Capstone has an agreement whereby it can acquire a 65% interest in Donovan 2 through US$3.9mln of exploration work and take its stake up to 80% if it pays for a pre-feasibility study.
An Induced Polarisation (IP) geophysical survey across the majority of the tenement was completed by Capstone in December 2020 with the final reporting and interpretation now underway to identify drill locations.
The IP survey was completed for 27.3 line kilometres and the data capture took 24 days.
An initial review of the provisional data generated by this IP survey appears to confirm and extend upon the anomalies that Alien had identified in the north and east-central areas of Donovan 2, the company noted.
Bill Brodie Good, Alien Metals chief executive, said he was extremely encouraged by the speed of progress of the Capstone technical team.
“Capstone considered that commissioning a more detailed ground IP survey to compliment historic work undertaken by Alien while awaiting the necessary drill permitting would refine or reaffirm the existing drill targets.
“Alien has managed to get the previous drilling permit granted on Donovan 2 at the end of 2020, and with Capstone now ready to move into the next phase of the earn-in agreement, drilling can finally start to fully test what we see as an exciting copper-gold VMS system,” Brodie Good added in a statement.