Ben Ainsworth, President and CEO of Alpha Minerals reports,
Monday June 24, 2013. Alpha Minerals Inc. ("Alpha” or "the Company") (TSX.V: AMW) and its 50% Joint Venture partner Fission Uranium Corp. (TSX.V: FCU) are pleased to report geochemical and gold assay results from the winter 2013 drill program at their Patterson Lake South ("PLS") property – which is host to a high grade uranium discovery. All three zones (R00E, R390E and R780E) had drill holes with strongly anomalous gold values. There is some correlation of uranium values and gold assays and the higher grade gold reported by SRC Geoanalytical Laboratories data occur more frequently with the samples of higher-grade uranium mineralization.
Other geochemical data showed low arsenic values associated with the uranium mineralization represented in the set of 117 composited assay intervals reported in this news release (Tables 1, 2, and 3). This has important metallurgical significance as it indicates that the PLS mineralized zones are not likely to have the high arsenic concentrations found in some Athabasca uranium deposits. High arsenic may require special processing and disposal costs. Approximately 87.2% of the samples returned less than 50 ppm arsenic. Of the 12.8% of the remaining samples, all fell within the range of 50-105 ppm arsenic.
Of significance for the further exploration of the PLS mineralization, this data set also flags the strongly anomalous boron associated with uranium mineralization. Approximately 70.9% of the composited assay intervals show values of over 150 ppm boron, which is typically related to the hydrothermal alteration that is present within and surrounding the uranium mineralization. The extent of the alteration halo around the mineralization can enlarge the target area and be used as a guide to focus on an area in a suitable geophysical setting, especially if elevated geochemical uranium values are associated with this alteration. Several such targets remain on the PLS property yet to be drill tested, particularly west of the R00E zone along the PL-3B EM conductor.
Gold has been reported elsewhere in the Athabasca Basin uranium deposits. At the Cluff Lake Mine (>60 million lbs produced), located 74 kms north of PLS, a gold saving circuit was installed during the operation of the mill. The Saskatchewan Mineral Deposit Index (reports 1150A and 2153) shows Cluff Lake deposits yielded over 16,000 ounces of gold produced in 1987 from the D Zone and Dominique-Janine deposits. UEX Corporation reported that, locally, high grades of gold are present in the Shea Creek deposits, located 58 kms north of PLS.
The strongest gold-bearing intersection was returned from hole PLS13-066, the eastern-most hole drilled on the R390E zone, with an overall grade of 1.58 g/t Au over 63.5m, and including several higher grade intervals (including an assay high of 35.6 g/t Au). Typically gold distribution in the Athabasca uranium deposits is irregular and may be a contributor only if higher grade mineralization is associated with a mineable volume of a uranium deposit. At today’s gold price of about $1,200 per oz, a gram of gold has a gross value of about $38.58 before mining, refining and other costs. This is approximately equivalent to the gross price of a pound of uranium in today’s spot market.
The 31,000 hectare (76,000 acres) PLS 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. Alpha returns as the Operator of the Joint Venture in 2014. 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 nearby UEX-Areva Shea Creek discoveries located 58km to the north, currently under active exploration and development.
Garrett Ainsworth, P.Geo., Vice President Exploration is the Qualified Person as defined by National Instrument 43-101 who was project manager of the winter 2013 work program at Patterson Lake South. The technical information in this news release has been prepared in accordance with National Instrument 43-101 and reviewed on behalf of Alpha Minerals Inc., by Ben Ainsworth, P.Eng., a Qualified Person.
On behalf of the Board of Directors of Alpha Minerals Inc.
President, CEO and Director
For corporate communications please contact:
Robert (Bob) Meister
Alpha Minerals Inc.
Phone: (604) 629-0293
Toll Free: 1-866-629-0293
Please refer to the Alpha Minerals Inc. website (www.alphaminerals.ca) for further and updated information.
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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.