Alien Metals Ltd (LSE:UFO) told investors drilling at the Elizabeth Hill silver project in the Pilbara region, Western Australia, encountered nickel and copper sulphides as well as multiple occurrences of visible silver in drill core.
The drill programme confirmed the company's geological interpretation that the original Elizabeth Hill silver deposit appears to be associated with a much larger polymetallic mineralised system, it said in a statement.
The explorer highlighted that the mineralised envelope at Elizabeth Hill is “clearly larger than modelled by previous explorers.”
Bill Brodie Good, chief executive and technical director, described himself “extremely encouraged”.
“The West Pilbara is recognised as a world class mineral province with the potential to discover significant new deposits of nickel, copper, silver and PGMs,” he said.
“We believe the historic Elizabeth Hill silver mine, located between two major intrusive units, is one of the most prospective targets in the region for a possible volcanic massive sulphide type system, along with the PGM potential already identified in the reefs in the tenement and surrounds.
“While it is early days, we are extremely encouraged by these initial findings and will continue to refine the drilling program to maximise its effectiveness and results."
The company noted that logging and core-cutting has begun, and the first batch of samples for analysis are due to be dispatched to Perth in the coming days.
Indications from pXRF analysis in-situ imply some very high-grade silver readings, the company noted, with a current maximum grade seen at 21,800 g/t silver (700 Oz/t Ag), 5% copper, 1.1 % nickel plus what are referred to as highly anomalous copper, nickel, and zinc readings over consistent interceptions