(TheNewswire)
March 1, 2024 – TheNewswire - Alpha Exploration Ltd.(“Alpha” or the “Company”) (TSXV:ALEX) announces further drillingresults from a 10,000m drill program underway on its Aburna GoldProspect ( “Aburna” ) on the Company’s 100% owned,771 km² Kerkasha Project located in Eritrea. Drilling consists ofboth reverse-circulation (“RC”) drilling and diamond core(“DC”) drilling.
HIGHLIGHTS:
-
18m @ 15.33 g/t Au from RC-DC holeABD012 (Hill 52)
-
49m @ 2.75 g/t Au (including 7m @14.90g/t Au) from RC-DC hole ABD013 (Hill 52)
-
Highest grade mineralizationintersected to data across the Aburna project
-
Drilling extends wide, high-gradezone to over 200 metres at Hill 52
-
Shallow plunging geometry of goldmineralization now confirmed at Central Area and Hill 52
Assays have been received from a further 16 holescompleted over the Hill 52, Central and Northeast Area prospects onAburna. Hole ABD012 intersected 15.33 g/t Au over 18m and was drilled as astep out along strike from existing high- grade mineralization thatincluded holes ABD001 (20m@ 7.70 g/t Au). ABD013, a step out fromABD012, intersected 49m @ 2.75g/t Au a nd included two separate higher-gradezones of 7m @ 14.90 g/t Au and2m @ 6.19 g/t Au at shallow depths (<70m fromsurface).
In combination, holes ABD012 and ABD013 havesignificantly extended a wide, high-grade zone of mineralization thatwas originally defined in 2022 by the Company and reported in drillholes ABR005 (15m @ 5.85 g/t Au), ABR018 (8m @ 5.47 g/t Au) and ABD001(20m @ 7.70 g/t Au) – see Figure 2, below.
Additional new results include hole ABR114 (6m @ 4.5 g/t Au and 2m @ 11.91 g/tAu ), that has further defined a separatemineralized structure within Hill 52.
Aburna is a major, district scale orogenic goldprospect covering an area of at least 7km long and 2km wide and is oneof the three significant discoveries made by Alpha on the Kerkashalicence in the last three years. Exploration to date by Alpha on theproject has defined six primary areas of interest, and has establishedsignificant high-grade gold mineralized systems at Central Area, Hill52 and Northeast Area (see Figure 1, below)
Michael Hopley, Alpha President & CEOsaid, “Weare very pleased to report these spectacular results from the ongoingdrill program at Aburna. In particular, holes ABD012 and ABD013 haveexceeded all of our expectations by extending to over 200m ahigh-grade shoot originally identified in 2022. ABD012 (15.33 g/t Auover 18 metres) and translating to >275 gram metres is the highestgrade result we have reported on the Aburna project.
The identificationof shallow, plunging high-grade mineralization at Hill 52 followingsimilar confirmation at Central Area last month, is testament to thestrength of our technical team and the work completed to date. Theteam is already preparing additional drill targets to extend this zonefurther which remains open down dip and down plunge, with drillingexpected to restart in the next few weeks.
We look forward toreporting further assay results on the project as data is released aswell as the imminent start of the second phase of the 10,000 metredrill program at Aburna.”
A further 19 drillholes have been completed at Aburnaand these have principally been completed at the Hill 52 prospect (11holes), 3 drillholes at the Central Area with a further 5 drillholesat Northeast Area. Of the 11 holes completed at Hill 52, five (ABD116,-118,-120,-121 and -122) are partiallyreported and are awaiting assays from the diamond core ‘tail’ ofdrillholes which are expected shortly.
TheCompany commenced the current drill program in December 2023. To date,33 drillholes for 6,033 metres have been drilled at Central Area (13drillholes), Hill 52 (11 drillholes) and Northeast Area (9drillholes). Further assay results have been received from 16 of these33 drillholes. A full table of significant intercepts from assayresults received to date is available in Table 1, below.
Shallow plunging goldmineralization confirmed at Hill 52 and Central Areas, Aburna
Drilling completed at Aburna last year,(https://alpha-exploration.com/alpha-reports-drill-results-from-aburna-gold-prospect-includes-9m-10-g-t-gold/)established the potential that shallow plunging mineralized“shoots” exist at several prospects within Aburna includingNortheast, Central and Hill 52 areas. These mineralized “shoots“plunge at an azimuth of 065-070 degrees to the east-northeast.
Drilling in both Central and Hill 52 areas has nowconfirmed that mineralization at Aburna plunges as expected. AtCentral Area, consistent, wide, lower-grade gold mineralizationextends over 300m in the down plunge orientation. At Hill 52mineralization is less consistent but equally as wide containingmultiple zones of high-grade mineralization extending over 200m in thedown plunge orientation see (https://alphaexploration.com/wpcontent/uploads/2024/01/30JAN2024_PR_Alpha_Drilling-Results.pdf).
The highly mineralized shoot at Hill 52 as defined byAND001 and ANR008 (2022) and recent drillholes AND012 and AND013(additional assays pending), is proving to be larger in size andhigher in grade than expected. The shoot daylights at AND001 and 80mto the NE at AND013, mineralization is intersected 10m below thesurface suggesting a very shallow plunge at an azimuth of 068°. Theshoot is wholly contained within a highly foliated portion of a largershear zone. The higher-grade portions of the shoot are developedwithin dilate areas created by internal structures within the shearzone. The high-grade zones are generally contained within an envelopeof lower-grade material that is often 50m to 60m wide (i.e., ABD012with 49m @ 2.75 g/t Au). The Hill 52 shoot is fairly well defined for200m along strike and is open down dip and down plunge. Its size andgrade are a key focus for Alpha as we look to extend the primarymineralized shoots at all three sub-areas on the Aburna prospect.
Figure 1: Map of Aburna with mainprospects defined and drilling completed to date
Figure 2: Hill 52 - new drilling(yellow boxes, collars) and existing mineralization (white boxes,collars)
Figure 3 (a), (b): Drill core fromholes ABD012 & ABD013 showing high grade mineralization
Figure 4: Photos from drillingprogram
Table 1: Significant drillingintercepts from assays received
Aburna Prospect | Drillhole ID | from (m) | to (m) | Significant Interval |
Northeast | ABRD111 | 127 | 140 | 13m @ 0.37 g/t Au |
DC-tail pending | ||||
Northeast | ABR112 | 44 | 47 | 3m @ 0.72 g/t Au |
and | 107 | 108 | 1m @ 1.10 g/t Au | |
and | 114 | 118 | 4m @ 0.25 g/t Au | |
Northeast | ABR113 | 75 | 79 | 4m @ 1.06 g/t Au |
and | 98 | 101 | 3m @ 0.24 g/t Au | |
Hill 52 | ABR114 | 60 | 66 | 6m @ 4.50 g/t Au |
including | 62 | 64 | 2m @ 11.91 g/t Au | |
and | 80 | 90 | 10m @ 1.04 g/t Au | |
and | 101 | 102 | 1m @ 1.48 g/t Au | |
and | 120 | 121 | 1m @ 1.36 g/t Au | |
Hill 52 | ABR115 | 2 | 7 | 5m @ 0.20 g/t Au |
and | 57 | 61 | 4m @ 0.50 g/t Au | |
and | 135 | 141 | 6m @ 0.46 g/t Au | |
and | 149 | 156 | 7m @ 0.50 g/t Au | |
and | 161 | 166 | 5m @ 0.46 g/t Au | |
Northeast | ABRD116 | 107 | 114 | 7m @ 0,21 g/t Au |
and | 130 | 135 | 5m @ 0.43 g/t Au | |
and | 138 | 150 | 12m @ 0.71 g/t Au | |
DC-tail pending | ||||
Northeast | ABR117 | 86 | 89 | 3m @ 0.74 g/t Au |
Central | ABRD118 | 60 | 65 | 5m @ 0.20 g/t Au |
and | 134 | 135 | 2m @ 4.44 g/t Au | |
DC-tail pending | ||||
Hill 52 | ABR119 | 4 | 11 | 7m @ 1.63 g/t Au |
including | 4 | 6 | 2m @ 4.36 g/t Au | |
and | 16 | 24 | 8m @ 0.94 g/t Au | |
including | 22 | 23 | 1m @ 3.85 g/t Au | |
and | 27 | 28 | 1m @ 1.07 g/t Au | |
and | 43 | 52 | 9m @ 0.23 g/t Au | |
and | 84 | 89 | 5m @ 0.23 g/t Au | |
and | 100 | 102 | 2m @ 1.74 g/t Au | |
and | 110 | 112 | 2m @ 1.94 g/t Au | |
and | 119 | 122 | 3m @ 0.72 g/t Au | |
Central | ABRD120 | 90 | 95 | 5m @ 1.36 g/t Au |
and | 134 | 142 | 8m @ 1.02 g/t Au | |
DC-tail pending | ||||
Central | ABRD121 | 145 | 150 | 5m @ 3.38 g/t Au |
and | 156 | 157 | 1m @ 1.44 g/t Au | |
DC-tail pending | ||||
Hill 52 | ABRD122 | 41 | 44 | 3m @ 0.47 g/t Au |
and | 63 | 70 | 7m @ 0.22 g/t Au | |
and | 79 | 80 | 1m @ 1.07 g/t Au | |
and | 93 | 96 | 3m @ 0.53 g/t Au | |
and | 122 | 127 | 5m @ 1.72 g/t Au | |
including | 125 | 125 | 1m @ 6.3 g/t Au | |
DC-tail pending | ||||
Hill 52 | ABRD123 | 55 | 59 | 4m @ 0.21 g/t Au |
and | 77 | 80 | 3m @ 0.40 g/t Au | |
and | 92 | 97 | 5m @ 1.87 g/t Au | |
including | 93 | 95 | 2m @ 4.30 g/t Au | |
and | 107 | 111 | 4m @ 0.26 g/t Au | |
and | 115 | 118 | 3m @ 1.11 g/t Au | |
Hill 52 | ABD011 | 30 | 38 | 8m @ 0.54 g/t Au |
and | 59 | 68 | 9m @ 0.80 g/t Au | |
and | 75 | 83 | 8m @ 0.42 g/t Au | |
and | 97 | 100 | 3m @ 0,23 g/t Au | |
and | 109 | 116 | 7m @ 0.67 g/t Au | |
and | 132 | 140 | 8m @ 0.46 g/t Au | |
Hill 52 | ABRD012 | 39 | 52 | 13m @ 0.61 g/t Au |
and | 70 | 76 | 6m @ 1.67 g/t Au | |
including | 71 | 72 | 1m @ 8.89 g/t Au | |
and | 98 | 106 | 8m @ 0.57 g/t Au | |
and | 114 | 132 | 18m @ 15.33 g/t Au | |
and | 149 | 153 | 4m @ 0.38 g/t Au | |
and | 230 | 233 | 3m @ 0.21 g/t Au | |
Hill 52 | ABD013 | 7 | 15 | 8m @ 1.03 g/t Au |
and | 18 | 67 | 49m @ 2.75 g/t Au | |
including | 34 | 41 | 7m @14.90 g/t Au | |
including | 60 | 62 | 2m @ 6.19 g/t Au | |
and | 70 | 73 | 3m @ 0.52 g/t Au | |
and | 115 | 120 | 5m @ 0.28 g/t Au |
A significant interval is defined byconsecutive one-meter intervals starting and ending at 0.20 g/t Au orbetter. A significant interval must be at least 3m long. Internaldilution is limited to 2 consecutive intervals of <0.20 g/t Au.Multiple internal dilutions are allowed. Single one-meter intervals of1.00 g/t Au or greater are also considered significant. At this earlystage of exploration, the true widths of intersections is not knownbut is estimated to be at least 80% of the reported intervals.
Sampling, Sub-samplingand Analysis
Alpha engaged an independent Consultancy, RSC Mining& Mineral Exploration (RSC) to develop a Standard OperatingProcedure (“SOP”) for both RC and DD drill samples in June 2021and all samples in this release use this RSC SOP. The RSC SOP utilizesblank standards and industry standards that are inserted at thebeginning and end of every batch (and every 20 samples within thebatch) for all batches submitted to ALS for assay. Additionally, fieldreplicates are taken at a frequency of about 1 in 5 (20%) throughmineralized areas.
One-meter samples from both RC and DD drilling werecrushed (to >90% passing 2.0 mm) and pulverised (to >85% passing75 ?m). Two scoop samples were taken from the pulveriser bowl:approximately 130g for laboratory analysis and approximately 150g forportable X-ray fluorescence (pXRF) analysis. The coarse and pulprejects were stored at Alpha’s warehouse in Asmara. The Companyinserted certified reference material from OREAS (www.ore.com.au) intothe sample stream, while Nabro sample preparation facility insertedbarren granodiorite material into the sample stream as a blank.Samples were shipped to ALS Geochemistry (ALS), Loughrea, Ireland, foranalysis. ALS analysed all drill samples for gold by method Au-AA26(50 g charge fire assay, AAS finish). ALS is independent of theCompany and its quality management systems framework is accredited toISO/IEC 17025:2005 or certified to ISO 9001:2015 standards.
Alpha Extends ClosingDate of Private Placement Financing
Further to the Company’s press releases datedNovember 15, 2023, December 8, 2023, January 2, 2024 and February 7,2024, Alpha is pleased to announce that the TSX Venture Exchange (the “Exchange” ) has agreed to extend the closing of the second tranche ofits previously announced non-brokered private placement of units inthe capital of the Corporation ( “Units” ) of up to $5,000,000.00 at apurchase price of $0.70 per Unit (the “Offering Price” ), (the “Offering” ) until March 31, 2024. Thefirst tranche of the Offering closed after market close on December 7,2023, for total aggregate gross proceeds of $4,180,001.00 aspreviously announced by the Corporation. The principal use of theproceeds of the Offering will be for funding ongoing exploration workon the Kerkasha Project in Eritrea, operating and administrativeexpenses, working capital and general corporate purposes.
Certain Insiders of the Corporation (as such term isdefined under the policies of the TSXV) may participate in theOffering. The participation of Insiders in the Offering wouldconstitute a “related party transaction” within the meaning ofMultilateral Instrument 61-101 – Protection of Minority SecurityHolders in Special Transactions ( “MI 61-101” ). The Corporation intends onrelying upon exemptions from the formal valuation and minorityapproval requirements of MI 61-101 based on a determination that thefair market value of the Offering, insofar as it involves the relatedparties, will not exceed $2,500,000.
Further details relating to the closing of the secondtranche of the Offering will be provided in due course. For more information concerning the Corporation, please referto the Corporation’s profile on the SEDAR website at www.sedar.com or at the Corporation’s website at https://alpha-exploration.com/ .
Alpha (TSX-V:ALEX) is an exploration company that israpidly advancing a number of important gold and base metaldiscoveries across its 100% owned, large (771 km 2 ) KerkashaProject in Eritrea.
The Aburna Gold Prospect is an exciting new golddiscovery where recent drilling has established a high-grade discoverywith grades including 16 m @ 14.07 g/t Au, 9 m @ 10 g/t Au and 23 m @6.74 g/t Au. The Anagulu Gold-Copper Prospect includes recent drillingintersections of 108 m @ 1.24 g/t Au and 0.60% Cu and 49 m @ 2.42 g/tAu and 1.10% Cu within a porphyry unit mapped over at a >2 kmstrike length. The Company has also advanced the Tolegimjavolcanogenic massive sulphide copper-zinc-gold Prospect and over 17other gold prospects since listing in 2021.
The Company is managed by a group of highly experiencedand successful professionals with long track records of establishing,building and successfully exiting a number of world class gold andbase metals discoveries in Eritrea and across the wider Arabian NubianShield.
For further information go to the Alpha webpage atwww.alpha-exploration.com or contact:
Michael Hopley
President and Chief ExecutiveOfficer
Alpha Exploration Ltd.
Email: mhopley@alpha-exploration.com
Tel: +44 207129 1148
All scientific and technical information in this pressrelease, including the results of the Aburna drill program and howthese results relate to the ongoing exploration at the KerkashaProject has been reviewed, verified, and approved by Michael Hopley,President, Chief Executive Officer of Alpha and a “qualifiedperson” for the purposes of National Instrument 43-101 – Standards of Disclosure for MineralProjects.
This press release is intended for distribution inCanada only and is not intended for distribution to United Statesnewswire services or dissemination in the United States.
Certain statements and informationherein, including all statements that are not historical facts,contain forward-looking statements and forward-looking informationwithin the meaning of applicable securities laws. Such forward-lookingstatements or information include but are not limited to statements orinformation with respect to future dataset interpretations, sampling,plans for its projects (including the Anagulu prospect), surveysrelated to Alpha’s assets, and the Company’s drilling program.Often, but not always, forward-looking statements or information canbe identified by the use of words such as “estimate”,“project”, “belief”, “anticipate”, “intend”,“expect”, “plan”, “predict”, “may” or “should” andthe negative of these words or such variations thereon or comparableterminology are intended to identify forward-looking statements andinformation. With respect to forward-looking statements andinformation contained herein, Alpha has made numerous assumptionsincluding among other things, assumptions about general business andeconomic conditions and the price of gold and other minerals. Theforegoing list of assumptions is not exhaustive.
Although management of Alphabelieves that the assumptions made and the expectations represented bysuch statements or information are reasonable, there can be noassurance that forward-looking statements or information herein willprove to be accurate. Forward-looking statements and information bytheir nature are based on assumptions and involve known and unknownrisks, uncertainties and other factors which may cause actual results,performance or achievements, or industry results, to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements orinformation. These factors include, but are not limited to: risksrelating to Alpha’s financing efforts; risks associated with thebusiness of Alpha given its limited operating history; business andeconomic conditions in the mining industry generally; the supply anddemand for labour and other project inputs; changes in commodityprices; changes in interest and currency exchange rates; risksrelating to inaccurate geological and engineering assumptions(including with respect to the tonnage, grade and recoverability ofreserves and resources); risks relating to unanticipated operationaldifficulties (including failure of equipment or processes to operatein accordance with specifications or expectations, cost escalation,unavailability of materials and equipment, government action or delaysin the receipt of government approvals, industrial disturbances orother job action, and unanticipated events related to health, safety and environmentalmatters); risks relating to adverse weather conditions; political riskand social unrest; changes in general economic conditions orconditions in the financial markets; changes in laws (includingregulations respecting mining concessions); risks related to thedirect and indirect impact of COVID-19 including, but not limited to,its impact on general economic conditions, the ability to obtainfinancing as required, and causing potential delays to explorationactivities; those factors discussed under the heading “RiskFactors” in the Final Prospectus; and other risk factors as detailedfrom time to time. Alpha does not undertake to update anyforward-looking information, except in accordance with applicablesecurities laws.
Copyright (c) 2024 TheNewswire - All rights reserved.