Alien Metals Limited has provided an update on the ongoing exploration works at the Pinderi Hills project and the Hancock iron ore Project in Western Australia. The company has entered into a joint venture with Errawarra Resources Ltd for the lithium rights on Pinderi Hills, with Errawarra undertaking an initial work program as part of its Stage 1 commitment. The exploration work is focused on lithium but is also expected to provide important information for the analysis and drill targeting for silver, base, and precious metals at Pinderi Hills.
The work program to date has included reconnaissance soil, stream sediment, and rock chip sampling, photogrammetry, historical drone survey reprocessing, and surface mapping and sampling of pegmatites. All samples have been dispatched for analysis, with the full assay results anticipated to be available by the end of July 2024. A follow-up program is expected to be implemented during Q4 2024.
Regarding the Hancock Iron Ore Project, the company is actively reviewing strategic funding options, including possible funding by way of joint venture and debt funding. Alien Metals is also focusing on finalizing approvals for the Hancock and Mallina projects to commence exploration work, building a positive partnership with the traditional owners, planning further works on country heritage surveys, discussions with various parties and field analysis to start exploration work, and undertaking bulk sample collection for testing to end users such as steel mills.
Guy Robertson, Executive Director, commented on the Errawarra joint venture exploration work, stating that it will provide significant data for Alien as it continues to fast-track plans to develop the high-grade Elizabeth Hills Silver Mine. He also mentioned that negotiations continue with potential funding partners with regards to the Hancock Project, and the company is working on progressing developmental milestones and expanding the existing iron ore resource significantly in Q4 2024 with additional exploration at the Mallina Target west of the Hancock Mining Lease.