Alien Metals Ltd (LSE AIM: UFO), a global mineral exploration and development company, today announces the release of its audited financial results for the year ended December 31, 2021.
The company’s full annual report, including all notes to the accounts, will be sent to shareholders, together with notice of the annual general meeting (AGM) in due course, and is available on the company’s website, www.alienmetals.uk. The AGM will take place at the Green park house, 15 Stratton Street, LondonW1J 8LQ on July 28, 2022 at 11:00 BST
Statement from the Chairman and CEO
2021 marked a year of significant growth as the Company, led by a high quality geological team, focused on its strategy to move its assets up the value curve; with new perspectives in Western Australia and significant progress on the Hancock Iron Ore Project added to our diversified portfolio, they set the stage for a busy and productive year. The impact of the Covid-19 pandemic continued to impact all aspects of the business and people throughout the year, but the entire team pulled together to mitigate any risk of disruption to the extent possible. infection for all employed and contracted personnel. The company has ensured that all are working in accordance with relative government guidelines to keep everyone safe while progressing as far as possible and safely with exploration work in the field and research and business transactions in the office. . Although the global pandemic has impacted all aspects of normal life, the company was able to achieve significant milestones during the year, including the production of a first JORC-compliant inferred resource of high-grade mineral resources. direct shipping ore grade (DSO) for the Hancock Iron Ore Project with additional potential to be developed in the future, the completion of an inaugural drilling program on the Elizabeth Hill Project as well as the continuation of studies and fundamental research to continue to develop the potential of all the Company’s projects.
The participation agreement with a mid-sized Canadian exploration and mining company for the Donovan 2 Copper Gold Project in Mexico was withdrawn following some initial work by the Canadian company, including a ground IP geophysical survey and 7 diamond drill holes. Market awareness of the Company and its projects also continued. The CEO and CTO of the company, Bill BrodieGood, managed mineral resource development work on the Hancock project while continuing to maintain and improve all projects in the portfolio. The termsheets have been signed with Resources of Artemis and Platinum Resources in November 2021 for the potential acquisition of 100% of the Munni Munni Joint Venture Project adjacent to the Elizabeth Hill project.
This transaction was completed in early 2022 to continue to strengthen our diversified asset portfolio to encompass silver and precious metals projects in Mexico and newly acquired silver and iron ore projects in Western Australia. In 2021, we continued to identify value-generating opportunities by acquiring a significant new project within an established mining community that has a stable political context and ensures strong control of operations. During 2021, we are delighted to have finalized the acquisition of the Elizabeth Hill Money Project in the Pilbara region Western Australia and in addition the obtaining of a new significant exploration license ELA47/4422, Munni Munni North, covering some 117 km2 around the Elizabeth Hill mining license, including a large historical data set and surface soil samples taken in 2019 but never processed. We are committed to continuing to implement the strategy of advancing the Company’s projects through the exploration phases with the expertise of our high quality geological team while seeking to identify a suitable partner for an agreement. acquisition or joint venture at a price that will not dilute existing shareholders too much. We intend to continue to review all options open to the Company for specific projects or for all projects by partnering with potential partners on other projects, to ensure that costs and capital commitments are minimized.
The first DSO mineral resource is a great achievement for the company in these difficult times and has improved the Hamersley iron ore project into a significant project with the potential to transform the Company once the next levels of work are complete, but we are excited by all the early indicators that this is a significant and highly cost-effective discovery. We believe that to be successful in developing this vision, we must focus on channeling the funds invested in it into exploration activities and business development, and this is at the heart of everything we do. The Company’s work to identify suitable partners for a joint venture or acquired arrangement included our Mexican silver projects and a gold and copper project. Alien Metals project generation is based on strict selection criteria centered on risk assessment, appropriate scale and potential benefits. We look forward to sharing further results of our exploration work at our various sites following the completion of a unique placement in November 2021which has provided the Company with an excellent financing position to advance all exploration projects as well as to consider further acquisitions through 2022.
Alien Metals preliminary exploration program on this project, has identified several areas that exhibit precursor indicators of volcanogenic massive sulphide (VMS) type mineralization, and ground magnetic geophysics and induced polarization have confirmed indications of VMS type mineralization under the surface. Following the agreement with Capstone Mining, a more detailed ground IP survey was carried out by Capstone in November /December 2020 to better delineate drill targets. Results and targets were set in early 2021 to coincide with Capstone’s planned drill program. Capstone drilled 7 diamond core holes for 2125m in the first quarter of 2021 at 7 different locations on Donovan 2. Based on the outcome of this limited drilling, they withdrew from the acquisition agreement and handed over all data, drill cores and information they had acquired for the return to Alien Metals. Alien Metals reviewed the work done by Capstone and planned a new drill program to target what the company considers to be more promising targets and hopes to drill them in early 2022, permits permitting.
Alien Metals Ltd is a mining exploration and development company listed on the AIM market of the London Stock Exchange (LSE: UFO). The company is focused on precious and base metals, with its operations located in proven mining jurisdictions and it has embarked on an acquisition strategy led by a high quality geological team to build a strong portfolio of diversified assets . In 2019, the Company acquired 51% of the high-grade iron ore projects (Direct Shipping Ore) from Brockman and Hancock Ranges and with a conditional agreement to increase its stake to 90% in May 2021 also set up. The Company acquired 100% of the Elizabeth Hill Money Projectwhich includes the Elizabeth Hill Historic Silver Mine Mining Lease and the 115 km2 exploration concession around the mine. The Company also owns two silver projects, San Celso and Los Camposlocated in the state of Zacatecas, Mexico, from Mexico the largest silver-producing state, which produced more than 190 million ounces of silver in 2018 alone, which represents 45% of the total silver production of Mexico for that year. The Company also owns a Copper Gold project in the same area, Donovan 2. March 2022 the Company acquired 100% of the former joint venture in the Munni Munni Platinum Group Metals and gold project in the Western Pilbara, Western Australiaone of australia large under-explored PGE and base metal projects. Munni Munni holds a historical deposit containing 2.2Moz 4E PGM: Palladium, Platinum, Gold, Rhodium. The Company also obtained an exploration permit in Greenland at the end of 2020, which surrounds the world-class Citronen zinc-lead deposit.
Tel: +44 (0)203 811 2144