LONDON (ShareCast) - (Sharecast News) - Minerals explorer and developer Alien Metals updated the market on drilling at its Hancock Iron Ore Project on Friday, part of the Hamersley Iron Ore Project in Western Australia.
The AIM-traded firm said a reverse circulation drilling programme totalling 2,100 metres was underway.

It said the drilling was aiming to further increase geological confidence in the existing JORC-compliant inferred mineral resource estimate of 10.4 million tonnes at 60.4% iron.

Following the receipt of assays from the phase 4 programme, Alien said it was aiming to upgrade a portion of the mineral resource estimate to indicated status, which would support upcoming mine planning.

Initial drill testing would be undertaken across the three kilometre strike length of targets on ridges F and G, which were recently defined from surface sampling, it added.

The company added that it would undertake detailed mapping and sampling of newly-identified targets at Hancock, following a recent site visit by chief executive officer Bill Brodie Good and its competent person Howard Baker.

"This programme has two key aims - to upgrade confidence in the existing mineral resource estimate to convert a portion to an indicated status, and to define a maiden mineral resource estimate over a portion of ridges F and G," said CEO and technical director Bill Brodie Good.

"Following the recent site visit by our competent person Howard Baker, we have further increased our confidence in this exciting project."

Brodie Good said the company had delivered a "robust" direct shipping ore-grade resource in a "relatively short" time frame, and saw "significant scope" to further grow the resource to help underpin a future mining operation.

"The permitting and baseline studies continue to progress well and the team is very excited about the way the Hancock project is shaping up."

At 1047 BST, shares in Alien Metals were up 2.5% at 0.62p.

Reporting by Josh White at Sharecast.com.

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