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In parallel with the Company's efforts to recommence silver production at Twin Hills, Alcyone is also conducting an aggressive exploration program aimed at unlocking the broader exploration potential of the Texas Project for epithermal and massive sulphide base metal mineralisation, as well as to increase its existing inventory of heap leach silver resources.

A detailed review of part of the Company's 275 sq km tenement package has revealed a considerable number of targets. Of these, four priority base metal targets and two heap-leach style silver targets have already been confirmed from the reviews completed to date.

The successful delineation of these styles of mineralisation could open up the potential for significant new resource development opportunities in the Texas region alongside the heap leach silver operation. 

Drilling will initially be targeted to verify and extend known copper and polymetallic mineralisation at the Harrier, Mt Gunyan and Silver Spur targets. Geophysics will be utilised to improve target definition at Tomcat, before moving on to drill out extensions to the known heap leach silver mineralisation at the Mt Gunyan and Twin Hills prospects.

Alcyone has completed a partial review of the available historical information from the tenements - including some limited drilling undertaken by the previous operator which returned significant results - and is currently integrating this with comprehensive structural and geological models that are being developed for the mineralisation at Texas.

The Company has initially identified geophysics - in particular Downhole Electromagnetics (DHEM) and 3D Electromagnetic (3DEM) surveys - as key targeting tools.  Airborne geophysics is also being considered with a final decision on any work program and timing to be made in the third quarter 2010.

Alcyone has confirmed the presence of two distinct sedimentary sequences within the project area, the "Silver Spur Beds" and the underlying "Texas Beds". Both of these sequences host epithermal-style mineralisation (analogous to other known epithermal systems such as Cracow and Pajingo).

The Company's initial focus has been on the Silver Spur Beds where the epithermal-style mineralisation has been identified as occurring in veins and breccia zones within siliceous alteration and more structurally controlled massive sulphide zones.  This model has been used to assist the Company to define a number of priority exploration targets.

Alcyone is also reviewing the potential to locate both the "source" of the mineralising fluids and sedimentary-hosted mineralisation in the style of SEDEX (SEDimentary EXhalative) and volcanogenic massive sulphides (VMS). The focus for this work will be directed towards the 'Texas Beds' and will form part of the next phases of the Company's exploration strategy.

The work undertaken to date on the Silver Spur Beds has resulted in the delineation of a number of initial key exploration targets and associated work programs which are summarised below.

Base Metal Targets

Harrier

• Copper prospect – best intercept of 5m @ 5.9% Cu and 3.3% Zn from 93m in previously reported drill hole TUD002. Additional holes delivered 9m @ 2.5% Cu and 0.4% Zn from 40m down hole (TUD001) and 9m @ 2.3% Cu (TUP7) (see Note 1).
• Old shallow workings to max of 40m, where Government records suggest that only 81 tonnes of ore at 11% Cu was mined (1920 to 1922).
• 500m strike length confirmed by in field and data review.
• Proposed work program: 9-hole diamond program totalling approximately 850m to start May 2010. In addition, geophysics will be employed to enhance the current targets and identify any adjacent targets. The geological modelling developed to date will be used to further improve the targeting of drill holes for the program.

Mt Gunyan

• Known zinc-lead mineralisation – best intercept of 0.38m @ 16.9% Zn and 9.18% Pb from 131m in previously reported drill hole MGD 015 (see Note 1).
• Proposed work program: investigate mineralisation extent with geophysics and drilling for in-fill follow up. Continue geological modelling to improve target generation. Re-log core to determine if other zones should be assayed for polymetallic mineralisation. Diamond drilling to commence in June – totalling between 350 and 500m

Silver Spur

• Previously reported massive sulphide JORC Mineral resource:

- 808,000 tonnes @ 3.56% Zn, 1.25% Pb, 70g/t Ag (Inferred) above 2% ZnEq cut-off (see Note 2)

- Historical records – previous mining 90-100,000 tonnes at 25% Zn, 13% Pb and 800g/t Ag

• Proposed work program: confirm mineral resource estimate plus utilise geophysics to enhance targets. Approximately 500-600m of diamond drilling to commence in June/July 2010.

Tomcat

• Co-incident Zinc soil and geophysical anomaly approximately 1.5km east-northeast of Silver Spur.
• Proposed work program: detailed geophysical program and review required to target for drilling following Silver Spur program.
• Potentially 400-500m of diamond drilling following on from Silver Spur.

Heap Leach Silver Style Targets

Mt Gunyan

• Definition of down-dip extensions & in-fill on edge of currently defined resources.
• Proposed work program: 600m of diamond drilling starting in June

Twin Hills

• Phase 1 program to target in-fill and near-surface extensions. These targets particularly relate to the sourcing of orebody extensions that could impact the early stages of the next phases of mine development. The potential for a target at the southern end of the resource has been identified but this requires further research prior to any drilling being undertaken.
• Proposed work program: ~900m of drilling starting 3rd Qtr 2010. Further drilling to be phased to suit potential mine development schedule as it is evolves.