Alpha Minerals Agrees to JV Budget for Patterson Lake South, Athabasca Basin, Drill Program
May 21, 2013 — VANCOUVER, BRITISH COLUMBIA (Source: Marketwired) — Alpha Minerals Inc. (TSX VENTURE:AMW)(FRANKFURT:E2GA) (“Alpha” or “the Company”) and its 50% Joint Venture partner Fission Uranium Corp. (formerly Fission Energy Corp.) are pleased to announce that a $6.95 million summer and fall drill program has been set by the companies for their Patterson Lake South (“PLS”) property on the southwest side of Saskatchewan’s Athabasca Basin.
This next drill program will focus on continuing delineation of the three uranium zones discovered to date at Patterson Lake South (Zones R00E, R390E and R780E), as well as testing the highest priority radon anomalies developed from the winter 2013 surveys. The summer drill program will utilize two diamond-core drill rigs and an RC rig and three barges.
The radon survey targets were important in the discovery of the first high-grade step out holes drilled at zones R390E and R780E at Patterson Lake South, which included hole PLS13-038 (Alpha news February 19, 2013). The recently announced radon survey results (Alpha news May 6, 2013), an extension of the previous radon survey by Radonex Ltd. at the Patterson Lake South Property, was highlighted by the confirmation of 11 discrete radon anomalies.
Other additional work during this period will include:
- Sampling for the purpose of metallurgical testing.
- A start will be made on establishing an environmental base line study in order to have independent data recovered over a sufficient time period for future environmental reporting purposes.
Key Technical Information
- The exploration target at PLS is shallow, high-grade uranium mineralization hosted in basement rocks at approximately 50m below surface (ie. below glacial till and sediments).
- Uranium intersected to date is 3.8 to 4.6km to northeast of a uranium boulder field discovered at in June 2011. This boulder field is one of the largest high-grade uranium boulder fields known in the Athabasca Basin district.
- The PLS area remains highly-prospective both in the immediate area of the discovery and over several kilometers along the ENE -WSW strike of the Conductor Corridor.
Patterson Lake South Property
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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.
Garrett Ainsworth, P.Geo., Vice President Exploration is the Qualified Person as defined by National Instrument 43-101 who was project manager of the winter 2013 work program at Patterson Lake South. The technical information in this news release has been prepared in accordance with National Instrument 43-101 and reviewed on behalf of Alpha Minerals Inc., by Ben Ainsworth, P.Eng., a Qualified Person.
On behalf of the Board of Directors of Alpha Minerals Inc.
Ben Ainsworth, President, CEO and Director
Please refer to the Alpha Minerals Inc. website (www.alphaminerals.ca) for further and 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>