Alpha Minerals Inc.
TSX VENTURE : AMW
FRANKFURT : E2GA

Alpha Minerals Inc.

October 17, 2013 03:00 ET

Alpha Minerals JV Intersects 43.0m of 6.93% U3O8 Including 14.0m of 15.63% U3O8 at R780E Zone, PLS, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2013) - Alpha Minerals Inc. (TSX VENTURE:AMW)(FRANKFURT:E2GA), (the "Company" or "Alpha"), and its 50% Joint Venture partner Fission Uranium Corp are pleased to report assay results from hole PLS13-080 on line 780E of the R780E zone, at their Patterson Lake South (PLS) property, Northern Saskatchewan. The hole returned nine mineralized intervals, highlighted by 43.0m of 6.93% U3O8 including 14.0m of 15.63% U3O8 and 2.0m of 26.73% U3O8. With a Grade x Thickness (GT) value of 298.0 for this main mineralized interval, this is now the best mineralized hole to date at the R780E zone and shows this zone is delivering high grade results similar to the R390E zone.

Assay Highlights

  • 43.0m (130.0m to 173.0m) of 6.93% U3O8, including:
    • 2.0m (144.0m to 146.0m) of 26.73% U308
    • 14.0m (155.0m to 169.0m) of 15.63% U3O8
    • Highest assay in the interval: 49.8% U3O8 over 0.5m (145.0m - 145.5m)

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, 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 depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Drillhole PLS13-080 was collared as a vertical hole and was completed at a depth of 347.0m. Mineralized zones as defined by assays of >0.05% U3O8 over >0.5m are present in discrete intervals over a 194.0m wide section (125.0m - 319.0m) each ranging in width from 0.5m to 43.0m wide. The main mineralized horizon was encountered from 130.0m - 173.0m and returned a composited interval of 6.93% U3O8 over 43.0m, including two high-grade cores (144.0m - 146.0m and 155.0m - 169.0m) that returned 26.73% U3O8 over 2.0m and 15.63% U3O8 over 14.0m respectively. Basement bedrock was encountered at 54.0m depth, immediately below the overburden with no Devonian sandstone encountered above the basement. From 54.0m to 170.6m basement lithology consists predominantly a quartzitic gneiss with sequences of moderate-to-steeply dipping mylonites. Below 170.6m, the basement transitions to a pelitic gneiss with alternating sequences of undifferentiated mylonites and pegmatite injections.

Composited Mineralized Intervals (Down-hole measurements)
Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
R780E PLS13-080 780E 125.00 127.00 2.00 0.14
130.00 173.00 43.00 6.93
144.00 146.00 2.00 26.73
155.00 169.00 14.00 15.63
175.50 180.50 5.00 0.28
201.50 202.00 0.50 0.39
230.50 231.00 0.50 0.37
236.50 242.50 6.00 0.48
245.00 247.50 2.50 1.98
290.00 301.00 11.00 0.16
318.00 319.00 1.00 0.09

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

For additional comments about the Summer 2013 Program, please watch a corporate video at the Alpha Minerals website: http://www.alphaminerals.ca/corporate-videos/

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. For the present work, the exploration is still being operated as a Joint Venture under the direction of the Joint Venture Management Committee with Fission Uranium acting as the operator.

The property is accessible by road with primary access from all-weather Highway 955, which runs 74km north to the former Cluff Lake mine, (>60M lbs of U3O8 produced from multiple open pit and underground mines), and passes through the claims covering the UEX-Areva Shea Creek discoveries located 58km 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, PEng BC/SK, President, CEO and Director

Please refer to the Alpha Minerals Inc. website (www.alphaminerals.ca) for the video and further updated information.

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.

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.

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