TIDMUFO
RNS Number : 4070B
Alien Metals Limited
10 June 2021
Trading Symbols
AIM: UFO
FWB: I3A1
10 June 2021
Alien Metals Ltd
("Alien" or "the Company")
Termination of Donovan2 Earn-in agreement
Follow the link to view the announcement in full including all
figures:
http://www.rns-pdf.londonstockexchange.com/rns/4070B_1-2021-6-9.pdf
Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and
development company, has been advised by Capstone Mining Corp of
the termination, with effect from 9 July 2021 (the "Termination
Date"), of the Earn-in Agreement signed between Alien, Estrella de
Plata, Capstone Mining Corp. and Capstone Gold S.A. de C.V.
(together, "Capstone") on 22 October 2020 (the "Agreement"). The
Earn-in Agreement relates to the Company's Donovan 2 Copper-Gold
project (the "Project") in Mexico.
Bill Brodie Good, CEO & Technical Director of Alien Metals,
commented:
"Capstone have decided not to proceed with the exploration on
Donovan 2 advising that their corporate strategy has shifted and
also that they did not receive sufficient confidence from their
maiden drilling recently completed on Donovan 2 to continue.
Capstone advised that their work was not exhaustive and with
coincidental work just done a couple of days ago by Alien we are
already starting to think about how we may approach further
exploration work. It has been great working with the Capstone team
and we appreciate their input to date which we hope to build and
develop on for the future of the project."
Figure 1: Location of Donovan 2 Project, Zacatecas Region,
Mexico in relation to TECK San Nicolas VMS Copper deposit, June
2021
Capstone will provide Alien with all the technical data
generated during their tenure as well as a final report outlining
their findings as per the agreement and as referenced below. Once
all received, Alien with review this and combine with its own
technical views to make a decision on the way forward and will
update the market as soon as this is available.
Figure 3 below shows a fresh sample of mineralised material
taken from the Los Alamos water well target only a couple of days
ago by Alien as part of a follow up piece of work to aid in further
targeting work. This is from the location of the historic sample
that returned 3.3% copper (as announced on 29 April 2019 and 27
June 2019) and is part of the current review and planning
process.
Capstone will arrange for a revocation of the transfer
agreement. Alien will revert back to being the Project operator and
retain a 100% interest in the Project as a result.
The Company announced on 1 March 2021 that Capstone had
commenced drilling the first hole of the maiden drilling programme
on the Project. Whilst Alien is yet to be formerly notified of the
full results of this drill programme, Capstone has advised in its
communications with the Company a summary table of results as per
Table 1 below.
Figure 2: Location of Capstone Drill holes over Chargeability
anomalies at 100m depth, Donovan 2, June 2021, (Capstone) (red
areas indicate potential areas of interest)
Table 1: Summary of significant intersections, Capstone
Drilling, Donovan 2, June 2021
DON21-001 24.0 27.2 3.2 0.25 0.07 0.01 4.0 0.01
----- ----- --- ---- ---- ---- --- ----
DON21-002 244.0 245.7 1.7 0.01 0.15 0.14 2.2 0.02
----- ----- --- ---- ---- ---- --- ----
DON21-003 12.4 21.0 8.6 0.01 0.40 0.40 1.3 0.11
----- ----- --- ---- ---- ---- --- ----
and 146.9 150.1 3.2 0.02 0.15 0.06 2.5 0.08
----- ----- --- ---- ---- ---- --- ----
and 252.9 254.0 1.1 0.03 0.19 0.17 8.3 0.11
----- ----- --- ---- ---- ---- --- ----
and 278.3 279.8 1.5 0.01 0.12 0.08 3.5 0.19
----- ----- --- ---- ---- ---- --- ----
DON21-004 no significant assays
----------------------------------------------
DON21-005 282.0 283.4 1.4 0.01 0.15 0.11 3.5 0.09
----- ----- --- ---- ---- ---- --- ----
DON21-006 no significant assays
----------------------------------------------
DON21-007 no significant assays
----------------------------------------------
Figure 3: Malachite and sulphide bearing quartz from Los Alomos
Prospect, Donovan 2, June 2021
Once all data is received and reviewed Alien will be in a
position to report more fully on the work done by Capstone and the
conclusions and plans for next stage work by Alien.
- Ends -
For further information please visit the Company's website at
www.alienmetals.uk, or contact:
Alien Metals Limited
Bill Brodie Good, CEO & Technical Director
(via St-James' Corporate Services, Company Secretary)
Tel: +44 20 7796 8644
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish
www.beaumontcornish.com
Tel: +44 (0) 207 628 3396
Turner Pope Investments (TPI) Limited (Joint Broker)
Andrew Thacker / James Pope
Tel: +44 (0) 20 3657 0050
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0) 20 7330 1883
Yellow Jersey PR (Financial PR)
Sarah Hollins / Joe Burgess / Matthew McHale
alienmetals@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
Notes to Editors
Alien Metals Ltd is a mining exploration and development company
listed on AIM of the London Stock Exchange (LSE: UFO). The
Company's focus is on precious and base metal commodities, with its
operations located in proven mining jurisdictions and it has
embarked upon an acquisition-led strategy headed by a high-quality
geological team to build a strong portfolio of diversified
assets.
The Company has conditionally agreed to increase its interest of
the Brockman and Hancock Ranges high-grade (Direct Shipping Ore)
iron ore projects, from 51% to 90%.
In 2020, the Company acquired 100% of the Elizabeth Hill Silver
Project, which consists of the Elizabeth Hill Historic Silver Mine
Mining Lease and the surrounding Munni Munni North Exploration
Tenement. The Australian projects are located in the world-renowned
Pilbara region of Western Australia.
The Company also holds two silver projects located in Zacatecas
State, Mexico's largest silver producing state, which produced over
190m oz of silver in 2018 alone, accounting for 45% of the total
silver production of Mexico for that year. The Company's Donovan 2
Copper Gold project in the same region is currently under an
Earn-in agreement with Capstone Mining Corp. of Canada which has
now been terminated as of July 9(th) 2021.
The Company was also awarded an Exploration Licence in Greenland
in late 2020, which surrounds the world class Citronen Zinc-Lead
deposit.
In addition to progressing and developing its portfolio of
assets and following its strategic review of its portfolio of
silver and precious metals projects, Alien Metals has identified
priority exploration targets within all of its projects which it is
working to advance systematically.
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END
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