Alphamin Resources Corp.

TSX VENTURE : AFM


Alphamin Resources Corp.

April 28, 2014 09:42 ET

Activity Update on Alphamin's 100% Owned Bisie Tin Project, DRC

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 28, 2014) -

Highlights
Metallurgical and deep drilling ongoing at the Mpama North Prospect
Results received for first two holes from deep drilling (BGC038 & BGC039)
Significant intersection included:
o 24.5m @ 2.03% Sn from 247m including 15.2m @ 2.94% Sn from 252.1m
Regional geochemical soil sampling programme in progress on PR5266
Stream sediment sampling programme commenced on PR10346
Good progress with community development initiatives

Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to announce first results from deep diamond drilling at Mpama North on its wholly owned Bisie Tin Prospect (Bisie Project) in east central Democratic Republic of Congo (DRC). Two drill rigs have been operating as announced on 25th February 2014 with 6 holes completed for 1,723m from deep drilling below 200m from surface and 20 PQ sized drill holes (85mm diameter) completed for 1,986m from the metallurgical drilling.

A significant intersection of 24.5m @ 2.03% Sn from 247m including 15.2m @ 2.94% Sn from 252.1m was reported from BGC038. Mineralisation at Mpama North appears confined to a high grade chute which plunges to the north where visible cassiterite veins have been observed in core at depths exceeding 350m below surface. Drill hole BGC039 was drilled below this chute and reported 11.2m @ 0.37% Sn from 193.8m including 3.27m @ 0.66% Sn from 197.9m. Results are shown in Table 1 and Figure 1.

Drilling has now tested tin mineralisation down to 350m below surface, and has targeted the mineralized chute with holes drilled every 50m along strike to the north. Results are expected during the second Quarter. The Company will now commence with infill drilling to enable a mineral resource upgrade during the third Quarter.

The metallurgical drilling programme is expected to be completed in May with all samples transported to South Africa by end of the second Quarter. The metallurgical testwork on the bulk sample (7,000kg) will be managed by Pangea Exploration in Johannesburg, South Africa.

Soil Geochemistry:

An extensive regional geochemical rock and soil sampling programme commenced in January 2014 with 2,950 samples collected to date. Soil samples will be analysed using the Niton handheld XRF spectrometer. The programme was designed to test the mineralised potential of the interpreted younger tin granites believed to be the source of mineralizing fluids at Bisie as well as additional "Bisie type" structures bordering on the younger granites and the remainder of the Bisie ridge to the south of recent sampling.

A stream sediment sampling programme has commenced on adjacent PR10346 where a number of artisanal workings have already been identified. Soil sampling programmes will be planned to cover anomalous stream sediment samples to identify the source of mineralisation.

Airborne Magnetic and Radiometric Survey:

The airborne magnetic and radiometric survey over key areas on PR5266 and PR10346 is 60% complete. The survey was planned to identify structures controlling mineralisation at Bisie, historical workings and new targets identified from regional geochemical sampling programmes.

Community Development Initiatives:

Alphamin is committed to the initiation of community development projects, implementing training facilities where local candidates will be trained in key skills necessary for successful development of the mine at Bisie and other initiatives essential for the general upliftment of communities at Bisie and the greater Walikale area.

The Company is in process of incorporating the "Alphamin Foundation" towards which 4% of the in-country project spend will be allocated for projects decided upon by a committee established by representatives of Alphamin and the communities.

Alphamin has also commenced the labor intensive construction of a road joining Bisie to the main Walikale-Kisangani road.

Security and Artisanal Mining:

The Company has successfully conducted all work programmes without interruption since commencement in February 2014 although reports of limited rebel activity in the vicinity were received.

Two evaluation missions were carried out under instruction of the Ministry of Mines with the support of MONUSCO to assess the current status of artisanal workings at Bisie and to assess whether Bisie qualified for validation and conflict free status for artisanal mining. Based on the findings of these missions, the Ministry will now make a decision on further validation and the future of artisanal mining at Bisie.

Jeremy Witley, a qualified person under National Instrument 43-101, has verified technical data disclosed in this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross Doyle, Chief Financial Officer

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes statements regarding the Company's planned exploration programs. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for tin and other precious and base minerals involves a high degree of risk and is highly speculative in nature; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.

There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of tin and other precious and base metals, that the Company will not be affected by adverse political events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.

Alphamin does not undertake to update any forward-looking information, except as required by applicable laws.

NOTES

  • Drilling

Drilling results are quoted as downhole intersections. True mineralisation width is approximately 80% of intersection length for all holes. The reported grades were determined using a cut-off grade of 0.1% Sn, 25g/t Ag, 1% Zn, 1% Pb and 0.1% Cu to select significant and anomalous intersections, with a maximum of 3m internal dilution being incorporated into the composite where appropriate. A top cut of 60% was applied to Sn, 30% to Zn and 20% to Pb.

Half core samples for all drillholes were submitted to accredited ALS Chemex laboratory in Johannesburg where samples were analyzed using ME-XRF05 conducted on a pressed pellet with 10% precision and an upper limit of 10 000ppm. Over limit samples were sent to Vancouver for ME-XRF10 which uses a Lithium Borate 50:50 flux with an upper detection limit of 60% and precision of 5%. ME-ICP61, HF, HNO3, HCL04 and HCL leach with ICP-AES finish was used for 33 elements including base metals. ME-OG62 a four acid digestion was used on ore grade samples for Pb, Zn, Cu & Ag. Industry accepted QA/QC checks were applied including use of duplicates, blanks and standards.

  • Prospect Name Changes

The two main target areas at Bisie, previously referred to as Gecomines and Golgotha, have been renamed to Mpama North and Mpama South respectively.

Table 1: Drill hole summary with mineralised intervals
Hole GPS GPS Azi- Inclina- From To Width
ID Easting Northing EOH muth tion Element (m) (m) (m) Grade
BGC038 583054 9885970 293.5 270 -70 Sn (%) 247 271.5 24.5 2.03
Incl. Sn (%) 252.12 267.3 15.18 2.94
Zn (%) 260 260.5 0.5 1.19
Cu (%) 247.88 268 20.12 0.55
BGC039 582990 9885757 219.5 270 -75 Sn (%) 193.84 205 11.16 0.37
Incl. Sn (%) 197.9 201.17 3.27 0.66
Cu (%) 189.23 191.9 2.67 0.26
Cu (%) 197.45 200.7 3.25 0.34
Cu (%) 206 208 2 0.22

To view Figure 1, please click the following link: http://media3.marketwire.com/docs/alphamin_resources_apr28_fig01.pdf

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