Alien Metals Ltd (LSE:UFO) has allowed the exclusivity agreement with the owner of the tailings project located at the Elizabeth Hill silver project site in Western Australia to come to an end.
In March the company made the agreement with owner Wombat Resources to assess the potential acquisition, with a 30-day extension granted a month ago to undertake further assessment.
Bill Brodie Good, chief executive officer and technical director of Alien Metals, said: “With a number of key project developments and priority technical work in the pipeline, we have decided to suspend our current work and review of the project.
“We still see potential in the silver tailings, and may revisit the project in due course when other projects will allow for this.”