VANCOUVER, Nov. 15, 2012 /PRNewswire/ - ALPHA MINERALS INC. (TSX-V: AMW), (the "Company" or "Alpha"), and its Joint Venture partner Fission Energy Corp (TSX-V:FIS) are pleased to announce the final drill results from the current program. PLS12-025, another vertical hole, collared 10m grid north of hole PLS12-024 (See News Release November 12, 2012), intersected an upper 22.5m (74 feet) wide interval of strong radioactivity including an off-scale reading (>9999 cps) on a 5 cm interval at 64.7 meters (214 feet) depth in the hole. Mineralization occurs as blebs and splashes of pitchblende and was observed throughout the radioactive section. The intersections appear to indicate a gently dipping system that cuts across steeply dipping, graphitic meta-pelites.
These 4 holes will allow a more rigorous interpretation of the structural and stratigraphic setting of the mineralization. All of them have identified significant mineralization at similar vertical depth below surface. In each case, the mineralization occurs at shallow depth in basement rocks with some mineralization in an overlying ?Devonian sandstone that lies unconformably on the Archaean basement rocks. This suggests that the original target, that of mineralization in the basement rocks covered by glacial tills, has not been located but this is a bonus discovery.
|* Mineralization (>300 cps / 0.5M minimum)||Overburden||
|Az||Dip||From - To(m)||Width(m)||CPS Max Peak||Depth (m)||Depth (m)||
|PLS12-022||000W||180||-90||57.5 - 78.5||21.0||300 - >9999||0 - 55.3||59.2||212.5|
|116.5 - 117.5||1.0||308 - 323|
|170.0 - 171.0||1.0||301 - 384|
|PLS12-023||000W||180||-90||60.0 - 61.0||1.0||315 - 400||0 - 53.80||60.59||197.2|
|63.0 - 76.0||13.0||300 - 3300|
|91.0 - 91.5||0.5||800|
|105.5 - 106.0||0.5||352|
|PLS12-024||010W||180||-90||59.0 - 83.0||24.0||300 - >9999||0- 56.23||60.1||191.1|
|65.0 - 78.0||13.0||2100->9999|
|91.0 - 93.0||2.0||305 - 1300|
|PLS12-25||010W||180||-90||60.5 -83.0||22.5||330 - >9999||0 - 59.54||62.4||160.6|
|62.0 - 65.5||3.5||800 - >9999|
|70.5 - 81.5||11.0||850 - 7000|
The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
This phase of the work has completed a 9 hole, 1631.86m core drilling program.
The natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials.
The pause in drilling now will allow the technical staff for the Joint Venture to assess the geology in the context of the assays and geochemistry of the core samples. The analysis of the core samples is underway with the core from PLS12-025 still being prepared for sampling and shipping at this date.
The assessment of the data will allow the Joint Venture to develop the most cost effective plan for further drilling early in 2013. Such drilling will include continued land based holes in the area of these mineralized holes and step out holes for targets to be drilled from the ice on Patterson Lake.
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. An updated map highlighting the core and dual rotary drilling programs completed in this phase for PLS will be found on the Company's website at: 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 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.