Alpha Minerals, Fission Drill 20.5 Metres of 8.5% U3O8 at PLS

May 27, 2013

Alpha Minerals, Fission Drill 20.5 Metres of 8.5% U3O8 at PLS
 

Mr. Ben Ainsworth President and CEO of Alpha Minerals reports

Alpha Minerals Inc. (TSX.V: AMW) and its 50-per-cent joint venture partner Fission Uranium Corp. (TSX.V: FCU) have released assay results from three drill holes within zone R00E at their Patterson Lake South (PLS) property, and two drill holes on regional targets.

Results confirm and extend near-surface, high-grade mineralization at the R00E zone. Drill hole PLS13-059 returned 20.5 metres at 8.57 per cent U3O8, including 9.5 metres at 17.78 per cent U3O8. With a grade-by-thickness (GT) value of 175.7 for this interval, this is now the R00E zone's best mineralized hole to date, surpassing hole PLS13-043 which intersected 22.0 metres at 4.8 per cent U3O8 (see news release dated May 16, 2013).

Assay Highlights Include: 

Hole PLS13-059 (line 030E) intersected:

• UPPER ZONE
  • 6.5m (55.5m – 62.0m) @ 3.61% U308
  • including 2.5m (56.5m – 59.0m) @ 8.99% U3O8

• LOWER ZONE 
  • 20.5m (65.5m – 86.0m) @ 8.57% U3O8:
  • including 9.4m (74.5m – 84.0m) @ 17.78% U308 

Hole PLS13-041 (line 040W) intersected:

• UPPER ZONE
  • 5.0m (63.5m – 68.5m) @ 0.13% U3O8
• LOWER ZONE
  • 13.5m (75.0m – 88.5m) @ 5.54% U3O8
  • including 3.5m (83.5m – 87.0m) @ 17.08% U3O8

Further assays from the 46-hole 2013 winter drill program will be released as received.

These new intersections underscore the near-surface, high-grade resource potential of the R00E zone, with mineralization continuous for 120 metres of strike and open in both directions. Continuing delineation drilling at the R00E zone will be one of the priorities of the upcoming, approved $6.9-million summer drill program at Patterson Lake.

New assay results

Composited U3O8-mineralized intervals are summarized in the associated table. Samples from the drill core are split in half on-site. Where possible, samples are standardized at 0.5-metre downhole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on-site for reference. All depth measurements reported, including sample and interval widths, are downhole; core interval measurements and true thickness are yet to be determined.

                      DRILL RESULTS

 Table 1:

Zone	Hole ID	Grid Line	From (m)	To (m)	Interval (m)	U3O8 (wt%)
R00E	PLS13-041	040W	63.50	68.50	5.00	0.13
			75.00	88.50	13.50	5.54
			83.50	87.00	3.50	17.08
	PLS13 -058	010W	63.50	67.50	4.00	0.11
			70.50	87.50	17.00	0.18
	PLS13-059	030E	55.50	62.00	6.50	3.61
			56.50	59.00	2.50	8.99
			65.50	86.00	20.50	8.57
			74.50	84.00	9.50	17.78

R00E zone

Assays reported for three holes in this news release represent close-spaced delineation drilling on lines 040W, 010W and 030E of the R00E zone (holes PLS13-041, 058 and 059, respectively). Mineralization is focused in the footwall of a steeply south-dipping package of east-northeast-trending pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. Mineralization crosses lithological boundaries into the footwall and hangingwall adjacent to the pelitic gneiss package. Drill data indicate the pelitic gneiss package runs parallel to basement EM conductors and enveloping resistivity low zone as identified from airborne and ground geophysical surveys.

As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (plus/minus graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone (see cross-sections L040W, L010W and L030E on the company's website).

Description of assay drill results by section line

Line 040W

Four holes were drilled on line 040W (PLS13-039, 041, 043 and 045). Assays from three holes (PLS13-039, 043 and 045) were previously reported (see news release May 16, 2013), while 041 is the last hole to report. Hole PLS13-041 was a vertical-collared hole and intersected mineralization in two zones: a narrower upper zone (63.5 metres to 68.5 metres) and a wider lower zone (75 metres to 88.5 metres) which returned intervals grading 0.13 per cent U3O8 over five metres and 5.54 per cent U3O8 over 13.5 metres, respectively, including a high-grade section grading 17.08 per cent U3O8 over 3.5 metres.

Line 010W

One hole was drilled on line 010W (PLS13-058). Hole PLS13-058 was a vertical-collared hole, located 10 metres grid north of hole PLS12-025 (22.5 metres at 0.4 per cent U3O8) (see news release dated Dec. 5, 2012). A narrower upper zone (63.5 metres to 67.5 metres) and a wider lower zone (70.5 metres to 87.5 metres) which returned intervals grading 0.11 per cent U3O8 over four metres and 0.18 per cent U3O8 over 17 metres, respectively.

Line 030E

One hole was drilled on line 030E (PLS13-059). Hole PLS13-059 was an angled hole collared at an azimuth of 302 degrees and a dip of minus 72 degrees. Two well-developed mineralized zones were intersected: an upper zone (55.5 metres to 62.0 metres) which returned an interval grading 3.61 per cent U3O8 over 6.5 metres, including a high-grade section of 2.5 metres at 8.99 per cent U3O8, and a lower zone which returned an interval grading 8.57 per cent U3O8 over 20.5 metres, including a high-grade section grading 17.78 per cent U3O8 over 9.5 metres.

Regional exploration targets

Drill holes PLS13-040 and 042 were both targeted on an EM conductor and coincident intense resistivity low located approximately two kilometres to the east of R00E zone. Composited U3O8-mineralized intervals are summarized in the associated table.

Line 2190E

Hole PLS13-040, a vertical hole, encountered bedrock at 54.5 metres, which consisted of primarily semipelitic and pelitic gneiss (locally graphitic from 86.9 to 97.3 metres) to 109.5 metres. A possible mafic rock was encountered from 109.5 metres to the end of hole (182.0 metres). Significant clay alteration was present over several intervals from 54.5 metres to 109.5 metres, including an interval of sulphide (pyrite) mineralization from 89.0 metres to 97.3 metres. Overall uranium values were low ranging from less than two parts per million (ppm) to 17 ppm, moderately elevated between 83.5 metres and 106.5 metres (four ppm and 17 ppm), coincident with the interval of sulphide mineralization.

Line 1995E

Hole PLS13-042, a vertical hole, encountered bedrock at 45.0 metres, which consists of alternating sequences of semipelitic and pelitic gneiss (locally graphitic) to the end of hole at 203.4 metres. Moderate to strong chlorite alteration is present from the top of the basement to 121.2 metres. From 121.2 metres to 200.0 metres, alternating sequences of moderate to strong chlorite alteration and sulphide mineralization are present throughout. Overall uranium values were low but showing a moderate elevation between 106.0 metres and 196.5 metres (four ppm and 59 ppm), coincident with the interval of sulphide mineralization.

                        MINERALIZED INTERVALS

Table 2:

Zone	Hole ID	Grid Line	From (m)	To (m)	Interval (m)	U3O8 (wt%)
Regional	PLS13-040	2190E	No significant   mineralization
	PLS13-042	1995E	No significant   mineralization

Patterson Lake South property

The 31,000-hectare (76,000-acre) PLS project is a 50/50 joint venture held by Alpha Minerals Inc. (AMW) and Fission Uranium (FCU). The joint venture property is 100 per cent owned with no underlying royalties or vendor payments. Fission is the operator of the joint venture until April 1, 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 60 million pounds of U3O8 produced from multiple open-pit and underground mines), and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres to the north, currently under active exploration and development.

Garrett Ainsworth, PGeo, 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, by Ben Ainsworth, PEng, a qualified person.

We seek Safe Harbor.