Alien Metals (AIM:UFO) said GreenTech Metals (ASX: GRE) has reported high-grade copper-gold-silver-zinc results from diamond drilling at the Ayshia deposit within GreenTech's 100%-owned Whundo project in Western Australia's West Pilbara.
The London-listed minerals exploration and development company holds approximately 10% of GreenTech's issued share capital, giving its shareholders indirect exposure to the results.
The standout intercept returned 4.76 metres at 7.13% copper, 1.20% zinc, 0.88 g/t gold and 29.6 g/t silver from 367 metres depth, including 3.44 metres at 9.43% copper.
GreenTech described it as the highest-average-grade multi-metre copper intersection identified at Ayshia to date, and among the highest-grade copper hits recorded across the wider Whundo project.
The new hole extends mineralisation down plunge from earlier drilling, which included 23.7 metres at 3.19% copper and 13.97 metres at 3.4% copper.
Whundo currently carries a JORC 2012 mineral resource of 6.2 million tonnes at 1.12% copper and 1.04% zinc, with GreenTech targeting an updated resource estimate incorporating gold and silver in the fourth quarter.
Alien also retains a 30% interest in the neighbouring Munni Munni project, free carried through to completion of a bankable feasibility study, where GreenTech is working to validate a historical estimate of 24 million tonnes at 2.9 g/t 4E.
"With Whundo adjacent to Munni Munni, Alien is well positioned to benefit as GreenTech advances both projects", said Vince Fayad, Alien's executive director.
News Intelligence what this means for the company
GreenTech Metals, in which Alien Metals holds a 10% stake, has reported a 4.76m intercept grading 7.13% copper at the Whundo project in Western Australia—described as the highest-average-grade multi-metre copper intersection at the Ayshia deposit to date. The result extends known mineralisation down-plunge from earlier drilling and feeds into GreenTech's plan for an updated resource estimate in Q4, but Alien's upside is indirect and contingent on GreenTech's ability to convert exploration results into economic resources.
The intercept is encouraging for the Whundo asset, but Alien's 10% equity stake means it captures only a minority of any value creation. The company's investment case remains anchored to exploration risk and the execution of GreenTech's development roadmap; a single high-grade intercept does not materially de-risk the path to resource definition or feasibility.
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