Exploration update - gold found at Donovan 2

June 27th, 2019

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Alien Metals Limited, the AIM quoted mining exploration and development company, is pleased to announce an exploration update for its wholly owned Donovan 2, Los Campos and San Celso concessions in Zacatecas State, Mexico.

Highlights

  • Donovan 2: Detailed surface mapping and sampling:
    • Further work undertaken at surface to support identification of VMS ore deposit
    • Channel sample assays up to 1.15% Copper (“Cu”) (11,500 parts per million (ppm)) in historic workings
    • Float samples up to 0.45 ppm Gold (“Au”) (0.45 grams per tonne)
    • High-grade mineralisation continued to be discovered in historic workings which are open along strike
    • Further indications of a geological signature of a buried volcanic hosted massive sulphide system at depth
    • Planned ground induced polarisation (IP) geophysical survey to be completed across the main magnetic anomalies to better understand and define the northwest mineralised trend for first phase of drilling
  • Following a review of all the Company’s concessions in Mexico, in addition to Donovan 2, prioritisation for Q3 2019 has been given to:
    • Follow up exploration work at Los Campos and San Celso
    • Planning of detailed surface mapping and sampling in combination with additional underground sampling of historic workings to identify robust drill targets.
    • IP geophysical survey to be completed on the Los Campos concession in conjunction with a surface sampling and mapping program.

Peter Taylor CEO of Alien commented: “The presence of gold at Donovan 2 comes as no surprise given the Minera Frisco El Coronel gold mine is within ten kilometres of the project. With further exploration planned at Los Campos where the project adjoins Endeavour Silver’s El Compas gold mine and at San Celso, the subject of the company’s original AIM listing, Alien is delivering on its strategy of putting money into the ground and increasing confidence in the assets to potential joint venture partners.”

Surface Exploration, Donovan 2

Subsequent to the Company’s announcement on 29 April 2019, Alien‘s geologists have completed additional surface mapping and surface sampling including sampling of shallow historic workings. The samples consisted of channel samples (continuous chip samples across and perpendicular to mineralisation) and float samples. These samples are continuing to provide valuable information to build on geological knowledge and aid in exploration planning.

Highlighted float and channel samples

Sample ID

Sample Type

Cu (ppm)

Au (ppm)

6909

Float

100

0.45

6912

Channel

11,500

<0.005

6914

Channel

10,800

<0.005

6916

Float

12,100

<0.005

6917

Float

16,200

<0.005

Alien Metals completed a small gravity survey over the high magnetic and IP results which it reported in its announcement on 18 February 2019. The results of the small-scale gravity survey were inconclusive, with both high and low readings recorded. To expand the target area based on the success of the IP survey discussed in the Company’s announcement April 29th 2019, additional IP work is now planned across the anomalous ground magnetic target. The aim of the IP survey is to better test and define the known extent, dip and strike of the regional north west structure that was identified (RNS 18 February 2019). It should be noted that the general strike of the main magnetic anomaly is coincident with the regional NW/SE trend of the main mineralised regional trend in this belt.

This work will provide more conclusive geological data so that Alien Metals will be able to plan a detailed drill program with maximum confidence to intercept the best generated anomalies with maximum confidence in the drill hole locations, azimuth and dip.

Los Campos and San Celso Concessions

Following a detailed review of all current projects in Mexico, Alien Metals have prioritised additional work at the Los Campos and San Celso Concessions in combination with the planned work at Donovan 2.This work will include further detailed surface mapping and sampling including sampling of historic workings. On the Los Campos concessions, this work will be combined with an IP geophysical survey. Alien Metals believes there is potential for historic mapped and mined veins to continue at depth below the historic workings.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please visit the Company’s website at www.alienmetals.uk, or contact:

Alien Metals Limited

Peter Taylor, CEO

David Taylor, Company Secretary
Tel: +44 (0)20 7887 6599

Yellow Jersey PR Limited

Felicity Winkles/Annabel Atkins

Tel: +44 (0)774 884 3871

Beaumont Cornish Limited (Nomad)

James Biddle/ Roland Cornish

www.beaumontcornish.com

Tel: +44 (0) 207 628 3396

First Equity Limited (Broker)

Jason Robertson

Tel +44 (0)20 7374 2212

Notes to Editors

Alien Metals Ltd is an AIM quoted mining exploration and development company. Since the recomposition of the Board and company name change in 2018, Alien has focused on delivering its strategy of acquiring mining projects which demonstrate significant development upside, in jurisdictions with established infrastructure and mining codes, and where strong operational controls can be assured.

In addition to progressing its acquisition-led strategy, following the strategic review of its portfolio of projects in Mexico during 2018-19, the Company has identified exploration targets across its 12 mining concessions in Zacatecas, Mexico, which it is working to advance systematically.

Qualified Person
The information in this report that relates to exploration targets, exploration results, and other information of a technical nature has been reviewed by Dr Lex Lambeck Ph.D, a technical consultant to the Company. Dr Lambeck is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist, CPG-11734, with over 15 years of relevant experience in exploration and assessment of resource projects.

Forward-Looking Information
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are deemed forward-looking information.

This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions, including the availability of sufficient funds. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realised or substantially realised, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

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