Aankondiging • Sep 24
Alien Metals Ltd Announces Maiden Inferred Iron Ore Resource in Excess of 10Mt At 60.4% Fe
Alien Metals Ltd. updated the market on the Hancock Iron Ore Project in the Pilbara region of Western Australia and specifically the publication of a maiden Inferred Resource in excess of 10Mt. The Mineral Resource Estimate was completed by Baker Geological Services Ltd. As such, BGS has relied upon the experience of the team employed by Alien and the QA/QC practices adopted. The Mineral Resource Statement has an effective date of 16 September 2021. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. BGS and Alien are not aware of any factors that have materially affected the Mineral Resource Estimate. The Mineral Resource Estimate covers three targets within the tenement boundary. These are the Sirius Extension Target, Ridge C and Ridge E, that form part of the Western Ridges prospect. The tenement area consists of a series of low east/west running rocky ridge lines separated by shallow valleys. The area has been structurally deformed with the presence of numerous fold hinges, some isoclinal, but all trending east/west with a shallow (<34°) plunge. Most of the ridge lines consist of Banded Iron which is part of the Weeli Wolli Formation. The Weeli Wolli Formation is described as a thick succession of jaspilite, shale, and dolerite overlying the Brockman Iron Formation. The iron formations stand out as ridges on which there is some exposure, but the intervening shale and dolerite are rarely exposed. The logging and assay data has been used to define the mineralised Banded Iron Formation units along with a weathered cap located at surface where possible. At the Sirius Extension target, a steeply dipping BIF unit has been modelled along with a weathered cap domain. The BIF domain has been further subdivided into low /high silica domains following a review of geochemical data. At the Western Ridges Prospect, Ridge C has been modelled to contain a single BIF domain and a weathered cap domain, while Ridge E has been modelled to contain two separate BIF domains. At both Ridge C and Ridge E, limited data restricts the interpretation with the overall dip of the mineralised units being reliant on mapping data with a dip of between 15° and 20° being used to guide the modelling process. Alien undertook two Reverse Circulation drilling programs at the project between January and June 2021. The data presented for the Sirius Extension target includes four historic drillholes completed by Volta Mining Pty Ltd. in 2014. The RC drilling was used to obtain 1 m samples via a 4-way splitter from which 3 kg was pulverized to produce a 30 g charge for fire assay. Logging was completed on all RC chips. Drilling challenges including sample recovery and the presence of water. In addition, logging was not consistent across drill programmes with clay and mineralised BIF material being interchanged. As such, the modelling has placed a reliance on the geochemical data. All samples generated by Alien were dispatched to Intertek Genalysis at Maddington, Perth, WA, and analysed for their Standard Iron Ore Package Analysis with XRF finish, which includes elements Fe, Al, Ca, K, Mg, Mn, Na, P, S and Si. This is the same as the analysis and laboratory used in all Alien's analysis work on these projects to date, to maintain consistency and comparability between all analyses. In addition, Alien used the industry standard of inserting 5% Certified Reference Material samples and 5% duplicate samples at source. The CRMs are sourced from Geostats Pty Ltd, Perth, WA, a global leader in the manufacture and sale of CRMs. All QA/QC results are deemed acceptable with adequate variation from the standard acceptable CRM grades received. Duplicate samples also returned acceptable results to ensure that all laboratory analysis results are within international standards and are fit for use in the Mineral Resource Estimate. Alien did not collect density data as part of this programme with density being applied through a review of analogous project. Downhole surveys were completed at 30 m downhole intervals and all drillhole collars were surveyed through differential GPS. Overall, the data collected has been deemed suitable for use in a Mineral Resource Estimate for the project. The Mineral Resource Estimate was completed in Leapfrog Software with additional statistical studies completed in Supervisor. Samples were composited into 2 m lengths prior to geostatistical studies and grade estimation. The composite files for each target were used in a geostatistical study that enabled Ordinary Kriging to be used as the main interpolation method for the Sirius Extension target. Robust variograms could not be produced at Ridge C and Ridge E due to the limited data and as such, an Inverse Distance Weighting interpolation was carried out for these targets. The interpolation used an elliptical search following the predominant dip and dip direction of the geological zones with a variable orientation used within the surficial Cap domains where the topographic surface is a contributing factor to the domain and grade distribution. For each domain where variography was possible, variography was completed on all assay fields being estimated into the block model, these being Fe, SiO2, Al2O3, P, MnO and LOI. A density of 3.0 t/m3 was applied to all mineralised BIF material with a density of 2.5 t/m3 applied to the weathered Cap. A density of 2.8 t/m3 was applied to all external host material. All deposits have been classified as Inferred Mineral Resources. Primarily, this is due to the lack of density data, the limited data at Ridge C and Ridge E, and the lack of verification diamond drilling to confirm the grade identified through the RC drilling and the drilling challenges observed. That said, continuous packages of mineralised BIF have been identified and BGS is confident that future drilling will increase the classification confidence category assigned. To determine the final Mineral Resource Statement, the model has been subjected to an optimisation exercise to determine the proportion of the material defined that has a reasonable prospect of economic extraction via open-pit mining methods. The optimisation was carried out by independent consultants Mining Plus. In addition, Mining Plus undertook an audit of the Mineral Resource Estimate carried out by BGS with no material issues identified. The optimisation was based on the mineralised BIF material only. The Cap was excluded from the optimisation and is not currently being reported as a mineralised domain. The optimisation used a baseline metal price of USD210/t, a price that has been exceeded over the course of the previous 12 months. BGS comment that Mining Plus also provided optimised pit shells at a baseline price of USD100/t and USD150/t with very little sensitivity shown in the final Mineral Resource Statement.