Currently viewing Global edition

Alien shares surge on promising Mexico sampling

Early-stage explorer Alien Metals saw its London-listed shares surge as much as 123% on Friday after it released some bonanza-grade silver-in-soil grab results from its Zacatecas state concessions in Mexico.
Alien shares surge on promising Mexico sampling Alien shares surge on promising Mexico sampling Alien shares surge on promising Mexico sampling Alien shares surge on promising Mexico sampling Alien shares surge on promising Mexico sampling

Alien Metals has reported strong grab-sample results from its Zacatecas-state assets, including San Celo

Staff Reporter

The company reported a best assay result of 1,275 grams per tonne silver from its San Celso site, which were among 18 anomalous samples that averaged 272g/t of the grey metal.

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

At its Donovan 2 site, the company said it had identified further gold mineralisation, with a sample yielding 2.68g/t.

"The company's San Celso and Los Campos projects continue to show significant potential for high-grade silver mineralisation," said technical director Bill Brodie. "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."

Alien said it was continuing to assess further opportunities to progress it Mexico assets further along the value curve, which it said included a potential joint venture.

The company's assets are in a prospective area of Mexico but significantly more work is required to show whether the early results constitute drill-worthy targets and whether the company can raise the cash for such a drilling programme, or whether it will be able to attract a partner to undertake the drilling.

Alien shares (AIM:UFO) closed 82% higher Friday at 0.2p. With 1.35 billion shares outstanding, the company has a market capitalisation of £2.6 million.

Shares spiked about 144% late in April when Alien reported sample assays of 3.34% copper and 0.25% zinc at Donovan 2, suggestive of VMS mineralisation in several target areas.