Alien Metals Ltd (LSE:UFO) announced that its joint venture partner, West Coast Silver, has secured a new prospecting licence covering the Elizabeth Hill West prospect in Western Australia.
The newly granted Prospecting Licence P47/2033 directly adjoins the existing Elizabeth Hill mining lease and covers an area where historical exploration has identified silver, copper, nickel and palladium mineralisation.
Alien Metals retains a 30% interest in the Elizabeth Hill Silver Project and holds approximately 7% of West Coast Silver’s issued share capital.
The licence expands the exploration area around Elizabeth Hill, with West Coast Silver planning further technical work to identify potential drilling targets.
New Licence Covers Elizabeth Hill West Prospect
The Elizabeth Hill West prospect is located within one kilometre of the historic Elizabeth Hill silver mine and the Munni Munni Fault Zone.
Historical trenching and shallow drilling have identified mineralisation containing silver, copper, nickel and palladium within the prospect area.
The new licence provides West Coast Silver with additional ground for exploration immediately adjacent to the existing Elizabeth Hill mining lease.
Alien Metals maintains its exposure to the project through its 30% ownership interest and equity holding in West Coast Silver.
Exploration Programme to Assess Historical Results
West Coast Silver plans to undertake a systematic exploration programme at Elizabeth Hill West, beginning with the consolidation and reinterpretation of existing geological and exploration data.
The planned work will also include field investigations and geophysical surveys to identify and refine potential mineralised targets.
Results from these activities will inform the selection of targets for possible first-pass drilling.
The company has not provided a drilling timetable in the supplied announcement.
The programme will assess the prospect’s mineralisation and its geological relationship with the neighbouring Elizabeth Hill silver deposit and Munni Munni Fault Zone.
Alien Metals Retains 30% Interest in Elizabeth Hill
Alien Metals holds a 30% interest in the Elizabeth Hill Silver Project, alongside an approximately 7% equity stake in West Coast Silver.
The company also retains a 30% interest in the Munni Munni platinum group metals (PGM) system.
These interests form part of Alien Metals’ strategy of maintaining exposure to exploration and development projects through joint ventures and largely free-carried arrangements.
The structure allows the company to retain interests in the projects without directly funding their full development costs.
Any additional mineral resources or discoveries at Elizabeth Hill West would depend on the results of future exploration and drilling.
Hancock Iron Ore Remains a Core Project
Alongside its minority interests in Elizabeth Hill and Munni Munni, Alien Metals continues to hold a 90% interest in the Hancock Iron Ore Project in Western Australia’s Pilbara region.
Hancock hosts a JORC-compliant mineral resource of 8.4 million tonnes grading 60% iron.
The company is targeting a mining operation capable of producing 2 million tonnes per annum over a 10-year period.
The project has highway access to Port Hedland, providing a potential transport route for future iron ore production.
Georgina Basin Provides Additional Exploration Exposure
Alien Metals also holds approximately 2,500 square kilometres of exploration tenure in Australia’s Northern Territory through its Georgina Basin iron oxide copper-gold (IOCG) project.
Previous exploration has identified elevated levels of copper, bismuth, silver and uranium, indicating potential for IOCG-style mineralisation.
The company maintains equity interests in joint venture partners West Coast Silver and GreenTech Metals, alongside its direct project holdings.
Its portfolio therefore includes iron ore, silver, platinum group metals and other base and precious metal exploration assets.
Next Steps at Elizabeth Hill West
West Coast Silver’s immediate priorities at Elizabeth Hill West include reviewing historical exploration information, conducting fieldwork and completing geophysical investigations.
The results will be used to define potential targets ahead of any initial drilling programme.
For Alien Metals, the new licence adds an exploration area adjacent to an existing project in which it retains a minority interest.
Further information on the prospect’s mineralisation and resource potential will depend on the outcome of the planned exploration activities.
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