Alphamin Resources Corp.
TSX VENTURE : AFM

Alphamin Resources Corp.

July 07, 2015 09:54 ET

Alphamin Reports Encouraging Drill Results from Its New Discovery at Its Mpama North Prospect, Bisie Tin Project, Democratic Republic of the Congo/Files Amended MD&A

GRAND BAIE, MAURITIUS--(Marketwired - July 7, 2015) -

Highlights

  • Results received for 10 additional drill holes from The Wedge, Alphamin's new discovery
  • Significant results included:
    • 18.4m @ 6.6% Sn from 122.6m
    • 13.6m @ 5.15% Sn from 123m
    • 16.65m @ 4.02% Sn from 121m
    • 8.9m @ 6.02% Sn from 142m
    • 14m @ 4.21% Sn from 125m (including 4.45m @ 11.46% from 126.6)
    • 8.5m @ 5.69% Sn from 130.5m
  • Tin mineralisation is defined over 200m immediately south and contiguous to Mpama North
  • Significant Results from Infill Drilling at depth at Mpama North included:
    • 11.5m @ 12.29% Sn from 304m
    • 13m @ 1.15% Sn from 515m including 4.75m @ 2.68% Sn from 516m
    • 14m @ 2.57% Sn from 472m
  • Mineralisation identified in The Wedge will be considered in an updated Mineral Resource Estimate planned for early Q3
  • Infill drilling ongoing with the aim of converting Inferred Mineral Resources to the Indicated category at Mpama North

Alphamin Resources Corp (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to report further encouraging drill results from its new discovery, The Wedge, on its Bisie Tin Prospect (Bisie Project) in east central Democratic Republic of the Congo (DRC).

Mpama North

The Company has received results for a further 10 holes drilled at the Wedge as shown in Figure 1. Significant results include 18.4m @ 6.6% Sn from 122.6m in BGC092, 13.6m @ 5.15% Sn from 123m in BGC096, 16.65m @ 4.02% Sn from 121m in BGC099, 8.9m @ 6.02% Sn from 142m in BGC106, 14m @ 4.21% Sn from 125m including 4.45m @ 11.46% from 126.6 in BGC107 and 8.5m @ 5.69% Sn from 130.5m in BGC110. All results are shown in Table 1 and in Figures 2 and 3.

Results and visible cassiterite mineralisation have confirmed tin mineralisation extends over 200m strike with the vertical extent ranging between 200m in the north and 50m in the south of The Wedge target area. The near surface mineralisation identified in The Wedge is contiguous with mineralisation at Mpama North and lies immediately south of a north-east trending fault which displaced the zone of tin mineralisation to the east south of the fault. Further the up dip extent of the zone is truncated by a north-south trending sub-parallel fault at sub surface levels resulting in no surface expression.

Mineralisation identified in The Wedge will be considered in the next Mineral Resource estimate expected early in the third Quarter.

The Company has also commenced an infill drilling programme over Mpama North where a Mineral Resource estimate of 2.65 million tonnes @ 4.49% Sn for 119,240 tonnes contained tin (at 0.5% Sn cut-off) in the Indicated Category and 1.2 million tonnes @ 3.6% Sn for 42,800 tonnes contained tin (at 0.5% Sn cut-off) in the Inferred Category was announced on March 26th 2015. The drilling programme has been planned with the goal of upgrading Inferred Mineral Resources to the Indicated Category down to 500m below the 50m zone which has been sterilized by artisanal mining from surface.

Recent results shown in Table 1 and Figures 1 and 4 from the infill and extension drilling at depth at Mpama North include 11.5m @ 12.29% Sn from 304m in BGC062, 13m @ 1.15% Sn from 515m including 4.75m @ 2.68% Sn from 516m in BGC093 and 14m @ 2.57% Sn from 472m in BGC104. Results confirm tin mineralisation is contained within a high grade chute which plunges to the north and is open at depths below 600m from surface.

Results for both The Wedge and Mpama North continue to confirm exceptional tin grades and robustness of the Bisie Project.

Drilling intervals quoted are drill intercepts and are not true widths. True mineralisation width is approximately 70-80% 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.

Mpama South

Planned drilling at Mpama South has been put on hold to allow both drill rigs with depth capability to first conclude the deep Mineral Resource infill drilling at Mpama North.

Regional Exploration

Soil sampling programmes have been completed over the full extent of the Bisie ridge with several highly significant coherent copper, arsenic, zinc and lead anomalies defined using the Niton XRF which extend up to the licence boundary in the southeast. Results are highly encouraging due to the association of tin and these elements. Anomalous samples will now be selected and sent to the laboratory for assay for tin.

These anomalies, together with the 2 kilometre tin in soil anomaly south of Mpama South, shown in Figure 5, will be followed up with auger drilling and sampling to better define diamond drill targets. This is in line with the Company's strategy of identifying new additional Mineral Resources within the Bisie Project area.

Amended MD&A

As a result of reviews by the British Columbia Securities Commission of the Company's continuous disclosure and technical disclosure, the Company is filing amended management discussion and analysis for the three month period ended March 31, 2015, which, among other things, corrects some items of non-compliance with National Instrument 43-101 Standards of Disclosure of Mineral Projects and clarifies and expands upon other required disclosures.

QUALIFIED PERSON

Mr. J.C. Witley (BSc Hons, GDE) is a Principal Mineral Resource Consultant for The MSA Group,an independent geological consulting company to Alphamin, and a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects. Mr Witley has reviewed and approved the scientific and technical information contained in this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

Bruce Curling, Chief Executive 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.

To view the figures and tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/1016014a.pdf

Contact Information

  • Alphamin Resources Corp.
    C/o Maitland (Mauritius) Limited
    Suite 510, 5th Floor
    Barkly Wharf, Le Caudan Waterfront
    Port Louis, Mauritius
    www.alphaminresources.com