Alpha Minerals JV Reports 43.0m of 1.93% U3O8, Including 5.0m of 9.91% U3O8 at R390E Zone, PLS, Athabasca Basin
November 14, 2013 (Source: Marketwired) — 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 to report assay results from five holes in the R390E zone at their Patterson Lake South (PLS) property, Saskatchewan. Holes PLS13-078, PLS13-081, PLS13-085, PLS13-086, PLS13-087A all returned wide intersections of mineralization at shallow depth and represent strong growth for the zone. Of particular note is hole PLS13-086 which returned 43m of 1.93% U3O8, including 5.0m of 9.91% U3O8.
After reporting some of the much higher grade intersections reported elsewhere in the PLS mineralized system, it is very important here to note that the conversion of percentage amounts of uranium to pounds per metric tonne is calculated by multiplying the percentage grade U3O8 by 22.04. This means that the apparently modest 1.93 % grade reported above is approximately 42.5 lbs per tonne. This is a high grade ore compared to the world average mined grade that is in the order of 0.1 -0.15% U3O8 (2.2lbs per tonne – 3.3 lbs per tonne).
It represents a very much higher grade than most mined ores in the World and occurs at relatively shallow depths. It is within the range of grade for many of the early mines that made the Athabasca Basin famous for its first series of long lived and productive uranium deposits, located around the margin of the sedimentary rocks of the Basin.
Drilling Highlights include:
PLS13-086 (line 330E)
- 43.0m (81.50m – 124.50m) of 1.93% U3O8 including:
- 5.0m (101.0m – 106.0m) of 9.91% U3O8
PLS13-085 (line 360E)
- 22.0m (82.50m – 104.50m) of 0.93% U3O8 including:
- 4.0m (85.0m – 89.0m) of 4.07% U3O8
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PLS13-078 (line 435E)
- 30.0m (85.00m – 115.0m) of 0.66% U3O8 including:
- 1.5m (96.50m – 98.0m) of 7.62% U3O8
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.
|1.||Minimum Thickness: 0.50m|
|2.||Grade Cut-off: 0.05 U3O8 (wt%)|
|3.||Maximum Internal Dilution: 2.00m|
Drillhole PLS13-078 (line 435E) was collared as a vertical hole and was completed at a depth of 224.0m. A 30.0m wide mineralized zone (85.0m to 115.0m) returned a composite interval of 0.66% U3O8. This included a higher grade interval that returned 7.62% U3O8 over 1.5m (96.5m – 98.0m). A second interval of mineralization returned 0.12% U3O8 over 7.5m (128.0m – 135.5m). The mineralization in PLS13-078 appears to be up-dip by about 17m from hole PLS13-073.
Drillhole PLS13-081 (line 405E) was collared as a vertical hole and was completed at a depth of 230.0m. The collar is located approximately 10m grid north of PLS13-064 (10.5m of 0.43% U3O8. An upper zone returned a value of 0.19% U3O8 over 18.5m (106.0m – 124.5m) and 0.06% U3O8 over 2.5m (127.0m – 129.5m).
Drillhole PLS13-085 (line 330E) was collared as a vertical hole and was completed to a depth of 224.0m. Multiple mineralized intervals were intersected ranging in width from 0.5m to 22.0m within a 120.0m down hole depth (58.5m to 178.5m). The strongest interval returned a value of 0.93% U3O8 over 22.0m (82.5m – 104.5m), which included a higher grade interval returning 4.07% U3O8 over 4.0m (85.0m – 89.0m).
Drillhole PLS13-086 (line 360E) was collared as a vertical hole and was completed to a depth of 263.0m. Multiple mineralized intervals were intersected ranging in width from 0.5m to 43.0m within a 98.5m down hole depth (75.5m to 174.0m). The strongest interval returned a value of 1.93% U3O8 over 43.0m (81.5m – 124.5m), which included a higher grade interval returning 9.91% U3O8 over 5.0m (101.0m – 106.0m).
Drillhole PLS13-087A (line 315E) was collared as a vertical hole and was completed to a depth of 227.0m. Multiple mineralized intervals were intersected ranging in width from 0.5m to 16.5m within a 67.5m down hole depth (47.5m to 113.0m). The strongest interval returned a value of 0.40% U3O8 over 8.5m (63.5m – 72.0m).
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 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.
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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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>