Alien Metals conducts sampling at Mexican gold concessions

Copper, zinc, lead, silver and gold development company Alien Metals Limited (AIM: UFO) today announced a series of follow-up exploration and sample collection at its wholly owned Donovan 2, Los Campos and San Celso concessions, following previous studies.

The Company told investors that 98 samples had been collected from their three projects, with all samples being sent the ALS Chemex de Mexico laboratory for analysis.

Work at the Donovan 2 site was being done to try and localise the source of the float sample that returned 0.45 g/t gold from the south western area of the concession. Further, planning for the proposed induced polarity survey over the central ground magnetic anomaly, and surface sampling of potential Volcanic Massive Sulphide mineralisation, are in their final stages.

At the Group’s Los Campos site, 50 samples have been collected following further surface mapping and sampling of the area.

Alien Metals also collected 38 samples from its San Celso site, to try and provide evidence to support the presence of vein extensions at the project.

Alien Metals comments

Dan Smith, Company Chairman, stated,

“Given the increase in the silver price during 2019, the timing for a potential farm-out or joint-venture in respect of the Los Campos and San Celso projects is increasingly attractive. These short sampling programmes enrich and corroborate historic data, ensuring the Company is well-prepared to advance these projects. We will provide an update following receipt of the assay results, likely to be during the course of August.”

Investor notes

Following the update, the Company’s shares have rallied 2.24% or 0.0023p to 0.10p a share 06/08/19 13:29 BST. Neither a p/e ratio nor dividend ratio are available for this stock, Alien Metals has a market cap of £1.42 million.

Elsewhere in the mining and minerals sector, recent updates have come from; Jubilee Metals Group PLC (LON: JLP), Cora Gold Limited (LON: CORA), Serabi Gold PLC (LON: SRB), Kavango Resources PLC (LON: KAV), Ariana Resources plc (LON: AUU), Rio Tinto plc (LON: RIO) and Bushveld Minerals Limited (LON: BMN).

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Jamie Gordon
Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.