Alpha Minerals Hits 12.5m at 2.49% U3O8 Near Surface At PLS
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:
-- Hole PLS12-024: o 18.0m @ 1.78% U3O8 from 65.0m to 83.0m o 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 -- Hole PLS12-022: o 8.5m @ 1.07% U3O8 from 70.5m to 79m o including 2.5m @ 2.63% U3O8 from 74.0m to 76.5m -- Hole PLS12-025: o 22.5m @ 0.4% U3O8 from 60.5m to 83.0m o including 4.03m @ 0.85% U3O8 from 77.5m to 81.53m -- Hole PLS12-023: o 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
PLS Hole Summary Grid From To Interval U3O8 GRADE Hole ID Line (m) (m) (m) (wt%) THICKNESS (% 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 PLS12-022 000W 57.50 58.50 1.00 0.06 66.00 68.50 2.50 0.14 70.50 79.00 8.50 1.07 9.1 74.00 76.50 2.50 2.63 168.50 169.00 0.50 0.06 PLS12-023 000W 63.09 64.50 1.41 0.31 66.50 76.00 9.50 0.27 2.6 91.00 91.50 0.50 0.08 PLS12-024 010W 60.00 61.50 1.50 0.33 65.00 83.00 18.00 1.78 32.04 65.50 78.00 12.50 2.49 31 66.50 70.00 3.50 4.33 69.50 70.00 0.50 11.10 91.50 92.50 1.00 0.11 PLS12-025 010W 60.50 83.00 22.50 0.40 9.0 77.50 81.53 4.03 0.85 85.50 86.00 0.50 0.07
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
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.