Alien Metals Ltd (AIM:UFO, OTC:ASLRF) said it made “significant progress” as it reported interim results.
“This half year has seen significant progress across a number of projects with several exciting developments within our portfolio of precious and base metal commodities,” said new executive chairman Roderick McIllree.
“The acquisition of the Munni Munni platinum group metal project and 100% of the Vivash Gorge iron ore project have been notable highlights in the company's strategy to continue to expand and diversify its assets. At our Hancock iron ore project, the company received highly positive results confirming high-grade direct shipping ore (DSO) at a grade of 62.7%, with production being targeted for 2023.”
The comments came as the group booked a loss of US$1.4mln in the six months to June and said it had US$3mln in cash at the period end. It subsequently raised £1.5mln in September.
McIllree also highlighted the ongoing potential of Elizabeth Hill, historically one of Australia's highest-grade silver mines.
"At our Mexico projects, operations were advanced at both the San Celso and Donovan 2 projects.
“Although post-period end the company announced that operations would not continue at San Celso, drilling at Donovan 2 did identify a 34 metre anomalous zinc in hole DONDD-A04; and Alien will continue to advance this project, as enough indicators are present to suggest a potentially larger zone of mineralisation. Although this remains early in the development process, we will continue to review the next phase of activity with great optimism that this will be a successful project for the company.”
Alien's objective is to continue to be a project generator with a multi-commodity portfolio focussed on key commodities related to the global demands for green commodities, with projects in jurisdictions with established mining communities, stable political backgrounds, and where strong operational controls can be assured.