Alien Metals Limited (LON:UFO) said finalisation of the geophysical review for the Donovan 2 copper-gold project is “essentially complete”.
The company is hoping to finalise the upcoming drill programme at Donovan 2 at the end of next week. The independent review confirms the company’s internal work, providing a number of priority targets that have the potential to delineate hidden copper-gold mineralisation.
The company said it will “push ahead with drill planning” in the third quarter of this year.
Meanwhile, sampling of the historic mines of the San Celso Silver project is in progress, although progress has been slower than it would have been prior to the coronavirus pandemic as the company is putting extra emphasis on the safety of the team members.
Following the completion of the sampling, the team will move to the Los Campos Silver project to enter and sample a section of the historic underground mine.
“We are confident that some potentially excellent samples will be collected to add to our knowledge of the mineralisation and help finalise the planned drilling,” said Bill Brodie, the technical director of Alien Metals.
“We expect a busy couple of months ahead, adding significant geological knowledge, and hence value, to the Mexican portfolio while also continually reviewing prospective projects to add to the current portfolio. We are also very encouraged by the continuing rise in the silver price which has moved to nearly US$20 an ounce in the past few days and seems closely tied to the positive rise in gold as well,” he added.
Alien Metals remains in discussions with a range of parties regarding potential joint venture and funding opportunities on the existing portfolio of assets while continuing to review new projects that would fit with the company’s strategy. No binding agreements have been reached to date.
Shares in Alien Metals were up 4.0% at 0.13p in early deals.
Published at Mon, 20 Jul 2020 07:30:00 +0000-Alien Metals close to finalising the geophysical review of Donovan 2