Alien Metals Ltd on Thursday said it has received assay results from its Hancock Iron Ore project in Western Australia, which ‘reinforce’ the potential of the project.

The mineral explorer and developer in Australia, Mexico and Greenland said initial drill assays showed 26.9 metres at 60.0% iron, 16.1 meres at 59.8% and 49.0 metres at 59.3% iron.

Alien Metals noted that the results showed consistent grades around 60% iron, which meets and in some places exceeds the firm’s resource model.

The firm said the results ‘further reinforces the company’s confidence in the Hancock project’.

It noted that the drilling results will be included in future mineral resource estimates and mining studies, which the firm said it expects will result in increased mining reserves.

Chief Executive Troy Whittaker commented: ‘These initial results from the recent Sirius Extension drilling campaign reinforce the potential of the Hancock project. These results mirror or exceed that of the company’s resource model and we look forward to announcing the balance of the results that will support the next phase in the development of this Project in the coming weeks.’

Alien Metals shares rose 12% to 0.37 pence each on Thursday afternoon in London.

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