Alpha Minerals Inc.
TSX VENTURE : AMW
FRANKFURT : E2GA

Alpha Minerals Inc.

October 29, 2013 03:00 ET

Alpha Minerals JV Reports Assays of 17.5m of 5.98% U3O8 (Grade Thickness of 104.65) Including 5.5m of 19.51% U3O8 at R00E Zone, PLS, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 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 four holes drilled in the R00E zone at their Patterson Lake South (PLS) property, Saskatchewan. Of particular note is hole PLS13-079 which returned 17.5m of 5.98% U3O8 including 5.5m of 19.51% U3O8. Located approximately 10m south of hole PLS13-059 (20.0m of 8.57% U308 - See News Release dated May 27, 2013), the hole expands the high grade southern area of Zone R00E on line 015E.

Holes PLS13-074, PLS13-076, PLS13-077 and PLS13-079 all returned considerable mineralization. The mineralized east-west strike length of the R00E zone has now been increased to 165m (PLS13-074 on line 075W to PLS13-032 on line 090E). The Zone remains open in all directions.

Assay Highlights

PLS13-079 (line 015E)

  • 17.5m (83.0m to 100.5m) of 5.98% U3O8, including:
  • 5.5m (91.5m to 97.0m) of 19.51% U308

PLS13-077 (Line 00W)

  • 11.5m (59.0m to 70.5m) of 0.39% U3O8 (Upper Zone)
  • 15.5m (73.0m to 88.5m) of 0.13% U3O8 (Lower Zone)

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.

Table 1

Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
R00E PLS13-074 075W 65.00 67.50 2.50 0.13
PLS13-076 015W 178.50 180.50 2.00 0.09
183.00 184.50 1.50 0.08
186.50 191.00 4.50 0.16
PLS13-077 00W 59.00 70.50 11.50 0.39
73.00 88.50 15.50 0.13
PLS13-079 015E 83.00 100.50 17.50 5.98
91.50 97.00 5.50 19.51

Composite Parameters

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

Drillhole PLS13-074 (line 075W) was collared as a vertical hole and was completed at a depth of 203.0m. A 2.5m wide mineralized zone (65.0m to 67.5m) returned a composite interval of 0.13% U3O8. This mineralization represents the western-most extent of the R00E zone to date. Further drilling on this line is required to determine if the high-grade mineralization seen on line 060W continues to line 075W.

Drillhole PLS13-076 (line 015W) was collared as a vertical hole and was completed at a depth of 267.0m. Three zones of mineralization were intersected approximately 7m to the southwest of mineralization in hole PLS13-037: 2.0m of 0.09% U3O8 (178.5m - 180.5m), 1.5m of 0.08% U3O8 (183.0m to 184.5m) and 4.5m of 0.16% U3O8 (186.5m to 191.0m). Mineralized intervals in hole PLS13-076 are the southern-most occurrences on line 015W and are approximately 100m deeper than those intersected in holes on the same line immediately to the north. This may represent mineralization in the hanging-wall from a lithologic contact parallel structure which feeds the approximately flat-lying mineralization to the north.

Drillhole PLS13-077 (line 00W) was collared as a vertical hole and was completed to a depth of 259.5m. The hole was drilled approximately 8m to the north of hole PLS12-023. Two zones of mineralization were intersected: 11.5m of 0.39% U3O8 (59.0m - 70.5m) and 15.5m of 0.13%U3O8 (73.0m to 88.5m). These intervals represent the northern-most mineralization on line 00W. Mineralization on line 00W has now been delineated over a north-south width of 30m (PLS13-077 to PLS12-016).

Drillhole PLS13-079 (line 015E) was collared at an azimuth of 028° and a dip of -75° and completed to a depth of 218.0m. The hole tested for mineralization approximately 10m grid south of PLS13-054 (11.5m of 0.28% U3O8). A well developed interval of strong mineralization was intersected from 83.0m - 100.5m and returned a composited interval of 5.98% U3O8 over 17.5m, including a high-grade core (91.5m - 97.0m) that returned 19.51% U3O8 over 5.5m. This high-grade intersection extends the high-grade mineralization intersected in hole PLS13-059 from a further 10m to the south and continues to open up the potential of this area which has not been fully drill tested.

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

Patterson Lake South Property

The 31,000 hectare (76,000 acres) PLS project 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. Drilling on Land SW of Discovery Zone R00E continues: Additional funding, designed to extend the land based drilling programme beyond the original budget limits, is showing encouraging initial results, following the closure of the barge based drilling programme.

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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