Alien Metals shares surge 80% on further precious metal mineralisation

Alien Metals shares surge 80% on further precious metal mineralisation

Precious metals mining and development company Alien Metals Ltd (LON: UFO) saw its share price bounce significantly on Friday morning as it identified further precious metal mineralisation at its three projects in Mexico.

At its San Celso site, the Company identified ‘highly anomalous’ silver mineralisation, with a maximum assay of 1,275 g/t of silver – this came from 18 anomalous samples yielding an average sample of 272 g/t.

Its Los Campos project yielded a positive maximum assay of 547 g/t, with an average of 185 g/t taken from 14 anomalous samples.

The Company added that at its Donovan 2 site, it identified further gold mineralisation, with a sample yielding 2.68 g/t of gold.

Alien Metals also said it was continuing to assess further opportunities to progress it Mexican projects, which it said included a joint venture.

Alien Metals comments

Bill Brodie Good, Technical Director, added the following insights to today’s results,

“[The] Company’s San Celso and Los Campos projects continue to show significant potential for high-grade silver mineralisation. This recent round of sampling has confirmed historic surface and underground work on these projects and that there remain significant mineralised in-situ ore bodies to be developed.”

Investor notes

After a modest dip, the Company’s shares have spiked 80.73% or 0.089 to 0.20p per share 06/09/19 12:30 BST. Neither a p/e ratio nor a dividend yield are available for this stock, their market cap is £2.64 million.

Elsewhere in the mining and minerals sector, recent updates have come from; Highland Gold Mining Ltd (LON: HGM), Kavango Resources PLC (LON: KAV), URU Metals Ltd (LON: URU), Resolute Mining Limited (LON: RSG), Bisichi Mining PLC (LON: BISI), Polymetal International Plc (LON: POLY) and Glencore PLC (LON: GLEN).