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Alien Metals' technical director to visit Mexican assets as wheels are set in motion

Last updated: 11:52 09 Jan 2020 GMT, First published: 08:52 09 Jan 2020 GMT

Alien Metals Ltd -

Alien Metals Limited (LON:UFO) is preparing to submit applications for permission to drill at its Los Campos and San Celso Silver projects in Mexico.

The exploration and development company added that its technical director, Bill Brodie Good, will be conducting a site visit to these projects imminently and will be holding meetings with service providers and potential joint venture partners.

Alien Metals said detailed drilling programmes have been planned for Los Campos and San Celso and that talks with various drilling companies are in progress.

"I am very excited to get on the ground in Mexico and to spend time with our local team. Additionally, I am looking forward to meeting with some local service providers, as well as other companies working in the region in order to advance possible joint venture discussions,” Brodie Good said.

"With the submission of the drill programmes I am hoping permission will be obtained soon to give Alien the opportunity to carry out initial drill testing on the highly prospective Los Campos and San Celso projects. I am also hoping to access some of the historic underground workings to get a better understanding of their condition and see some of the mineralisation in-situ," he added.

Market "continues to undervalue Alien Metals"

In a note to clients, analysts at FirstEquity pointed out: “With recent news flow focused on the new Western Australian projects, investors may have forgotten about the importance and proceptivity of the Group’s Mexican projects which lie within the southern part of the Zacatecas District, a prolific silver-gold area with historic production of over 1 billion ounces of silver and almost 10 million ounces of gold.

“The silver price is currently in an upward momentum phase, trading at around $18 per ounce and nearing its 5 year high of $20.3 per ounce reached in mid-2016. The price is likely to strengthen further as demand for precious metals and safe-haven assets increases given the unstable geo-political environment in the Middle East.”

They added: “In the coming weeks, we look forward to further updates and drilling results from Alien Metals’ silver prospective Mexican exploration assets, and whether there is potential to secure joint venture partners to accelerate exploration development.

“The market continues to undervalue Alien Metals, which for a mid-stage exploration company has a modest market cap of £2.9mln. We rate the shares as a ‘Buy’.”

In late morning trading, shares in Alien Metals were down 2.3% at 0.21p.

 -- Adds analyst comment, share price --

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