Alpha Minerals JV Expands Current Drill Program to $9.2 Million Drilling Land-Based Targets West of R00E Zone
October 7, 2013 (Source: Marketwired) — Alpha Minerals Inc. (TSX VENTURE:AMW), (the “Company” or “Alpha”), and its 50% Joint Venture partner Fission Uranium Corp are pleased to announce a $2.25M expansion of the ongoing summer programme, to bring the total budget to $9.2M. An additional 3,700m will be added to the current program, bringing the expected total drilling to 14,700m in 49 holes. The additional drill meters will be used to test highly prospective targets west of the R00E zone (along the same PL-3B corridor that hosts the in-situ basement high-grade uranium mineralization). The highest priority areas are between lines 360W and 860W – identified by a recent Radonex soil gas survey that detailed a broader radon coverage from the 2011 field work, ground geophysics and 2012 winter and fall drill programme results.
The programme will move from barge drilling on the lake, to land-based targets, where at least 11 holes will be targeted.
Previous drilling in 2012 along this corridor to the west of the first discovery at R00E had highly prospective results. Critical clay alteration was observed in the three holes (PLS12-013, -014, and -015) drilled prior to the drilling of hole PLS12-16 (April 2012), which was drilled 10 meters south of the November 2012 discovery hole. Drill hole PLS12-013 intersected 19.5m of anomalous radioactivity with corresponding elevated uranium (averaging 134 ppm U) (see news release dated April 18, 2012 and July 24, 2012) and holes PLS12-014 and -015 both intersected variable narrow intervals of anomalous radioactivity (see news release dated April 25, 2012). Supported by electromagnetic (EM) and DC resistivity mapping, these recent land radon targets are now defined as high priority.
A map showing the location of the land based targets can be found at: http://www.alphaminerals.ca/project/patterson-lake-south/
A land based radon survey that covered 615m of strike length of the PL-3B conductor to the west of R00E was completed in late August. A total of 434 stations were recorded on 17 lines, with line spacing varying between 20 to 50m (Figure 1). Two subtle anomalous areas are obvious north of the PL-3B EM conductor (340W to 430W and 540W to 630W) and appear to be associated with inferred north-south cross cutting structures (interpreted from the resistivity survey). Another strong radon anomaly is located north of the PL-3B conductor from lines 120W to 180W, which also represents compelling drill targets as mineralization at the R00E zone is consistently situated north of the PL-3B conductor. These radon anomalies will be used to help guide the specific drill hole targeting west along the PL-3B EM conductor.
For additional comments about the Summer 2013 Program, please watch a corporate video at the Alpha Minerals website: http://www.alphaminerals.ca/corporate-videos/
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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.
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>