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Alien Metals Ltd on Monday said it has entered a strategic acquisition agreement with Mallina Exploration Pty Ltd to boost its Hancock development.
The mineral explorer and developer explained that the agreement was reached through its wholly-owned subsidiary, Iron Ore Company of Australia Pty Ltd.
Under the agreement, Alien will acquire a strategic tenement, which is currently under application with the Department of Mines, Industry Regulation and Safety DMRIS.
It said this will bound its Hancock iron ore project in the Pilbara, Western Australia.
The company added that it has applied for two additional exploration licences within the Hancock area, ELA47/4605 and ELA47/4817, which will ‘provide future resource growth opportunities’.
Last Wednesday, Alien Metals said it had signed a mandate letter with mining firm Anglo American PLC for the exclusive rights to negotiate up to $15 million in funding and a 100% offtake deal for the Hancock project.
Chief Executive Bill Brodie Good said: ‘This is a key strategic acquisition of the tenement application located on the southwestern boundary of Hancock. This underlies the optimum route of the planned haul road to enable extraction of the iron ore from Hancock to market via the shortest and most unencumbered route.’
Shares in Alien Metals were up 3.2% to 0.65 pence each in London on Monday afternoon.
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