Alien Metals Ltd has announced that the first drill hole of the maiden drilling program at the Donovan 2 copper gold project in Mexico started on Thursday 25 February 2021, funded and managed by Capstone Mining Corp (Capstone) as per the Earn-in Agreement signed last year.
- Alien have been advised by Capstone that the first exploration drill hole was started on Thursday, 25 February 2021, ahead of schedule, at the Donovan 2 copper gold project in Mexico.
- The initial hole DON21-001 is to target previous Alien sampling work undertaken in an old water well which returned up to 3.3% Copper coincident with an IP geophysical anomaly.
- 2500 m maiden drilling program underway
Pursuant to the terms of the Earn-in Agreement, Capstone can acquire a 65% interest in Donovan 2 through committed expenditure and cash payments totalling approximately US$3.9million. Capstone can move to an 80% interest in the project through free-carrying Alien to completion of a prefeasibility study.
The core of the work carried out by Capstone in late-2020 was to complete a detailed close spaced surface induced Polarisation (IP) geophysical survey across the majority of the tenement, as announced by Alien on 13 November 2020, to both add infill detail to the northern anomaly already defined by Alien and as an extension to historic geophysical work undertaken by the Company. This work was successfully completed in December 2020, with the final reporting and interpretation now being completed leading to the start of this maiden drilling program.
Capstone have indicated that they have planned an initial 2500 m drilling program as part of their required US$450 000 expenditure commitment for 2021.
Drilling will initially test the Los Alomos target in the water well area, located in the northeast central area of the tenement and then move to the Cerro de la Cruz target located in the northwest area of the tenement.
Drill planning was supported by the recent report submitted to Capstone following the Ground IP survey carried out at the end of 2020, by Condor Consulting, Inc., Lakewood, Colorado, USA, and historical exploration carried out by Alien.
Capstone has provisionally planned 2500 m for this maiden program using Ecodrill drill contractors with a Hydracore trailer mounted diamond core drill rig capable of 350 m HQ size depth of drilling.
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:
“It is very exciting that Capstone is already drilling the first hole at Donovan 2 in such a short timeframe. Both parties are very encouraged by the results of the recent IP survey and the reprocessing and interpretation of all the historic data collected by Alien. We now have three geophysical targets including the Los Alomos project. With the copper price at its highest for over nine years and continued demand, this positive news is very well timed and we are excited to see the results. We are delighted to have Capstone as a partner to drive this project forward and develop it with a great technical team. We look forward to updating the market as the drilling progresses and watching this project grow quickly into a significant entity.”
The Board of Alien continues to assess a range of mineral projects and opportunities, with particular focus on exploration projects with near term news flow and value creation.