Alien metals, which announced it would acquire a 51% stake in the Brockman and HancockRanges iron ore projects in western Australia's pilbara region, is restructuring its capital and delaying its acquisition of the two projects.

Alien had previously planned to acquire the stake in 45 days, but the current offer has been extended until November 18, 2019, due to the company's unfinished due diligence and analysis of the project.

Samples from a recent field trip have been sent to the laboratory for a full chemical analysis, with results expected next week.

Both projects have the production potential of high grade direct shippable iron ore (DSO). The JORC report of the HancockRanges iron ore project shows that the estimated and indicated iron ore resource is 124 million tons and the iron grade is 60.32%. The Brockman iron ore project, which includes part of the BHP20 pit, has a 62 per cent grade of surface iron ore.

AlienMetals chairman DanSmith said in September that the company had spent the past six months looking for potential investment opportunities around iron ore projects, most of which are owned by the world's largest mining companies. (From LGMI)