Alien Metals Ltd (LSE AIM:UFO)    has announced it has agreed to acquire117km2 of tenure adjacent to and surrounding the Company's Elizabeth Hill Silver Project in Western Australia along with associated historic technical data (the "Transaction"). The tenement ELA 47/4422 includes a range of precious and base metal prospects identified by previous operators.

ELA 47/4422 includes priority prospects within 10km of the Company's Elizabeth Hill Silver Project, including:

  • Sunchaser: Located 5km west of the hundo copper mine and consisting of two Electro-Magnetic (EM) conductors. Previous Reverse Circulation (RC) drilling reportedly returned 6.1m @ 3.1% zinc from 28.4m depth.
  • Conquest: Copper-zinc-lead occurrences have been located on the surface in the immediate vicinity of two modelled EM conductors. Previous RC drilling returned 25m @ 0.52% copper from 144m depth.
  • Carver: Situated along the Maitland intrusion (which controls mineralisation at Sunchaser and Conquest), the prospect covers an area that appears to be a major conduit for fluids, identical to the structural setting proposed for the intrusion of the Radio Hill Layered Complex to the north west.
  • Munni Munni East: south of Elizabeth Hill, situated alongside the Munni Munni fault and host to mineralised gossans.
     

The License includes southern extension of highly prospective fault structures, including the Munni Munni fault which controls the mineralisation of the Munni Munni Platinum Group Elements (PGE) project (2.1moz PGEs)

The transaction also includes the acquisition of all available historical technical data including ~600 historical soil samples ready for assaying. 

Further soil samples have been despatched to ALS Global in Perth for full assay suite analysis

The company is already planning for Alien's geological team to get on ground as soon as possible to commence trenching/costeaning, further mapping and grid-based soil sampling.

 

Shares in UFO have rallied 7.2% on the back of the acquisition to 0.67p

Technical Director Bill Brodie Good said: "We are thrilled about the conditional acquisition of this license as it adds considerable exploration potential to the Company's portfolio, with numerous new and exciting targets to develop. It adds significant tenure to the Elizabeth Hill Silver Project area allowing us to work from a central location on several different targets and commodities having a range of known prospects that are prospective for precious and base metals. We know that some of these are almost walk up targets and with the extensive data acquisition we hope to uncover more prospects to develop. This area has been quite neglected for many years and the Company is keen to get on the ground and make new discoveries.".