Alien Metals Ltd (LON:UFO) confirmed it has completed the acquisition of a 51% interest in the Hancock Ranges and Brockman iron ore projects in Pilbara, Western Australia.
In a statement, the company said that it decided to exercise the option to acquire the stake in the project’s which are described as having potential for high-grade direct shipping ore (DSO) operations.
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The option agreement was put in place in September and since then certain desktop and field studies – including the gathering of new assay results during site visits - improved the company’s view of the project.
"Following the site visit in November last year, which highlighted the high-grade nature of the mineralisation at both projects, the company is in the process of planning follow-up field exploration during the winter months in Western Australia to develop the already identified priority targets,” said Bill Brodie Good, Alien Metals technical director.
"These projects are well situated in a prolific iron ore producing region, with major miners such as BHP, Rio Tinto and Hancock Prospecting operating adjacent projects with similar material.
“The company looks forward to more detailed exploration work for the coming field season in the region to prove up the potential of both projects."