Press Release |
Alpha Minerals Inc. : Alpha Minerals Reports 34m of 4.92% U3O8, Including 12.5m at 12.38% U3O8 in Drill Hole PLS13-038, Patterson Lake South JV.
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For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130325:nHUGd0bp Suite 408 - 1199 West Pender St. Vancouver, B.C., V6E 2R1 Phone: (604) 629-0293 Fax: (604) 684-9365 Trading Symbols: TSX.V: AMW Frankfurt: E2GA Sunday March 24th, 2013, Alpha Minerals Inc. ("Alpha" or "the Company") (TSX.V: AMW), and its Joint Venture partner Fission Energy Corp. are pleased to report initial assay results from the ongoing winter drill program on its Patterson Lake South ("PLS") Property. These assay results are from drill hole PLS13-038, the first hole drilled on the R390E zone. PLS13-038 is part of the R390E zone located 385m drill grid east of the Patterson Lake discovery hole PLS12-022 at the R000E zone (see news release February 9, 2013). Composited drill hole mineralized intersections for PLS13-038 returned two broad zones of uranium mineralization: UPPER URANIUM ZONE = 34m (87.0m - 121.0m): § 34.0m @ 4.92% U3O8; Grade times Thickness Product = 167.3 § Includes 12.5m @ 12.38% U3O8 § Including 0.5m @ 35.10% U3O8 LOWER URANIUM ZONE = 17.5m (126.5m - 144.0m): § 17.5m @ 0.96% U3O8; Grade times Thickness Product = 16.8 § Includes 5.5m @ 2.07% U3O8 All intersections reported here are core length measurements and not true width measurements - actual true widths may be smaller than core lengths. Composited U3O8 mineralized intervals are summarized in Table 1 below Samples from the drill core are split in half on site. Most 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. The results show that the uranium is concentrated primarily two zones beginning at relatively shallow depth in basement graphitic metapelitic lithology and with continuous substantial widths. Uranium concentration is relatively consistent throughout the mineralized sections. In addition, there are several narrower intervals of low grade uranium mineralization between 165.0m - 181.0m. Not all assay results have been received for PLS13-038- samples yet to be received are from non-radioactive intervals. Table 1: Composited Mineralized Intervals (Down-hole measurements) Zone Hole ID Grid Line From (m) To (m) Interval (m) U3O8 (wt%) R390E PLS13-038 385E 73.50 74.50 1.00 0.08 87.00 121.00 34.00 4.92 94.50 107.00 12.50 12.38 106.00 106.50 0.50 35.10 126.50 144.00 17.50 0.96 133.00 138.50 5.50 2.07 165.00 168.00 3.00 0.09 170.50 171.00 0.50 0.15 174.00 181.00 7.00 0.15 Composite Parameters 1. Minimum Thickness: 0.50m 2. Grade Cut-Off: 0.05 U3O8 (wt%) 3. Maximum Internal Dilution: 2.00m Hole PLS13-038 is vertical, and completed to a depth of 221.6m. It is located 385m grid east of discovery hole PLS12-022 at R00E Zone (8.5m @ 1.07% U3O8; see news release December 5, 2012). Drill hole geology is as reported previously (February 19, 2013) Base of till is at 48.8m depth. There is a thin (1.9m wide) cap of probable Devonian Sandstone was encountered which overlies the semi-pelite gneiss hanging wall that constrains an intercalated package of pelite graphitic pelite gneiss. Occasional pegmatite injections were observed throughout the pelite, graphitic pelite, and semi-pelite units. In general, the strong mineralization is associated with flecks, blebs, clots, and veins of pitchblende. Of note, wormrock- style uranium mineralization was observed for the first time. Moderate to strong clay, chlorite, and hematite alteration were observed throughout the mineralization. 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 >500ppm U, are assayed for weight % U3O8, (sic - Fission Energy Corp) as well as fire assayed for gold. Further assay results of some of the earlier drill holes have also been received and will be released as compilation is completed. 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, (>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 http://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 For corporate communications please contact: Robert (Bob) Meister Alpha Minerals Inc. Vancouver, BC Phone: (604) 629-0293 Toll Free: 1-866-629-0293 Email: email@example.com mailto:firstname.lastname@example.org Please refer to the Alpha Minerals Inc. website (www.alphaminerals.ca http://www.alphamiinerals.ca/ ) for further and 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. ---------------------------------------------------------------------------------------------------- This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Alpha Minerals Inc. via Thomson Reuters ONE HUG#1687837