Alien Metals (UFO) released the results of its due diligence on the Hancock Ranges and Brockman iron ore projects in Australia on Tuesday, and highlighted their direct shipping ore (DSO) potential.
Independent laboratory analysis of 17 rock chip samples taken from both tenements found high-grade iron ore with results of up to 65% Fe.
Alien Metals said that the results suggest that both projects potentially host iron ore mineralisation comparable to that being mined by the major operating companies in the region.
The AIM listed miner has an exclusive option to acquire 51% of both projects.
Shares in Alien Metals rose 13.33% to 0.17p during Tuesday morning trading
Technical Director of Alien Metals, Bill Brodie Good, commented: “Of the 17 samples taken across the two projects, numerous assays returned greater than 60%+ Fe, which is direct shipping ore quality, and the brief geological mapping carried out further enhanced the perceived potential of both projects.”
He added: “The assay results corroborate sampling and drilling undertaken by Volta Mining in 2014 at the Hancock Ranges project, and also the significant potential at the Brockman Iron project, where major iron ore companies are drilling on adjacent tenements.”
Alien Metals also said it mutually extended the option period by 15 days, to 18 November 2019.
Follow News & Updates from Alien Metals here: