10th Mar 2021 17:53
Alien Metals Ltd - iron ore and silver projects in Australia and Mexico - Enters into a 60 day exclusivity arrangement with Wombat Resources Pty Ltd, which owns historic tailings within the high-grade silver project Elizabeth Hill in Western Australia. Company will use this period to carry out further assessment of the tailings in situ and potentially negotiate an acquisition by Alien of the rights and title to the Elizabeth Hill tailings project.
"Following discussions with the silver tailings owner, a first-pass sampling program was undertaken in December 2020 to test the properties of the tailings. ALS laboratories in Perth carried out an Aqua Regia ICP-AES assay on 84 auger samples from 21 locations, which returned consistently high values of silver and associated minerals," says Chief Executive Officer Bill Brodie Good.
"Over the coming months, the company will undertake further sample work and analysis to better understand the most efficient and cost-effective processes to extract the silver from the tailings. We believe that the silver tailings project could generate near-term cashflow which could help underpin a range of exploration activities at Elizabeth Hill and the Munni Munni North project."
Current stock price: 1.1 pence
Year-to-date change: down 12%
By Arvind Bhunjun; [email protected]
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