Alien Metals Ltd (LSE:UFO) said Phase 2 diamond drilling completed by joint venture partner West Coast Silver at the Elizabeth Hill Silver Project has delivered outstanding high-grade silver results. The standout intercept measured 27.4 metres at 1,314 g/t silver, including exceptional “bonanza” sub-intervals reaching grades as high as 33,107 g/t. In addition, the program has identified new mineralisation extending further to the northwest as well as within granite-hosted rocks, supporting the view that the high-grade system remains open along strike.
These results have increased confidence in the overall scale and growth potential of the Elizabeth Hill project, particularly as drilling continues to demonstrate continuity beyond historically mined areas. Alien Metals said further drilling is being considered once pending aircore assay results are received in mid-February, which could provide additional targets and enhance the company’s exposure to what is regarded as one of Australia’s highest-grade silver prospects.
From a financial perspective, the company’s outlook remains constrained by its pre-revenue status, ongoing losses, and continued cash burn, despite signs of improvement during 2024. This weakness is partially offset by technical indicators, with the share price trading above key moving averages and supported by a positive MACD signal. Valuation metrics remain limited, however, due to negative earnings and the absence of dividend yield data.
More about Alien Metals Ltd
Alien Metals Ltd is a London AIM-listed minerals exploration and development company focused on Western Australia. Its portfolio includes a 90% interest in the Hancock Iron Ore Project, which is targeting a 2Mtpa operation, alongside interests in the Munni Munni PGM Project and a 30% joint venture stake in the Elizabeth Hill Silver Project near Karratha.
Leave a Reply