Shares in Alien Metals (LSE:UFO) rose 27% on Monday after the company reported encouraging silver assay results from its Elizabeth Hill project in Western Australia.
Its joint venture partner, West Coast Silver, announced rock chip and float samples with silver grades reaching 490 grams per tonne (g/t), alongside notable copper (up to 0.42%) and gold (up to 0.19 g/t) values.
The sampling suggests mineralisation extends up to 500 metres north and 200 metres south of the historic Elizabeth Hill mine, once among Australia’s highest-grade silver producers.
Alien retains a 30% free-carried interest in the project through to a decision to mine. Fieldwork is ongoing, with trenching and further sampling underway, and a regional exploration study nearing completion. A follow-up drilling programme is in planning.
The site previously produced 1.2 million ounces of silver from just 16,830 tonnes of ore before operations ceased in 2000 due to low silver prices.
With historic high grades and proximity to processing facilities, the project remains a significant asset.
In a separate update, West Coast Silver has ended its lithium joint venture with Alien at Pinderi Hills. Alien now retains full ownership of that ground, allowing both partners to focus on their core exploration strategies.
The shares rose 0.035p to 0.17p.