London-listed miner Alien Metals has announced the first drill hole of the maiden drilling programme at the Donovan 2 copper-gold project in Mexico. The development was funded and managed by Capstone Mining Corp, the miner said in a statement.
“Pursuant to the terms of the earn-in agreement, Capstone can acquire a 65% interest in Donovan 2 through committed expenditure and cash pay-ments totalling about US$3.9million. Capstone can move to an 80% inter-est in the project through free-carrying Alien to completion of a prefeasi-bility study,” according to the statement.
In addition to its activities in Mexico, Alien Metals is also pursuing a num-ber of projects in Australia, among others. These include the Elizabeth Hill silver project, and the Hancock iron ore project.
Alien Metals is listed on the Alternative Investment Market of the London Stock Exchange.