Alpha Minerals Inc.
TSX VENTURE : AMW
FRANKFURT : E2GA

Alpha Minerals Inc.

November 04, 2013 03:45 ET

Anniversary Discovery Repeat-Alpha Minerals JV Reports New Uranium Strike on Land, Located 525m West of Discovery Zone R00E, PLS, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 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 a new uranium strike on land, completed almost a year after the day of the announcement of date of the first land based discovery at Patterson Lake South in 2012. This drill hole follows two earlier holes completed on line 600W at the PLS property in the Athabasca Basin, Saskatchewan. Of note is hole PLS13-118, which intersected 20.0m total composite mineralization 525m grid west of the initial discovery zone R00E. This discovery hole is considered a substantial achievement and a high priority for follow up. Additional drilling, part of the ongoing $9.2M, 49 hole, 14,700m drilling and ground geophysics survey program will therefore focus on this new zone.

Drilling Highlights include:

  • Discovery hole on line 600W located 525m west of the R00E zone
  • PLS13-118 intersected 20.0m of mineralization within a 25.0m section (174.5m to 199.5m), and weaker mineralization from 222.0m to 223.0m and 254.5m to 255.0m
  • The discovery on line 600W is on a 1755m trend with all five high-grade zones to the east (R00E, R390E, R585E, R780E, R945E), and with mineralization encountered on Line 1155E

Drill holes PLS13-116 and PLS13-118 were drilled on line 600W targeting a subtle radon in soil gas anomaly identified north of the PL-3B EM Conductor between lines 540W to 630W that may be associated with inferred north-south cross cutting structures (see news release Oct 7, 2013). The radon in soil gas survey was conducted by RadonEx Exploration Management of Montreal.

Line 600W:

The discovery hole on line 600W was the result of follow-up by drilling of a radon in soil gas anomaly identified during the summer program. The radon anomaly is located between lines 540W and 630W and may be associated with inferred north-south cross cutting structures interpreted from the DC resistivity survey. This anomaly lies along an ENE trend, parallel and just north of the PL-3B EM conductor.

Hole PLS13-116 (line 600W) was collared as an angled hole at an azimuth of 336 degrees and a dip of -74 degrees, and was completed to a depth of 323.0m. A narrow interval of weakly anomalous radioactivity was intersected from 143.0m to 144.0m within chlorite altered semipelitic gneiss. Basement bedrock was encountered at a down hole depth of 106.4m, or 102.3m vertically below the surface. The basement lithology is comprised predominantly of semipelitic gneiss with alternating narrow sequences of pelitic gneiss. Interpretation suggested that the stratigraphic sequence encountered was north of the desired graphitic and pyritic pelitic corridor, which is associated with high-grade mineralization further to the ENE.

Hole PLS13-118 (line 600W) was collared as a vertical hole and completed to a depth of 314.0m. The hole was drilled from the same collar location as hole PLS13-116. Basement was encountered at a depth of 97.2m, which is substantially higher than in hole PLS13-116 (102.3m), suggesting a reverse fault off-set between the holes. Mineralization encountered in PLS13-118 is approximately 50m south of the mineralization intersected in PLS13-116. A total composite of 20.0m of mineralization within 3 discrete intervals of moderate radioactive mineralization was intersected from 174.5m to 199.5m, in interval widths ranging from 3.0m to 9.0m. Visible pitchblende was observed as flecks, blebs, and redox interface fronts that correlated with the strongest radioactivity. Weaker radioactive mineralization was encountered from 222.0 to 223.0m and 254.5m to 255.0m. The upper part of the lithologic sequence (97.2m to 154.5m) is comprised of a quartzitic gneiss. From 154.5m to 297.9m a graphitic pyritic pelitic gneiss dominates, transitioning to a semipelitic gneiss from 297.9m to the end of hole depth of 314.0m. A diabase dyke is present from 287.3m to 294.5m. Local narrow intervals (2.1m to 3.6m wide) of moderate to steeply dipping mylonites and cataclasites are present between 166.6m to 265.9m. Evidence that prolonged and high volumes of uraniferous hydrothermal fluids have swept through this section of the PL-3B EM conductor corridor is indicated by the presence of dark smokey quartz, and abundant light green sudoite (Mg-chlorite). Moderate clay alteration (locally hematitic) is present throughout from 154.0m to 212.0m.

Line 600W

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Devonian
Sandstone
Base-
ment
Uncon-
formity
Total
Drill-
hole
Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS Peak Range From - To
(m)
Depth
(m)
Depth
(m)
PLS13-116 600W 336 -74 143 144 1.0 300 - 310 No Sandstone 106.4 323.0
PLS13-118 600W 007 -88 174.5 183.5 9.0 <300 - 680 No Sandstone 97.2 314.0
186.0 189.0 3.0 <300 - 750
191.5 199.5 8.0 314 - 5500
222.0 223.0 1.0 650 - 880
254.5 255.0 0.5 380
*Scintillometer Instrument: Exploranium GR-110G

The Company corrects an error from its news release reported on October 29, 2013 changing the high-grade intersection for drill hole PLS13-079 from 5.5m (91.5m - 97.0m) to 5.0m (92.0m - 97.0m). The grade remains the same at 19.51% U3O8 for this intersection.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

All holes are planned to be radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones. The Triple Gamma probe is preferred in zones of high grade mineralization.

Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC ICP 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 by MS-ICP and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.

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 currently acting as the operator. Drilling on Land WSW 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.

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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