Alpha Minerals Reports More High Grade Uranium Including 37.5m @ 1.17% U3O8 at Patterson Lake South Property, Athabasca Basin
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/10/13 -- Alpha Minerals Inc. ("Alpha" or "the Company") (TSX VENTURE: AMW)(FRANKFURT: E2GA), and its Joint Venture partner Fission Energy Corp. are pleased to report further assay results from twelve diamond drill holes in the R00E zone on its Patterson Lake South ("PLS") Property. The data confirm previously reported radioactivity to outline a relatively flat lying zone of continuous, near-surface uranium mineralization. Select highlights from drill holes on grid Line 025W include:
-- Hole PLS13-037 (Line 025W) intersected several multiple intervals of
mineralization totaling 23m including:
-- 7.5m grading 2.25% U3O8 (71.0m-78.5m)
-- 2.0m grading 6.31% U3O8 (105.0m - 107.0m)
-- 2.0m grading 12.4% U3O8 (120.0m - 122.0m)
-- Hole PLS13-027 (Line 025W) intersected:
-- 37.5m (61.0m-98.5m) grading 1.17% U3O8, including:
-- 13.0m of 1.97% U3O8 (78.0m - 91.0m)
-- Hole PLS13-029 (Line 025W) intersected:
-- 30.0m (63.0m-93.0m) grading 0.76% U3O8, including:
-- 3.5m grading 3.57% U3O8 and a further 3.5m grading 2.08% U3O8
Uranium mineralization on L090E (shown in Table 1 below) is located some 115 m to the east of the aforementioned holes on Line 25 W, and underscores the strike-length potential of the R00E zone. Radioactivity and uranium mineralization previously reported from Zones R390E and R780E, located 390 m and 780 m east respectively of R00E Zone underscore the strike extent the overall Patterson Lake uranium hydrothermal system.
The 2013 winter drill program is now complete, with radon surveying started in February ongoing for as long as ice conditions permit. A total of 10,182.6m of diamond drilling was completed in 46 drill holes. Radioactivity data from all drill holes not previously reported will be released as soon as data compilation and integration is complete. Additional drilling is required to continue to delineate the mineralized area.
Assay Data
Composited U3O8 assays from mineralized intervals in twelve drill holes are summarized in Table 1 below.
Seven of the holes reported herein are located on the central area of the R00E zone, from Lines 025W (holes PLS13-026, 027, 029, 031, 033 and 037) and 010W (PLS13-035). All seven holes intersected uranium assays greater than 0.05% U3O8 over widths greater than 0.5m. Assay results confirm the presence of a relatively flat lying zone of continuous uranium mineralization at near-surface depth. Hole PLS13-037, the furthest-most hole to the south on Line 025W, intersected multiple zones of uranium, including 3 discrete intervals between 60m and 87.5m depth that appear to be correlated with the flat lying mineralization of the other holes on the same section line. In addition there are multiple zones of uranium mineralization between 105.0m - 180.5m depth which may be indicative of mineralization associated with a steeply dipping fault system.
Five of the holes reported herein are located farther to the east on Line 090E (PLS13-028, 030 and 033) and Line 105E (PLS13-034 and 036). Two of these holes are weakly mineralized (PLS13-028 and 032), underscoring the potential for a significant eastward extension to the R00E zone, or alternatively, a separate uranium zone.
Table 1: Composited Mineralized Intervals (Down-hole measurements)
----------------------------------------------------------------------------
Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
R00E PLS13-026 025W 63.00 84.50 21.50 0.77
73.50 81.50 8.00 1.41
88.50 89.50 1.00 0.13
----------------------------------------------------------------------
PLS13-027 025W 61.00 98.50 37.50 1.06
78.00 91.00 13.00 1.97
106.00 106.50 0.50 0.06
144.50 145.00 0.50 0.19
----------------------------------------------------------------------
PLS13-028 090E 48.50 52.50 4.00 0.16
----------------------------------------------------------------------
PLS13-029 025W 63.00 93.00 30.00 0.76
81.50 85.00 3.50 3.57
88.50 92.00 3.50 2.08
----------------------------------------------------------------------
PLS13-030 090E No significant mineralization
----------------------------------------------------------------------
PLS13-031 025W 68.50 92.00 23.50 0.67
82.50 90.00 7.50 1.58
----------------------------------------------------------------------
PLS13-032 090E 49.00 50.50 1.50 0.05
----------------------------------------------------------------------
PLS13-033 025W 70.00 72.00 2.00 0.17
77.00 77.50 0.50 0.06
86.00 87.50 1.50 0.15
92.00 93.00 1.00 0.09
----------------------------------------------------------------------
PLS13-034 105E No significant mineralization
----------------------------------------------------------------------
PLS13-035 010W 62.00 71.50 9.50 0.39
78.00 86.50 8.50 0.96
81.00 85.50 4.50 1.57
121.50 122.00 0.50 0.07
----------------------------------------------------------------------
PLS13-036 105E No significant mineralization
----------------------------------------------------------------------
PLS13-037 025W 60.00 62.00 2.00 0.12
71.00 78.50 7.50 2.25
74.00 76.00 2.00 7.43
83.50 87.50 4.00 0.09
105.00 107.00 2.00 6.31
109.50 110.00 0.50 0.10
113.50 116.00 2.50 0.13
119.00 122.50 3.50 7.27
120.00 122.00 2.00 12.40
124.50 125.00 0.50 0.06
180.00 180.50 0.50 0.07
----------------------------------------------------------------------------
Samples from the drill core are split in half on site. Most samples are standardized at half metre core intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference.
Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return greater than 500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. Further assay results will be released when received.
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 Energy (FIS). The Joint Venture property is 100% owned with no underlying royalties or vendor payments. Fission is the Operator 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, (greater than 60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. Staking activity in the area surrounding the JV has accelerated with almost twice the area occupied by the JV now covered with new tie on claims. Updated maps highlighting the current drilling programs for PLS can be found on the Company's website at www.alphaminerals.ca.
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, President, CEO and Director
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.
Contacts:
Alpha Minerals Inc.
Robert (Bob) Meister
Vancouver, BC
(604) 629-0293 or Toll Free: 1-866-629-0293
info@alphaminerals.ca
www.alphaminerals.ca
