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Alien Metals secures new exploration ground in Greenland

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Alien Metals Ltd (LON:UFO) rose on Monday following news it has been awarded a 208 square kilometre exploration licence in northern Greenland, surrounding the world-class Citronen zinc-lead project owned by Ironbark Zinc Ltd.

Citronen hosts a resource in excess of 13 billion pounds of contained zinc and lead metal and is one of the largest undeveloped zinc-lead projects globally

Alien will soon commence a detailed review of historical data available over the project area.

Meanwhile, IBK Capital has begun a marketing process for the company’s San Celso and Los Campos silver projects in  Mexico, following the recent transaction with Capstone Mining over Donovan 2, also in Mexico.

“The Company and its advisers continue to assess new projects and identified an opportunity to secure an exploration footprint in northern Greenland on strike and adjacent to the world-class undeveloped Citronen zinc-lead project,” said Alien’s chief executive Bill Brodie Good in the group’s M&A update.

“Greenland is known for its low-sovereign risk, prospective geology and great potential in the resource sector. The company’s immediate focus is to undertake a comprehensive review of the licence area to guide initial work programmes. We are also very pleased that IBK Capital investment bank have agreed to support our Mexico silver projects and look forward to updating the market as news develops,” he added.

In morning trade, shares in Alien Metals were nearly 12% higher at 1.90p.

 — Adds share price —

McCarthy & Stone private equity bid expected to “put a floor under valuations across the sector”, ac

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