Alpha Minerals Inc.

Alpha Minerals Inc.

May 16, 2013 07:30 ET

Alpha Minerals Discovery Zone (R00E) Returns 22.0m of 4.8%, Including 4.0m of 20.73% U3O8 at Patterson Lake South, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - Alpha Minerals Inc. (TSX VENTURE:AMW)(FRANKFURT:E2GA) ("Alpha" or "the Company") and its Joint Venture partner Fission Uranium Corp. (formerly Fission Energy Corp.) are pleased to report assay results from another nine holes from the R00E zone at its Patterson Lake South ("PLS") Property. The assays show a continuous area of broad uranium mineralization at shallow depth. Of particular note is hole PLS13-043 which returned an interval of 22.0m at 4.8% U3O8. With a Grade x Thickness (GT) product value of 105.6, representing the best GT interval to date from the R00E Zone.

  • Hole PLS13-043 (line 045W) intersected:
    22.0m of 4.8% U3O8, including 4.0m of 20.73% U3O8
  • Hole PLS13-052 (line 015E) intersected:
    UPPER ZONE of 10.5m of 0.87% U3O8, including 3.5m of 2.01% U3O8
    LOWER ZONE of 18.0m of 3.56% U3O8, including 4.5m of 11.95% U3O8
  • Hole PLS13-049 (Line 060W) intersected:
    18.5m of 1.93% U3O8, including 2.5m of 8.04% U3O8

Further assays from the 46-hole 2013 winter drill program will be released as received.

These new intersections underscore the near-surface, high grade resource potential of the R00E zone, with mineralization continuous for 120 m of strike, and open in both directions. Planning is underway for the upcoming 2013 summer drill program at Patterson Lake, with continued drilling to fully delineate the R00E Zone a priority.

R00E Zone

Assays reported from the nine holes in this news release represent close spaced delineation drilling on lines 045W, 060W and 015E of the R00E zone. Interpretation thus far shows mineralization to be primarily focused in the footwall of a steeply south dipping package of E-NE trending graphitic pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. Delineation drilling has also shown mineralization to cross lithological boundaries into the footwall and hanging wall adjacent the pelitic gneiss. This lithologic package appears to be parallel along strike to a ~073° oriented PL-3B basement EM conductor identified from airborne and ground geophysics surveys.

The main mineralized horizon at R00E appears to be structurally controlled and generally flat lying within the pelitic (+/- graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks. Angular mineralized clasts also occur within a thin veneer or Devonian sandstone overlying the basement rocks (see cross-sections L060W, L040W and L015E), suggesting that a nearby mineralized body was eroded during the deposition of the Devonian sediments. Mineralization has been traced northward extending into the semi-pelitic package on sections L025W, 040W and 060W) and remains untested on the other sections.

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Most samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All intersections are down-hole, core interval measurements and true thickness are yet to be determined.

Table 1

Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
R00E PLS13-039 045W 75.50 76.00 0.50 0.06
125.50 128.50 3.00 0.10
161.50 162.00 0.50 0.12
223.00 223.50 0.50 0.05
224.00 224.50 0.50 0.07
PLS13-043 045W 63.50 65.00 1.50 0.99
67.50 89.50 22.00 4.80
Incl. 83.50 87.50 4.00 20.73
PLS13-045 045W 64.00 85.00 21.00 0.23
88.00 89.00 1.00 0.07
PLS13-047 060W 64.50 68.00 3.50 0.18
105.00 105.50 0.50 0.12
PLS13-049 060W 64.50 83.00 18.50 1.93
Incl. 70.00 72.50 2.50 8.04
PLS13-050 060W 63.50 65.00 1.50 0.07
PLS13-052 015E 62.00 72.50 10.50 0.87
Incl. 62.50 66.00 3.50 2.01
75.50 93.50 18.00 3.56
Incl. 84.00 88.50 4.50 11.95
PLS13-054 015E 68.00 79.50 11.50 0.28
PLS13-056 015E 62.50 71.50 9.00 0.16

Description of Assay Drill Results by Section Line

Line 040W - Four drill holes (PLS13-039, 041, 043 and 045) successfully delineated the width of mineralization over 30m. The drill holes were all collared vertical on a 10m spacing. Several assay results from hole PLS13-041 are still outstanding and have yet to be received from the lab, and will be reported once received. The best results were returned from hole PLS13-043, which intersected a narrow upper zone (63.5m - 65.0m) and a wider lower zone (67.5m - 89.5m) which returned intervals grading 0.99% U3O8 over 1.5m and 4.8% U3O8 over 22.0m respectively, including a high grade section of 4.0m @ 20.73% U3O8.

Line 060W - Three drill holes (PLS13-047, 049 and 050) successfully delineated the width of mineralization over 20m. The drill holes were all collared vertical on a 10m spacing. The best results were returned from hole PLS13-049, which intersected a wide interval (64.5m - 83.0m) grading 1.93% U3O8 over 18.5m. Holes PLS13-047 and 050 drilled 10m south and 10m north of hole 049 respectively, intersected narrow weakly mineralized zones that show the system to be open both to the south and to the north.

Line 015E - Three drill holes (PLS13-052, 054 and 056) successfully delineated the width of mineralization over 20m. All 3 holes were collared at angles of -70° to -72° at azimuths to the NNE. All 3 holes intersected well developed zones of mineralization over several meters width, with the best results returned from hole PLS13-052. Hole 052 intersected an upper zone (62.0m - 72.5m) grading 0.87% U3O8 over 10.5m and a lower zone (75.5m - 93.5m) grading 3.56% U3O8 over 18.0m, including a high grade core of 4.5m @ 11.95% U3O8.

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return >500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. Further assay results will be released when received.

Patterson Lake South Property

The 31,000 hectare (76,000 acres) PLS project is a 50%/50% Joint Venture held by Alpha Minerals Inc (AMW) and Fission Uranium (FCU). The Joint Venture property is 100% owned with no underlying royalties or vendor payments. Fission is the Operator of the Joint Venture until April 1st 2014. The property is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced from multiple open pit and underground mines), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of Alpha Minerals Inc, by Garrett Ainsworth P.Geo., Vice President Exploration, a qualified person.

On behalf of the Board of Directors of Alpha Minerals Inc.

Ben Ainsworth, President, CEO and Director

This press release contains "forward-looking information" that is based on Alpha's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Alpha's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Alpha's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Alpha disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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 release.

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