Alien Metals Ltd (AIM:UFO, OTC:ASLRF) said it intercepted high grades from its Phase 3 drilling programme at the Hancock iron ore project in Western Australia.
Results from 17 of the 46 drill holes returned “excellent” high-grade intersections, it said, including 9 metres (m) at 62.2% iron, 8m at 63.3% and 7m at 63.3%.
Extensions to the existing inferred resource of 10.4 million tonnes at 60.4% iron have been identified from the Phase 3 drilling programme.
"We are again delighted with the outcome of this third drilling programme at Hancock, with some excellent high-grade intersections adding more confidence to our existing resource as well as assisting in our understanding of the high-grade units' spatial relationship in the ridge systems,” said chief executive Bill Brodie Good.
Alien said its consulting resource geologist, Howard Baker, was reviewing the resource, while it plans the next phase of drilling.
“This will hopefully begin in a couple of months' time with the aim of increasing the existing resource as well as testing new target ridges,” said Brodie Good.