Alpha Minerals Reports 53m of 6.57% U3O8 With 10.5m of 29.26% U3O8 at Patterson Lake South JV, SW Athabasca Basin
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/13 -- Alpha Minerals Inc. ("Alpha" or "the Company") (TSX VENTURE: AMW)(FRANKFURT: E2GA), and its Joint Venture partner Fission Energy Corp. are pleased to report assay results from drill hole PLS13-051, part of its successful winter drill program and radon survey on its Patterson Lake South ("PLS") property.
PLS 13-051 Drilling Highlights:
-- 53.0m @ 6.57% U3O8;
-- Including 10.5m @ 29.26% U3O8
-- Highest assay in the interval: 44.6% U3O8 over 0.5m
PLS13-051, within zone R390E, is located 15m grid east of PLS13-038 (see news release dated March 24, 2013) in which assays included 4.92% over 34m and today's assays represent the best results to date. Like drill hole PLS 13 - 038, this latest drill hole was targeted within the large radon anomaly in lake water sampling identified in earlier work this year by the Joint Venture. The radon anomaly extends beyond the area drilled to date.
The drill hole was vertical and intersected the mineralization within a steeply dipping interval of graphitic meta pelitic rock. All measurements of length reflect drill core lengths here and have not been estimated as true widths. There is significant matching of similar assays or scintillometer evaluations of the drill holes in this zone over a strike length now exceeding 30 meters and all well within the radon anomaly.
An extension of the radon survey is currently being carried out to extend the original experimental radon work. The results of which, to date, include the discovery of zones R390E and R790E indicating that significant uranium mineralization is a source, more than 50 meter deep, of the radon anomalies in those zones.
Composited U3O8 mineralized intervals are summarized in Table 1 below. The results show that the uranium is concentrated continuously throughout the 53m interval (95.0m - 148.0m), and with a 19m wide higher grade core (101.5m - 120.5m) that averages 17.28% U3O8. Within the higher grade core is a 10.5m wide interval (107.5m - 118.0m) which grades 29.26% U3O8. Not all assay results have been received for PLS13-051, but the outstanding intervals are not expected to contain anomalous uranium values.
Table 1:
Composited Mineralized Intervals (Down-hole measurements - not true widths)
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Grid From To Interval U3O8
Zone Hole ID Line (m) (m) (m) (wt%)
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R390E PLS13-051 405W 76.00 77.00 1.00 0.10
79.50 80.00 0.50 0.06
95.00 148.00 53.00 6.57
107.50 118.00 10.50 29.26
157.00 159.50 2.50 0.10
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Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m
Hole PLS13-051 was collared as a vertical hole and was completed at a depth of 282.5m. The collar is located 405m grid east of discovery hole PLS12-022 (8.5m @ 1.07% U3O8; see news release December 5, 2012). The relevant geological features of the hole are as follows: At 48.2m depth, a thin (3.4m wide) cap of probable Devonian Sandstone was encountered which overlies alternating sequences of quartzitic and pelitic gneiss to 120m. Graphitic shear zones, +/- sulphides, dominate from 120.0m to 213.1m. From 213.1m - 282.5 (EOH) basement rocks consist of pelitic and semipelitic gneiss. The main mineralized horizon was encountered from 95.0m - 148.0m and is associated with the transition from a quartz-feldspar gneiss above to a pelitic gneiss below. Uranium mineralization occurs as flecks, blebs, clots, veins, semi-massive and wormhole style.
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.
Alpha "Area" Properties
Alpha Minerals also is carrying out exploration on a uranium project next to the Cluff Lake Mine licence. The Company holds a large claim block over its Hook Lake property that covers the northern extensions of the fertile Patterson Lake and Derkson Conductor trends and is flanked by the Purepoint-Cameco-Areva JV and the Nexgen-Clermont project area. Further work is planned for this year on all properties.
Staking activity in the area surrounding the JV accelerated this year with more than twice the area occupied by the JV now covered with new tie on claims. Updated maps highlighting the 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
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.
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
