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(Sharecast News) - Alien Metals highlighted continued progress at the Elizabeth Hill silver project in Western Australia on Friday, where joint venture partner West Coast Silver reported further high-grade drilling results and advanced development studies.
Recent drilling confirmed a new high-grade silver zone beneath the historic mine, including an intercept of 3m grading 524 g/t silver, including 1.5m at 1,039 g/t, while the inaugural mineral resource estimate stands at 2.795 million ounces of silver from 141,000 tonnes grading 617 g/t.
West Coast Silver also completed a 32-hole drilling programme that extended near-surface mineralisation beyond the current resource, launched a growth and development plan and prepared district-scale geophysical surveys and further drilling targets.
Alien retains a 30% interest in Elizabeth Hill and an 8.7% shareholding in West Coast Silver, which ended the quarter with cash of about A$3.0m.
At 1057 BST, shares in Alien Metals were up 5.88% at 0.09p.
Reporting by Josh White for Sharecast.com.
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