Alien Metals’ (LSE:UFO) joint venture partner West Coast Silver has released encouraging new assay results from reverse circulation drilling at the Elizabeth Hill Silver Project in Western Australia, with silver mineralisation now traced up to 70 metres beyond the maiden resource announced in April 2026. The latest drilling confirms that the mineralised system within the Munni Munni Fault Zone remains open both at depth and along strike, while several drill holes finished in mineralisation. The programme also delivered the broadest fault-zone intersection recorded so far at Elizabeth Hill North.
Recent results highlighted extensive near-surface silver-bearing intervals alongside several higher-grade zones. Importantly, most of these intercepts sit outside the current resource boundary, underlining the project’s potential for future resource expansion. With additional assay results still pending, diamond drilling underway beneath mineralised RC intersections, and economic assessments progressing on shallow mineralisation, the current campaign has the potential to significantly increase the scale and development prospects of the project. Alien’s exposure is enhanced through both its 30% joint venture interest and its equity stake in West Coast Silver.
Despite the operational progress, the company’s investment case continues to be weighed down by weak financial metrics, including a lack of revenue, ongoing losses and negative free cash flow. However, losses and cash burn improved during 2024, while debt levels remain low. From a technical perspective, momentum indicators remain favourable, with the share price trading above key moving averages and supported by a positive MACD signal. Valuation metrics, however, remain constrained by the absence of profitability and dividend payments.
More about Alien Metals Ltd
Alien Metals Ltd is an exploration and development company listed on the AIM market in London, with a primary focus on iron ore assets in Western Australia’s Pilbara region. Its flagship Hancock Iron Ore Project contains a JORC-compliant resource of 8.4 million tonnes at 60% iron content and is being advanced towards a targeted production rate of 2 million tonnes per annum. The company also holds interests in the Brockman and Vivash iron ore prospects, while maintaining exposure to precious and base metals through projects such as Munni Munni and the Elizabeth Hill Silver Project via joint ventures and strategic shareholdings.
Alien holds a 30% interest in the Elizabeth Hill Silver Project, a former high-grade silver producer, and owns 30.5 million shares in its joint venture partner, West Coast Silver. This approach combines direct project ownership with free-carried interests and equity investments, creating a diversified portfolio strategy focused on project advancement, partnership development and selective monetisation opportunities designed to enhance shareholder value.
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