Alien Metals Ltd (AIM:UFO) shares soared 28% higher on Friday after reporting new high-grade results from exploration drilling at the Elizabeth Hill silver project in Western Australia's Pilbara region.
These are the latest findings from a maiden campaign, and they confirm multiple shallow intercepts of mineralisation.
The highlight results reached over 850 grams per tonne silver over five metres (including shorter sections, with readings in the thousands of grams per tonne), and also high-grade gold.
"These results further demonstrate the outstanding grades and near-surface potential at Elizabeth Hill," said technical director Robert Mosig.
"Intercepts of up to 10,049 grams per tonne silver and 11.1 grams per tonne gold are exceptional outcomes from the maiden programme and confirm the significant value in the project."
Mosig, meanwhile, noted that Alien holds a 'carried' 30% interest in the project, with its costs covered through to any decision to mine.
He added: "Our shareholders retain strong exposure to any success at Elizabeth Hill. We look forward to further assay results expected in the coming weeks."
In London, Alien shares were up 28% changing hands at 0.17p, valuing the explorer at just over £11 million.