Update on Mexican Silver and Copper Projects

Trading Symbols

AIM: UFO

FWB: I3A1

28 March 2022

Alien Metals Ltd

("Alien" or "the Company")

Drilling underway on Mexican Silver and Copper Projects

Follow the link to view the announcement in full including all figures:

http://www.rns-pdf.londonstockexchange.com/rns/1541G_1-2022-3-27.pdf

Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased to update the market on its high-grade silver and copper-gold projects in Zacatecas, Mexico.

Highlights

·    Drilling of the Company's high-grade silver projects in Mexico has begun with a highly accredited local drilling group engaged to complete the diamond programme

·    The first holes to be drilled will be at the San Celso Silver Project

·    Drilling at the San Celso and Los Campos Silver Projects will target the mineralised vein systems previously exploited for their high-grade silver where head-grades in excess of 1,000 g/t silver were historically reported

·    In addition to the high-grade silver projects, the Company is also drilling at the Donovan 2 Cu-Au Project

·    Drilling at Donovan 2 will target a potentially significant copper zone that has been associated with a previously reported sample of 3.34% Cu taken in the Los Alamos water well

Bill Brodie Good, CEO & Technical Director of Alien Metals, commented: "After a Covid-induced delay of two years, we are finally commencing the next round of exploration on our highly prospective Mexican assets. Personally, I am very excited to be here in person to witness the start of a long-awaited maiden drilling programme. Over the last two years, the local team has worked very hard under difficult conditions to manage the programme and advance it to this stage.

"We are also very pleased to be able to bring a local undergraduate into our team and provide some hands-on training and support her education costs. The drillers engaged are highly recommended by Mexico's Environmental Agency for their quality of work, so it is a pleasure to be working with them."

Further to the announcement of the 10 February 2022, the Company can confirm that its inaugural drilling programme has commenced at San Celso.

The San Celso and Los Campos silver projects both contain historic, very high-grade, underground silver mines, dating back more than a century. Both present the classical high-grade narrow vein epithermal mineralisation associated with the regional mineralised systems of the metallogenic belt that Zacatecas straddles. A detailed grid drilling programme has been planned for both projects to enable future resource calculations, while these initial drill programmes are based on initial wide spaced holes within the more detailed grids to identify initial mineralisation thickness, grade and continuation. This method means the Company can test both projects cost effectively as a first phase, to help next stage planning and targeting depending on the results, rather than only testing one of the two very prospective projects at the outset.

The Donovan 2 copper project target is to locate the deep-seated source of the high-grade copper well samples, up to 3.34% Cu, taken from inside the Los Alamos well. The Company feels that this has not been tested sufficiently to date and is looking forward to being able to fully test this target.   

A review of the Donovan 2 drill core also identified a previously not followed up zone of interest from drill hole DON21-003 which intersected a 11.5m zone of intense alteration returning on average 0.4% Zn and 0.4% Pb from only 12.4m depth. The hole was vertical but the team believes this structure is also near vertical as well so an initial trench is planned and approved at surface to test the possible trend and potential for follow-up work. 

A review of the hole DON21-001, which was the closest hole drilled to the Los Alamos target, also showed some excellent alteration which adds encouragement to the team for the coming drilling.

Alien has fostered a strong relationship with the local community around these projects during the pandemic and is pleased that it is now able to push ahead with this significant next stage of exploration which it believes is crucial for further development of these projects, as maintaining the social license to operate is vital to Alien's approach to mineral exploration.

The Company looks forward to updating the market as the drill programme continues.

Figure 1: Location of Alien's projects, Mexico.

Figure 2: Drill rig setting up on hole SCDD001, San Celso, March 2022

Figure 3: Close up of surface sample of epithermal alteration associated with main historic silver mineralisation at San Celso, March 2022

Figure 4: Bill Brodie Good (CEO & Technical Director) and Jose Luis Posadas (Exploration Manager Mexico) finalising drill hole locations, Los Campos, March 2022 (note extensive old dumps and workings in background)

For further information please visit the Company's website at www.alienmetals.uk, or contact:

Alien Metals Limited

Bill Brodie Good, CEO & Technical Director

(via St-James' Corporate Services, Company Secretary)

Tel: +44 20 7796 8644

Beaumont Cornish Limited (Nomad)

James Biddle / Roland Cornish

www.beaumontcornish.com

Tel: +44 (0) 207 628 3396

Turner Pope Investments (TPI) Limited (Joint Broker)

Andrew Thacker / James Pope

Tel: +44 (0) 20 3657 0050

WH Ireland Ltd (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 207 220 1666

Yellow Jersey PR (Financial PR)

Sarah Hollins / Annabel Atkins / James Lingfield

[email protected]

Tel: +44 (0) 20 3004 9512

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on precious and base metal commodities, with its operations located in proven mining jurisdictions and it has embarked upon an acquisition-led strategy headed by a high-quality geological team to build a strong portfolio of diversified assets. In 2019, the Company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and with a conditional agreement to increase its interest to 90% in May 2021 also being put in place.

The Company acquired 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Silver Mine Mining Lease and the 115km² exploration tenement around the mine. The Company also holds two silver projects, San Celso and Los Campos, located in Zacatecas State, Mexico, Mexico's largest silver producing state, which produced over 190m Oz of silver in 2018 alone, accounting for 45% of the total silver production of Mexico for that year. The Company also holds a Copper Gold project in the same region, Donovan 2.

In March 2022 the Company acquired 100% of the former joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia, one of Australia's major underexplored PGE and base metals projects. Munni Munni holds a historic deposit containing 2.2Moz 4E PGM: Palladium, Platinum, Gold, Rhodium.

The Company was also awarded an Exploration Licence in Greenland in late 2020, which surrounds the world class Citronen Zinc-Lead deposit.