The minerals exploration and development firm Alien Metals (UFO ) says the development aspects of the Hancock Iron Ore Project to be shovel ready for early 2023 are “progressing very well.”
As a result, Bill Brodie Good, CEO & Technical Director, says the company is on track to have all the permitting in place, and that it will soon be in a position to commence mining next year.
The Company’s exploration team has re-mobilised to the site this month to conduct the Phase 4 drilling campaign that will both continue to increase the confidence and quantity of the existing JORC Resource whilst continuing to expand the potential of the Hancock project.
To date, the metallurgical test work programme has been completed with flow sheets finalised with results further highlighting the high-grade and low impurity nature of the Hancock deposit.
Due to the ratio of fines to lumps and low impurities of the DSO material at the Hancock Iron Ore Project, the company said it is currently in advanced discussions with several potential offtake partners. It said these discussions have led to the delivery of marketing samples.
The Company, which is currently undertaking preliminary discussions with a number of potential funding partners, says it has been presented with a range of funding options in regard to both equity and debt, to ensure optimum financing structure and minimal dilution.
The Company delivered a maiden JORC compliant inferred Mineral Resource Estimate at Hancock of 10.4Mt @ 60.4% Fe back in September 2021 and has since informed investors that there is significant potential to grow the size of the DSO grade resource at Hancock.
Commenting on the project ahead of its development, Brodie Good said: “The development aspects of the Hancock IronOre Project to be shovel ready for early 2023 are progressing very well. We are on track to have all the permitting in place, and will soon be in a position to commence mining next year. Additionally, in-depth discussions with third party contractors and potential offtake partners to enable us to get into production in 2023 are continuing”.
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