VANCOUVER, Dec. 5, 2012 /PRNewswire/ - ALPHA MINERALS INC. (TSX-V: AMW), (the "Company" or "Alpha"), and its 50% Joint Venture (JV) partner Fission Energy Corp (TSX-V:FIS) are pleased to report assay results from the recently completed drill program (see news release Nov. 15, 2012 ) on its Patterson Lake South ("PLS") uranium property in Saskatchewan.
The mineralized drill hole intersections as composited include:
18.0m @ 1.78% U3O8 from 65.0m to 83.0m
including 12.5m @ 2.49% U3O8 from 65.5m to 78.0m
including 3.5m @ 4.33% U3O8 from 66.5m to 70.0m
- including 0.50m @ 11.1% U3O8 from 69.5m to 70.0m
- including 3.5m @ 4.33% U3O8 from 66.5m to 70.0m
- 18.0m @ 1.78% U3O8 from 65.0m to 83.0m
8.5m @ 1.07% U3O8 from 70.5m to 79m
- including 2.5m @ 2.63% U3O8 from 74.0m to 76.5m
- 8.5m @ 1.07% U3O8 from 70.5m to 79m
22.5m @ 0.4% U3O8 from 60.5m to 83.0m
- including 4.03m @ 0.85% U3O8 from 77.5m to 81.53m
- 22.5m @ 0.4% U3O8 from 60.5m to 83.0m
- 9.5m @ 0.27% U3O8 from 66.5m to 76.0m
The 9 hole 1631.86m core drilling program focused on the partially tested PL-3B EM Conductor, in addition to other untested parallel east-northeast trending EM conductors, which lie approximately 3.0 km to the east of the high grade uranium boulder field reported in July of last year (see news release July 27, 2011).
Composited mineralized intervals are summarized in the PLS Drill Summary that follows. Assays show that the uranium mineralization is intersected at approximately the same shallow depths in the 4 newly reported drill holes. This mineralization hosted by steeper dipping in basement rocks that have a graphitic metasediment lithology and strong sudoite alteration. Uranium concentration is well developed throughout the mineralized sections with assays being relatively consistent throughout.
|PLS Hole Summary|
(% x m)
|PLS12-017||No significant mineralization|
|PLS12-018||No significant mineralization|
|PLS12-019||No significant mineralization|
|PLS12-020||No significant mineralization|
|PLS12-021||No significant mineralization|
The Joint Venture partners are planning for a further winter 2013 drilling program in order to carry out additional core drilling to define the mineralized area established by these results and to test a number of similar targets. More details of the program will be released upon JV program approval.
Updated maps with drill hole locations showing zones of uranium mineralization have been posted to Alpha Mineral's corporate website and can be referenced at www.alphaminerals.ca.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. PLS 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 (with resources of about 88 million lbs of U3O8) located 50km to the north, currently under active exploration and development.
The method to calculate pounds of uranium per short ton (a ton of 2000 pounds, which is commonly used in US mining information) requires multiplying the percentage grades of U3O8 reported by 20. Uranium is generally priced in dollars per pound and this is information that should be used with caution before applying numbers in an economic evaluation because there will be some losses involved in the milling and concentration of uranium in order to make a product that can be sold. The current spot price of uranium has risen three times in the last three quotations.
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 the company by Ben Ainsworth P.Eng., BC/SK, President Alpha Minerals Inc, a Qualified Person.
On behalf of the Board of Directors of Alpha Minerals Inc.
President, CEO and Director
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.
SOURCE Alpha Minerals Inc.