project in the Pilbara region of Western Australia. The company’s development study has confirmed that Hancock has excellent project economics and prospectivity with extensive untested mineralisation trends.
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Elizabeth Hill is the only pure silver mine in Western Australia
Work to begin immediately on necessary requirements to get a mining licence for Hancock
Alien will pay A$1.98mln in shares and A$250,000 in cash
The project is host to the high-grade Elizabeth Hill silver mine
Hancock is located in the Pilbara region where most of Australia's iron ore is mined
The placing will be conducted by way of an accelerated bookbuild process
Jo Battershill has been working in an advisory capacity over the last few months said Alien
It looks like there will be plenty of margin on offer at Hancock
The initial study showed that the current resource will sustain an eight-year mine life based on a mining rate of 1.25 million tonnes per year
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The scoping study will provide an initial economic assessment of the resource estimate
"The drilling program has given us some very encouraging visual results including pure silver and copper and nickel sulphides"
Alien Metals recently released a JORC resource estimate on its Hammersley iron ore project
"We believe there is considerable scope to grow the DSO resource over the next 6 months," said chief executive Bill Brodie Good
“While it is early days, we are extremely encouraged by these initial findings," said Bill Brodie Good
The Western Ridges Prospect is shaping up to be a second standalone mineable resource, said Alien
Alien Metals has been making strong progress with its iron ore and silver projects
Alien also has extensive silver interests in Australia and Mexico
Initial assay results from the second phase of drilling demonstrated significant widths of DSO-grade intersections from surface at the Sirius extension project
The mine produced Australia's largest silver nugget, the Karratha Queen, that weighed in at 145kg