Alpha Minerals Hits 20.5m of 8.57% U3O8, including 9.4m of 17.78% U3O8 at R00E Zone, Patterson Lake South, Athabasca Basin

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2013) - Alpha Minerals Inc. (TSX VENTURE:AMW)(E2GA.F) ("Alpha" or "the Company") and its 50% Joint Venture partner Fission Uranium Corp. (formerly Fission Energy Corp.) are pleased to report 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 20.5m at 8.57% U3O8, including 9.5m @ 17.78% U3O8. With a Grade x 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 22.0m at 4.8% 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 m of strike and open in both directions. Ongoing delineation drilling at the R00E zone will be one of the priorities of the upcoming, approved $6.9 M summer drill program at Patterson Lake.

New Assay Results

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, samples are standardized at 0.5m down-hole 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 down-hole, core interval measurements and true thickness are yet to be determined.

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 E-NE 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 hanging wall adjacent to the pelitic gneiss package. Drill data indicates 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 (+/- 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).

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 2 zones: A narrower upper zone (63.5m - 68.5m) and a wider lower zone (75.0m - 88.5m) which returned intervals grading 0.13% U3O8 over 5.0m and 5.54% U3O8 over 13.5m respectively, including a high grade section grading 17.08% U3O8 over 3.5m.

Line 010W - One hole was drilled on line 010W (PLS13-058). Hole PLS13-058 was a vertical collared hole, located 10m grid north of hole PLS12-025 (22.5m @ 0.4% U3O8) (see news release December 05, 2012). A narrower upper zone (63.5m - 67.5m) and a wider lower zone (70.5m - 87.5m) which returned intervals grading 0.11% U3O8 over 4.0m and 0.18% U3O8 over 17.0m 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° and a dip of -72°. Two well developed mineralized zones were intersected: an upper zone (55.5m - 62.0m) which returned an interval grading 3.61% U3O8 over 6.5m, including a high grade section of 2.5m at 8.99% U3O8, and a lower zone which returned an interval grading 8.57% U3O8 over 20.5m, including a high grade section grading 17.78% U3O8 over 9.5m.

Regional Exploration Targets

Drill holes PLS13-040 and 042 were both targeted on an EM conductor and coincident intense resistivity low located approximately 2.0km to the east of R00E zone. Composited U3O8 mineralized intervals are summarized in Table 2 below.

Line 2190E - Hole PLS13-040, a vertical hole, encountered bedrock at 54.5m, which consisted of primarily semipelitic and pelitic gneiss (locally graphitic from 86.9 - 97.3m) to 109.5m. A possible mafic rock was encountered from 109.5m to the end of hole (182.0m). Significant clay alteration was present over several intervals from 54.5m to 109.5m, including an interval of sulphide (pyrite) mineralization from 89.0 - 97.3m. Overall uranium values were low ranging from

Line 1995E - Hole PLS13-042, a vertical hole, encountered bedrock at 45.0m, which consists of alternating sequences of semipelitic and pelitic gneiss (locally graphitic) to the end of hole at 203.4m. Moderate to strong chlorite alteration is present from the top of the basement to 121.2m. From 121.2m to 200.0m, 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 106.0m - 196.5m (4ppm - 59ppm), coincident with the interval of sulphide mineralization.

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 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. Fission is the Operator of the Joint Venture until April 1st 2014. The property 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 from multiple open pit and underground mines), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km 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.

Ben Ainsworth, President, CEO and Director

Please refer to the Alpha Minerals Inc. website (www.alphaminerals.ca) for further and updated information.

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.

Contact:
Alpha Minerals Inc.
Robert (Bob) Meister
(604) 629-0293 or Toll Free: 1-866-629-0293
(604) 684-9365
info@alphaminerals.ca
www.alphaminerals.ca

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