Alien Metals Significant intersections of high grade Direct Ship Ore confirmed at Hancock Project

Alien Metals Ltd (LON:UFO), a minerals exploration and development company, has announced that all results from the recent resource definition core drilling programme at its 90% owned Hancock Iron Ore Project, in the Pilbara Region, Western Australia, have been received.

Highlights:

·   13 diamond core holes were drilled during Q2 2023 for a total of 1049 metres (“m“) at the Company’s Sirius Deposit, with the initial batch of assays reporting high-grade mineralisation (AIM: 20 July 2023).

·   These final assay results confirm exceptional direct ship ore grades, as well as excellent widths and depth continuity of the proposed Sirius Mining Pit.

·   Significant results from the final tranche of assays include:

o  52.8m @ 60.9% iron (“Fe”) from 1m including high-grade intercepts of 40m @ 61.5% Fe from 13m from Drill Hole 23IHD013

o  61.2m @ 60.8% Fe from 1m including high-grade intercepts of 31.9m @ 61.6% Fe from 22.2m from Drill Hole 23IHD010

o  57m @ 60.6% Fe from 13m including high-grade intercepts of 40.5m @ 61.3% Fe from 27m from Drill Hole 23IHD008

o  78.2m @ 60.4% Fe from 43.7m including high-grade intercepts of 11.3m @ 61.0% Fe from 110.6m from Drill Hole 23IHD007

o  98.5m @ 59.4% Fe from 1.5m including high-grade intercepts of 47.3m @ 60.3% Fe from 14.1m and 9m @ 62.6% Fe from 91m from Drill Hole 23IHD005

·   This final tranche compliments and reinforces grade from the first tranche of assay results (AIM: 20 July 2023):

o  26.9m @ 60.03% Fe from 13.9m including a high-grade intercept of 12m @ 61.2% Fe from 28.8m, and 16.1m @ 59.75% Fe from 46.9m including a high-grade intercept of 9.9m @ 61.03% Fe from Drill Hole 23IHD003

o  49.0m @ 59.29% Fe from 14.0m including high-grade intercepts of 8m @ 60.70% Fe from 17m, 9.0m @ 61.51% Fe from 36.0m and 12.0m @ 60.58% Fe from 51.0m from Drill Hole 23IHD006

Troy Whittaker, Alien Metals Chief Executive Officer commented:

“These significant results continue to showcase the abundant potential we have at our Hancock Project. The results demonstrate high-grade, direct ship ore at substantial intersections which continue to underpin further confidence in the resource.

As an outcome of this resource definition drilling, we will in the coming months update the Hancock Project Resources and Reserves.”

The drilling was designed to support a planned update through likely higher confidence levels to the existing Mineral Resource Estimate and subsequent Mining Reserves (after the mining studies are completed) at the Sirius Pit. These updated resources and reserves will form part of the Company’s updated Feasibility Study. All holes were also logged for geotechnical parameters to enable a Geotechnical Study to be completed to support the Definitive Feasibility Study and mine design process.

The results from this drilling programme continue to increase the Company’s confidence in the Hancock Project as they demonstrate excellent direct ship grades and wide mining widths available to support proposed production rates. Importantly, this round of core drilling confirms that the mineralisation continues at depth and is likely to extend beyond the existing Mineral and Mining Inventory pit design.

Table 1 – Summary of significant high-grade iron ore drillhole interceptions, Sirius Deposit (*max 4m internal dilution, cut off >=56% Fe)

* Drilling depths are from surface

Table 2 – Hole ID’s (Only holes with assays results received are reported)

Sample analysis and QA/QC

All samples generated from the drilling were dispatched to ALS Perth.

Samples were analysed for their Iron Ore Package Analysis with XRF finish, which includes Fe, Aluminum (“Al“), Calcium (“Ca“), Potassium (“K“), Magnesium (“Mg“), Manganese (“Mn“), Sodium (“Na“), Phosphorus (“P“), Sulfur (“S“) and Silicon (“Si“). This is the same as the analysis and laboratory used in all of Alien’s analysis work on these projects to maintain consistency and comparability between all analyses.

For QA/QC purposes, Alien used the industry standard of inserting 5% Certified Reference Material (“CRM“) samples, 5% Blanks plus duplicate samples at source. The CRMs were sourced from Geostats Pty Ltd, Perth, WA, a global leader in the manufacture and sale of CRMs.

The results of the standard, duplicates and blanks are all within acceptable variance of expected analytical results.

Hancock Project JORC Reserves and Resources (AIM: 26 April 2023)

Table 3 – Hancock Project Ore Reserves

Table 4 – Hancock Mining Inventory

Table 5 – Mineral Resource