Hancock – Iron Ore

A Future Iron Ore Mine
In The Heart Of Iron Ore Country

Summary

JORC compliant resource of 8.4Mt @ 60.3% Fe DSO, including an upgraded Indicated Resource of 4.5Mt @ 60.2% Fe. The Maiden Ore Reserve is 1.9Mt @ 60.2% Fe.
Recent procurement efforts suggest a reduced Capex of ~US$20m courtesy of a near 1:1 strip ratio and minimal processing requirements
Anglo American have exclusive right to negotiate up to US$15m in funding and 100% offtake
Planned mine rate of 1.2mtpa is likely to be extended given ~80-% of tenement is unexplored
Acquisition of key adjoining tenement enhances exploration development targets and secures direct access to Great Northern Highway
Ongoing discussions for export capacity through UTAH (that includes an MoU with E25) will complete the transport plan

A Future Iron Ore Mine

The Hancock tenement was previously explored by Rio Tinto plc, BHP Group plc, and more recently Volta Mining Limited (“Volta”). Alien have since advanced the project from a few historic drill holes, through a Maiden JORC Resource, to a the current Mineral Resource Estimate (MRE) of:

Global Resource: 8.4Mt @ 60.3% Fe

Alien has delivered the project’s maiden JORC compliant Mineral Reserve of:

Ore Reserve: 1.9Mt @ 60.2% Fe
Mining Inventory: 4.2Mt @ 60.5% Fe (includes Ore Reserve)

The results and assumptions of the 2024 Development Study include:

8Mt mineable resource
Mine life of 6 years
Mining rate of 1.25Mtpa
Exceptionally low strip ratios (~1:1 on the Ridges deposits)
C1 Operating costs of <US$65/t FOB
NPV $146 million (using 10% discount rate)

Latest Developments

Agreement signed with Anglo American an exclusive right to negotiate and agree terms for up to US$15m in funding and 100% of offtake for an initial 3Mt of product
MoU signed with Port Authority gives access to 1.25mtpa Bunker at Utah Point Port Headland
Western Hancock tenement acquired giving access to the Great Northern Highway

Mineral Resource Estimate

Maiden Ore Reserve

Mining Inventory

Exploration Summary

Alien completed maiden drilling with 53 Reverse Circulation (RC) holes for 3,350m of shallow drilling across priority High Grade Direct Shipping Ore (“DSO”) targets. The three main target areas drilled were the Sirius Extension, Kalgan and Western Ridges (Ridge C, D and E) with the programme confirming the presence of four high grade DSO iron ore prospects across the Hancock tenement.

Phase 2 drilling completed in June 2021, consisted of 40 RC holes for 2,175m, targeting the Sirius Extensions, Ridges C and E part of the Western Ridges. During drilling, the Krill Back target, located southeast of the Sirius Extension, was discovered.

Phase 3 drilling completed in November 2021, identified extensions to the existing inferred resource, 43 holes for 1,146m were drilled to target extensions to known deposits, as well as infill drill the existing JORC Inferred Resource to further define its position. 17 of the 46 RC holes returned excellent high grade intersections, with excellent in-fill and extension results from both Ridges C and E providing consistent grades of over 62% (Fe), with low levels of deleterious elements. For more information see RNS dated 12th January 2022.

Phase 4 drilling totalled 2237m of RC holes, with the results providing the necessary geological confidence to upgrade 71% of the existing Mineral Resource Estimate (MRE) on Ridges C and E to the indicated status, in turn facilitating the delivery of the projects Maiden Ore Reserve of 1.9Mt @ 60.2% Fe. For more information on results see RNS dated 26th April 2023.

Phase 5 drilling and totalled 13 diamond core holes for 1049m, adding to the 2082m already drilled at the Sirius Extension. The program aimed at further increasing geological confidence in the existing Mineral Resource Estimate (MRE) on the Sirius Extension with the goal of bringing further ore reserve upgrades similar to those achieved on Ridges C and E. For more information see RNS dated 2nd May 2023.

Progress Timeline

Project Gallery

default
default
Banded Iron Formation, Kalgan Prospect, Hancock Tenement, September 2020
default
default