Alien Metals Ltd (LON:UFO) has issued an update concerning its Elizabeth Hill silver project in Australia as well as exploration activity in Mexico.
The AIM-listed miner said the open pit resource at Elizabeth Hill was “untouched to date” and that there was further resource potential in underground workings and strike extensions at the site.
READ: Alien Metals raises £700,000 to fund exploration in Mexico and Australia
Alien added that a review at the site had uncovered potential for palladium, nickel and copper mineralisation within the project area.
"Elizabeth Hill is historically one of Australia's highest grade silver mines and has produced over one million ounces at an average of 2,195 g/t [silver] (70.24 oz/t [silver]) from an initial resource of just over four million ounces with exceptional native silver nuggets including, as previously reported, a 180 Kg nugget”, said technical director Bill Brodie Good.
“Mining ceased in 2000 due to a depressed silver price hence the remaining considerable untapped resource. With the current silver price on the rise, currently over US$18 USD/oz, Alien is excited by the growing potential this project holds", he added.
In Mexico, the company said an induced polarisation magnetic survey was underway at the Donovan 2 copper-gold project and an underground sampling program was being finalised for its San Celso silver project.
Shares in Alien Metals were 8.8% lower at 0.13p in mid-afternoon trading on Wednesday.