Hancock Awarded Two New Exploration Leases
Alien Metals awarded two new exploration leases adjacent to Hancock Iron Ore Project, expanding area by 50%.
- Exploration area expansion 41.0 km² to 63.0 km²
- Total mineral resource 8.4 million tonnes
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Hancock Continues to Grow with the Successful Granting of Two New Exploration Leases
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to announce that it has been awarded two new Exploration Leases that border the existing Mining Lease at its flagship Hancock Iron Ore Project in Newman, Western Australia (the "Hancock Project").
Highlights:
- Exploration Leases E47/5157 and E47/5158 have been granted with no Native Title objections.
- The two new Exploration Leases are adjacent to the existing Mining and Exploration Leases at the Hancock Project (refer to Figure 1) and expand the Company's exploration area by more than 50% from 41.0 km2 to 63.0km2.
- Works are proceeding to upgrade our exploration targets, including the imminent mobilisation of a team of geologists to site to further investigate the prospectivity of these two new Exploration Leases via a rock chip sampling and assay programme.
Figure 1: Hancock Project Tenement Summary
Christopher Maiolo, General Manager Project Development, commented:
"The successful grant of two new Exploration Leases adjacent to our flagship Hancock Project represents a strategic expansion of our footprint in the region. Importantly, no Native Title objections were received during the granting process.
"The high prospectivity of these two leases should not be underestimated. Our team has been working on an exploration plan in relation to these two new leases for some time, and we are looking forward to mobilising to site over the coming weeks to commence a rock chip sampling and assay programme across these two new leases which will feed into a new drill programme that should further grow the Hancock Project."
"The Company continues to work collaboratively with BHP Group Limited to finalise an Access Deed that will facilitate the issuance of E47/5159 in the coming period, further consolidating the Company's interests around the highly prospective tenements and enabling further expansion of exploration and development activities across the broader tenement package."
For further information, please visit the Company's website at www.alienmetals.uk or contact:
Strand Hanson (Financial and Nominated Adviser)
James Harris / James Dance / Robert Collins Tel: +44 (0) 207 409 3494
Zeus Capital Limited (Joint Broker)
Harry Ansell / Katy Mitchell Tel +44 (0) 203 829 5000
CMC Markets (Joint Broker)
Douglas Crippen
Yellow Jersey (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay Tel: +44 (0) 203 004 9512
Hancock Iron Ore Project
Table 1: Hancock Iron Ore Project Mineral Resource Table1
| Classification Category | Prospect | Mass (Million Tonnes) | Average Value | |||||
|---|---|---|---|---|---|---|---|---|
| Fe % | SiO 2 % | Al 2 O 3 % | P % | LOI % | MnO % | |||
| INDICATED | Sirius Ext. | 2.8 | 59.8 | 3.9 | 4.09 | 0.17 | 5.4 | 0.05 |
| Ridge C | 0.7 | 60.9 | 4.9 | 3.27 | 0.12 | 3.7 | 0.03 | |
| Ridge E | 1.0 | 61.0 | 5.2 | 3.30 | 0.12 | 3.4 | 0.02 | |
| Sub Total - Indicated | 4.5 | 60.2 | 4.3 | 3.79 | 0.15 | 4.7 | 0.04 | |
| INFERRED | Sirius Ext. | 3.1 | 59.6 | 4.6 | 3.99 | 0.17 | 5.2 | 0.05 |
| Ridge C | 0.4 | 60.8 | 4.6 | 3.07 | 0.14 | 4.4 | 0.03 | |
| Ridge E | 0.3 | 59.8 | 4.9 | 3.64 | 0.17 | 5.0 | 0.02 | |
| Sub Total - Inferred | 3.8 | 59.7 | 4.6 | 3.88 | 0.17 | 5.1 | 0.05 | |
| TOTAL | 8.4 | 60.0 | 4.4 | 3.83 | 0.17 | 4.9 | 0.05 |
- Refer to the Company's announcement on 8 February 2024 'Iron Ore Development Study delivers excellent project economics - NPV10 of A$146m with additional exploration potential'.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.