Alien Metals Ltd (LON: UFO) share price spiked 6.58% after releasing the initial trenching and rock chip sampling results at the Elizabeth Hill project in Western Australia.
During the initial sampling programme, the mining company found strong nickel, copper and platinum group element (PGE) anomalies.
The Elizabeth Hill project also hosts a high-grade silver mine in the Pilbara region, with significant minerals deposits.
Bill Brodie Good, Alien Metals CEO, said: “The maiden trenching programme has reinforced historical anomalous copper, nickel and PGE mineralisation, which are still open along strike and, given the width and grade of these zones, could indicate the presence of a much larger system as a source,”
Adding:
“This mineralisation appears to be associated with the ultramafic intrusion of the Munni Munni intrusion, the known J-Reef and the complex structural controls in the area. These results will contribute to planning a follow-up field programme to expand our knowledge of the potential of these targets.”
Alien Metals also revealed that some regional rock chip sample results from Munni Munni North had identified new target areas to be pursued in future. The miner identified the southern trend of the J-Reef and the area around the Conquest prospect in the east as key test areas when the programme resumes.
Some of the recent updates from Alien Metals include the start of the drilling campaign at the Hancock Iron Ore project on 11 November 2021. The mining company also raised £4 million via a share placement earlier this month, seeing its share drop.
Since January, Alien Metals shares have fallen 36.58% and may seem attractive to long-term investors given the firm’s positive prospects.
*This is not investment advice. Always do your due diligence before making investment decisions.
Alien Metals share price.
Alien Metals share price spiked 6.58% higher to trade at 0.826p, rising from Wednesday’s closing price of 0.775p.
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