HANCOCK TENEMENT
| COMMODITY | DSO Iron Ore |
|---|---|
| LOCATION | Pilbara, Western Australia |
| DEPOSIT STYLE | Classic Pilbara BIF Iron Ore style |
| KEY ATTRIBUTES | Hosts Sirius Extension, Ridge C and E Inferred JORC Resources and Kalgan Prospects, large areas of tenement unexplored |
| ASSET STAGE | Maiden resource, exploration and infill drilling |
| RESULTS | Maiden Inferred JORC compliant resource stands at 10.4Mt @ 60.4% Fe including 7.8Mt @ 60.1%at the Sirius Extension target, 1.5Mt @ 61.2% at the Ridge E target and 1.1Mt @ 61.9% Fe at the Ridge C. |
| NEXT PHASE OF WORK | Infill drilling to upgrade the resource and drilling across tenement including along the Ridge C and E which extent for 9km to the east |
| DEAL PARTNER | Available |
| DEAL TERMS | TBC |
The Hancock Tenement (E47/3954) is one of two tenements in the Hamersley Iron Ore Project, The Hancock tenement is within 20kms of the Newman township and borders licences held by Fortescue Metals Group, Hancock Prospecting, BHP Billiton (Mount Whaleback), Hope Downs and Brockman Mining. The Hancock tenement was previously explored by Rio Tinto plc, BHP Group plc, and more recently Volta Mining Limited (“Volta”). Alien have advanced the project from a few historic drill holes on a single target to a maiden JORC compliant resource across 3 prospects. Two of these prospect Ridges C and E are open along strike for over 9km within the tenement with potential to significantly increase the 10.4Mt @ 60.4% Fe (including 7.8Mt @ 60.1% Fe at the Sirius Extension target and 2.6Mt @ 61.5% Fe at the Ridges targets) resource.
Alien instructed Mining Plus to commence a Scoping Study on the project following the announcement of the MRE. Results will be announced as soon as available.
The initial independent Scoping Study for the Hancock Iron Ore Project has demonstrated exceptionally strong returns are possible from a potential development. Optimisations completed using an iron ore price of US$100/t result in the design pits extracting all of the initial JORC resources identified to date (10.4Mt @ 60.4% Fe). Initial Life of Mine studies show the current resource will sustain an 8-year life based on the following parameters: