Business
Termination of Donovan2 Earn-in agreement
Termination of Donovan2 Earn-in agreement.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 4070B\n Alien Metals Limited\n 10 June 2021\n \n \n \n \n \n \n Trading Symbols\n AIM: UFO\n FWB: I3A1\n 10 June 2021\n \n Alien Metals Ltd\n (\"Alien\" or \"the Company\")\n \n Termination of Donovan2 Earn-in agreement\n \n Follow the link to view the announcement in full including all figures:http://www.rns-pdf.londonstockexchange.com/rns/4070B_1-2021-6-9.pdf\n \n Alien Metals Ltd (LSE AIM:UFO), a minerals exploration and development company, has been advised by Capstone Mining Corp of the termination, with effect from 9 July 2021 (the \"Termination Date\"), of the Earn-in Agreement signed between Alien, Estrella de Plata, Capstone Mining Corp. and Capstone Gold S.A. de C.V. (together, \"Capstone\") on 22 October 2020 (the \"Agreement\"). The Earn-in Agreement relates to the Company's Donovan 2 Copper-Gold project (the \"Project\") in Mexico.\n \n \n \n \n Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:\n \"Capstone have decided not to proceed with the exploration on Donovan 2 advising that their corporate strategy has shifted and also that they did not receive sufficient confidence from their maiden drilling recently completed on Donovan 2 to continue. Capstone advised that their work was not exhaustive and with coincidental work just done a couple of days ago by Alien we are already starting to think about how we may approach further exploration work. It has been great working with the Capstone team and we appreciate their input to date which we hope to build and develop on for the future of the project.\"\n \n \n Figure 1: Location of Donovan 2 Project, Zacatecas Region, Mexico in relation to TECK San Nicolas VMS Copper deposit, June 2021\n \n Capstone will provide Alien with all the technical data generated during their tenure as well as a final report outlining their findings as per the agreement and as referenced below. Once all received, Alien with review this and combine with its own technical views to make a decision on the way forward and will update the market as soon as this is available.\n Figure 3 below shows a fresh sample of mineralised material taken from the Los Alamos water well target only a couple of days ago by Alien as part of a follow up piece of work to aid in further targeting wo...