Alpha Minerals gold assays and important geochemical data from PLS uranium project, Athabasca Basin

Tuesday, Jun 25, 2020

Alpha Minerals Inc. (“Alpha” or “the Company”) (TSX VENTURE:AMW)(FRANKFURT:E2GA) and its 50% Joint Venture partner Fission Uranium Corp. are pleased to report geochemical and gold assay results from the winter 2013 drill program at their Patterson Lake South (“PLS”) property – which is host to a high grade uranium discovery. All three zones (R00E, R390E and R780E) had drill holes with strongly anomalous gold values. There is some correlation of uranium values and gold assays and the higher grade gold reported by SRC Geoanalytical Laboratories data occur more frequently with the samples of higher-grade uranium mineralization.

Other geochemical data showed low arsenic values associated with the uranium mineralization represented in the set of 117 composited assay intervals reported in this news release (Tables 1, 2, and 3). This has important metallurgical significance as it indicates that the PLS mineralized zones are not likely to have the high arsenic concentrations found in some Athabasca uranium deposits. High arsenic may require special processing and disposal costs. Approximately 87.2% of the samples returned less than 50 ppm arsenic. Of the 12.8% of the remaining samples, all fell within the range of 50-105 ppm arsenic.

Of significance for the further exploration of the PLS mineralization, this data set also flags the strongly anomalous boron associated with uranium mineralization. Approximately 70.9% of the composited assay intervals show values of over 150 ppm boron, which is typically related to the hydrothermal alteration that is present within and surrounding the uranium mineralization. The extent of the alteration halo around the mineralization can enlarge the target area and be used as a guide to focus on an area in a suitable geophysical setting, especially if elevated geochemical uranium values are associated with this alteration. Several such targets remain on the PLS property yet to be drill tested, particularly west of the R00E zone along the PL-3B EM conductor.

Gold has been reported elsewhere in the Athabasca Basin uranium deposits. At the Cluff Lake Mine (greater than 60 million lbs produced), located 74 kms north of PLS, a gold saving circuit was installed during the operation of the mill. The Saskatchewan Mineral Deposit Index (reports 1150A and 2153) shows Cluff Lake deposits yielded over 16,000 ounces of gold produced in 1987 from the D Zone and Dominique-Janine deposits. UEX Corporation reported that, locally, high grades of gold are present in the Shea Creek deposits, located 58 kms north of PLS.

The strongest gold-bearing intersection was returned from hole PLS13-066, the eastern-most hole drilled on the R390E zone, with an overall grade of 1.58 g/t Au over 63.5m, and including several higher grade intervals (including an assay high of 35.6 g/t Au). Typically gold distribution in the Athabasca uranium deposits is irregular and may be a contributor only if higher grade mineralization is associated with a mineable volume of a uranium deposit. At today’s gold price of about $1,200 per oz, a gram of gold has a gross value of about $38.58 before mining, refining and other costs. This is approximately equivalent to the gross price of a pound of uranium in today’s spot market.

Source: Marketwire