Kerkasha Project located in Eritrea. Drilling consists of both reverse -circulation (“RC”) drilling and diamond core (“DC”) drilling.
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ALPHA EXPLORATION ANNOUNCES 18 M @ 15.33 G/T
GOLD & 49M @ 2.75 G/T GOLD FROM HILL 52, ABURNA
March 1, 2024 – Alpha Exploration Ltd. (“Alpha” or the “Company”) (TSXV: ALEX) announces further drilling results from
a 10,000m drill program underway on its Aburna Gold Prospect ( “Aburna”) on the Company’s 100% owned , 771 km²
Kerkasha Project located in Eritrea. Drilling consists of both reverse -circulation (“RC”) drilling and diamond core (“DC”)
drilling.
HIGHLIGHTS:
• 18m @ 15.33 g/t Au from RC-DC hole ABD012 (Hill 52)
• 49m @ 2.75 g/t Au (including 7m @ 14.90g/t Au) from RC-DC hole ABD013 (Hill 52)
• Highest grade mineralization intersected to data across the Aburna project
• Drilling extends wide, high-grade zone to over 200 metres at Hill 52
• Shallow plunging geometry of gold mineralization now confirmed at Central Area and Hill 52
Assays have been received from a further 16 holes completed over the Hill 52 , Central and Northeast Area prospects on
Aburna. Hole ABD012 intersected 15.33 g/t Au over 18m and was drilled as a step out along strike from existing high- grade
mineralization that included holes ABD001 (20m@ 7.70 g/t Au). ABD013, a step out from ABD012, intersected 49m @ 2.75
g/t Au a nd included two separate higher -grade zones of 7m @ 14.90 g/t Au and 2m @ 6.19 g/t Au at shallow depths
(<70m from surface).
In combination, holes ABD012 and ABD013 have significantly extended a wide, high-grade zone of mineralization that was
originally defined in 2022 by the Company and reported in drill holes ABR005 (15m @ 5.85 g/t Au ), ABR018 (8m @ 5.47
g/t Au) and ABD001 (20m @ 7.70 g/t Au) – see Figure 2, below.
Additional new results include hole ABR114 (6m @ 4.5 g/t Au and 2m @ 11.91 g/t Au), that has further defined a separate
mineralized structure within Hill 52.
Aburna is a major, district scale orogenic gold prospect covering an area of at least 7km long and 2km wide and is one of
the three significant discoveries made by Alpha on the Kerkasha licence in the last three years. Exploration to date by Alpha
on the project has defined six primary areas of interest, and has established significant high-grade gold mineralized systems
at Central Area, Hill 52 and Northeast Area (see Figure 1, below)
Michael Hopley, Alpha President & CEO said, “We are very pleased to report these spectacular results from the ongoing
drill program at Aburna. In particular, holes ABD012 and ABD013 have exceeded all of our expectations by extending to
over 200m a high-grade shoot originally identified in 2022. ABD012 ( 15.33 g/t Au over 18 metres) and translating to
>275 gram metres is the highest grade result we have reported on the Aburna project.
The identification of shallow, plunging high-grade mineralization at Hill 52 following similar confirmation at Central
Area last month, is testament to the strength of our technical team and the work completed to date. The team is already
preparing additional drill targets to extend this zone further which remains open down dip and down plunge , with
drilling expected to restart in the next few weeks.
We look forward to reporting further assay results on the project as data is released as well as the imminent start of the
second phase of the 10,000 metre drill program at Aburna.”
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Drill Program
A further 19 drillholes have been completed at Aburna and these have principally been completed at the Hill 52 prospect
(11 holes), 3 drillholes at the Central Area with a further 5 drillholes at Northeast Area. Of the 11 holes completed at Hill
52, five (ABD116,-118,-120,-121 and -122) are partially reported and are awaiting assays from the diamond core ‘tail’ of
drillholes which are expected shortly.
The Company commenced the current drill program in December 2023. To date, 33 drillholes for 6,033 metres have been
drilled at Central Area (13 drillholes), Hill 52 ( 11 drillholes) and Northeast Area (9 drillholes). Further assay results have
been received from 16 of these 33 drillholes. A full table of significant intercepts from assay results received to date is
available in Table 1, below.
Shallow plunging gold mineralization confirmed at Hill 52 and Central Areas, Aburna
Drilling completed at Aburna last year, (https://alpha -exploration.com/alpha-reports-drill-results-from-aburna-gold-
prospect-includes-9m-10-g-t-gold/) established the potential that shallow plunging mineralized “shoots” exist at several
prospects within Aburna including Northeast, Central and Hill 52 areas. These mineralized “shoots “plunge at an azimuth
of 065-070 degrees to the east-northeast.
Drilling in both Central and Hill 52 areas has now confirmed that mineralization at Aburna plunges as expected. At Central
Area, consistent, wide, lower-grade gold mineralization extends over 300m in the down plunge orientation. At Hill 52
mineralization is less consistent but equally as wide containing multiple zones of high-grade mineralization extending over
200m in the down plunge orientation see (https://alpha
exploration.com/wpcontent/uploads/2024/01/30JAN2024_PR_Alpha_Drilling-Results.pdf).
The highly mineralized shoot at Hill 52 as defined by AND001 and ANR008 (2022) and recent drillholes AND012 and AND013
(additional assays pending), is proving to be larger in size and higher in grade than expected. The shoot daylights at AND001
and 80m to the NE at AND013, mineralization is intersected 10m below the surface suggesting a very shallow plunge at an
azimuth of 068 °. The shoot is wholly contained within a highly foliated portion of a larger shear zone. The higher -grade
portions of the shoot are developed within dilate areas created by internal structures within the shear zone. The high -
grade zones are generally conta ined within an envelope of lower -grade material that is often 50m to 60m wide (i.e.,
ABD012 with 49m @ 2.75 g/t Au). The Hill 52 shoot is fairly well defined for 200m along strike and is open down dip and
down plunge. Its size and grade are a key focus for Alpha as we look to extend the primary mineralized shoots at all three
sub-areas on the Aburna prospect.
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Figure 1: Map of Aburna with main prospects defined and drilling completed to date
Figure 2: Hill 52 - new drilling (yellow boxes, collars) and existing mineralization (white boxes, collars)
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Figure 3 (a), (b): Drill core from holes ABD012 & ABD013 showing high grade mineralization
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Figure 4: Photos from drilling program
Table 1: Significant drilling intercepts from assays received
Aburna
Prospect
Drillhole ID from (m) to (m) Significant Interval
Northeast ABRD111 127 140 13m @ 0.37 g/t Au
DC-tail pending
Northeast
ABR112 44 47 3m @ 0.72 g/t Au
and 107 108 1m @ 1.10 g/t Au
and 114 118 4m @ 0.25 g/t Au
Northeast ABR113 75 79 4m @ 1.06 g/t Au
and 98 101 3m @ 0.24 g/t Au
Hill 52
ABR114 60 66 6m @ 4.50 g/t Au
including 62 64 2m @ 11.91 g/t Au
and 80 90 10m @ 1.04 g/t Au
and 101 102 1m @ 1.48 g/t Au
and 120 121 1m @ 1.36 g/t Au
Hill 52
ABR115 2 7 5m @ 0.20 g/t Au
and 57 61 4m @ 0.50 g/t Au
and 135 141 6m @ 0.46 g/t Au
and 149 156 7m @ 0.50 g/t Au
Page 6 of 9
and 161 166 5m @ 0.46 g/t Au
Northeast
ABRD116 107 114 7m @ 0,21 g/t Au
and 130 135 5m @ 0.43 g/t Au
and 138 150 12m @ 0.71 g/t Au
DC-tail pending
Northeast ABR117 86 89 3m @ 0.74 g/t Au
Central
ABRD118 60 65 5m @ 0.20 g/t Au
and 134 135 2m @ 4.44 g/t Au
DC-tail pending
Hill 52
ABR119 4 11 7m @ 1.63 g/t Au
including 4 6 2m @ 4.36 g/t Au
and 16 24 8m @ 0.94 g/t Au
including 22 23 1m @ 3.85 g/t Au
and 27 28 1m @ 1.07 g/t Au
and 43 52 9m @ 0.23 g/t Au
and 84 89 5m @ 0.23 g/t Au
and 100 102 2m @ 1.74 g/t Au
and 110 112 2m @ 1.94 g/t Au
and 119 122 3m @ 0.72 g/t Au
Central
ABRD120 90 95 5m @ 1.36 g/t Au
and 134 142 8m @ 1.02 g/t Au
DC-tail pending
Central
ABRD121 145 150 5m @ 3.38 g/t Au
and 156 157 1m @ 1.44 g/t Au
DC-tail pending
Hill 52
ABRD122 41 44 3m @ 0.47 g/t Au
and 63 70 7m @ 0.22 g/t Au
and 79 80 1m @ 1.07 g/t Au
and 93 96 3m @ 0.53 g/t Au
and 122 127 5m @ 1.72 g/t Au
including 125 125 1m @ 6.3 g/t Au
DC-tail pending
Hill 52
ABRD123 55 59 4m @ 0.21 g/t Au
and 77 80 3m @ 0.40 g/t Au
and 92 97 5m @ 1.87 g/t Au
including 93 95 2m @ 4.30 g/t Au
and 107 111 4m @ 0.26 g/t Au
and 115 118 3m @ 1.11 g/t Au
Hill 52
ABD011 30 38 8m @ 0.54 g/t Au
and 59 68 9m @ 0.80 g/t Au
and 75 83 8m @ 0.42 g/t Au
and 97 100 3m @ 0,23 g/t Au
and 109 116 7m @ 0.67 g/t Au
and 132 140 8m @ 0.46 g/t Au
Hill 52 ABRD012 39 52 13m @ 0.61 g/t Au
and 70 76 6m @ 1.67 g/t Au
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including 71 72 1m @ 8.89 g/t Au
and 98 106 8m @ 0.57 g/t Au
and 114 132 18m @ 15.33 g/t Au
and 149 153 4m @ 0.38 g/t Au
and 230 233 3m @ 0.21 g/t Au
Hill 52
ABD013 7 15 8m @ 1.03 g/t Au
and 18 67 49m @ 2.75 g/t Au
including 34 41 7m @14.90 g/t Au
including 60 62 2m @ 6.19 g/t Au
and 70 73 3m @ 0.52 g/t Au
and 115 120 5m @ 0.28 g/t Au
A significant interval is defined by consecutive one-meter intervals starting and ending at 0.20 g/t Au or better. A significant interval must be at least 3m long. Internal
dilution is limited to 2 consecutive intervals of <0.20 g/t Au. Multiple internal dilutions are allowed. Single one-meter intervals of 1.00 g/t Au or greater are also
considered significant. At this early stage of exploration, the true widths of intersections is not known but is estimated to be at least 80% of the reported intervals.
Sampling, Sub-sampling and Analysis
Alpha engaged an independent Consultancy, RSC Mining & Mineral Exploration (RSC) to develop a Standard Operating
Procedure (“SOP”) for both RC and DD drill samples in June 2021 and all samples in this release use this RSC SOP . The RSC
SOP utilizes blank standards and industry standards that are inserted at the beginning and end of every batch (and every
20 samples within the batch) for all batches submitted to ALS for assay. Additionally, field replicates are taken at a frequency
of about 1 in 5 (20%) through mineralized areas.
One-meter samples from both RC and DD drilling were crushed (to >90% passing 2.0 mm) and pulverised (to >85% passing
75 μ m). Two scoop samples were taken from the pulveriser bowl: approximately 130g for laboratory analysis and
approximately 150g for portable X -ray fluorescence (pXRF) analysis. The coarse a nd pulp rejects were stored at Alpha’s
warehouse in Asmara. The Company inserted certified reference material from OREAS (www.ore.com.au) into the sample
stream, while Nabro sample preparation facility inserted barren granodiorite material into the sample stream as a blank.
Samples were shipped to ALS Geochemistry (ALS), Loughrea, Ireland, for analysis. ALS analysed all drill samples for gold by
method Au-AA26 (50 g charge fire assay, AAS finish). ALS is in dependent of the Company and its quality management
systems framework is accredited to ISO/IEC 17025:2005 or certified to ISO 9001:2015 standards.
Alpha Extends Closing Date of Private Placement Financing
Further to the Company’s press releases dated November 15, 2023, December 8, 2023, January 2, 2024 and February 7,
2024, Alpha is pleased to announce that the TSX Venture Exchange (the “Exchange”) has agreed to extend the closing of
the second tranche of its previously announced non-brokered private placement of units in the capital of the Corporation
(“Units”) of up to $5,000,000.00 at a purchase price of $0.70 per Unit (the “Offering Price”), (the “Offering”) until March
31, 2024. The first tranche of the Offering closed after market close on December 7, 2023, for total aggregate gross
proceeds of $4,180,001.00 as previously announced by the Corporation. The principal use of the proceeds of the Offering
will be for funding ongoing exploration w ork on the Kerkasha Project in Eritrea, operating and administrative expenses,
working capital and general corporate purposes.
Certain Insiders of the Corporation (as such term is defined under the policies of the TSXV) may participate in the Offering.
The participation of Insiders in the Offering would constitute a “related party transaction” within the meaning of
Multilateral In strument 61 -101 – Protection of Minority Security Holders in Special Transactions ( “MI 61 -101”). The
Corporation intends on relying upon exemptions from the formal valuation and minority approval requirements of MI 61-
101 based on a determination that the fair market value of the Offering, insofar as it involves the related parties, will not
exceed $2,500,000.
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Further details relating to the closing of the second tranche of the Offering will be provided in due course. For more
information concerning the Corporation, please refer to the Corporation’s profile on the SEDAR website at www.sedar.com or at
the Corporation’s website at https://alpha-exploration.com/.
About Alpha
Alpha (TSX-V:ALEX) is an exploration company that is rapidly advancing a number of important gold and base metal
discoveries across its 100% owned, large (771 km2) Kerkasha Project in Eritrea.
The Aburna Gold Prospect is an exciting new gold discovery where recent drilling has established a high-grade discovery
with grades including 16 m @ 14.07 g/t Au, 9 m @ 10 g/t Au and 23 m @ 6.74 g/t Au. The Anagulu Gold-Copper Prospect
includes recent drilling intersections of 108 m @ 1.24 g/t Au and 0.60% Cu and 49 m @ 2.42 g/t Au and 1.10% Cu within a
porphyry unit mapped over at a >2 km strike length. The Company has also advanced the Tolegimja volcanogenic massive
sulphide copper-zinc-gold Prospect and over 17 other gold prospects since listing in 2021.
The Company is managed by a group of highly experienced and successful professionals with long track records of
establishing, building and successfully exiting a number of world class gold and base metals discoveries in Eritrea and across
the wider Arabian Nubian Shield.
For further information go to the Alpha webpage at www.alpha-exploration.com or contact:
Michael Hopley
President and Chief Executive Officer
Alpha Exploration Ltd.
Email: [email protected]
Tel: +44 207129 1148
Qualified Person
All scientific and technical information in this press release, including the results of the Aburna drill program and how these
results relate to the ongoing exploration at the Kerkasha Project has been reviewed, verified, and approved by Michael
Hopley, President, Chief Executive Officer of Alpha and a “qualified person” for the purposes of National Instrument 43-
101 – Standards of Disclosure for Mineral Projects.
Cautionary Notes
This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire
services or dissemination in the United States.
Forward-Looking Statements
Certain statements and information herein, including all statements that are not historical facts, contain forward -looking statements
and forward-looking information within the meaning of applicable securities laws. Such forward -looking statements or infor mation
include but are not limited to statements or information with respect to future dataset interpretations, sampling, plans for its projects
(including the Anagulu prospect), surveys related to Alpha’s assets, and the Company’s drilling program. Often, but not always, forward-
looking statements or information can be identified by the use of words such as “estimate”, “project”, “belief”, “anticipate” , “intend”,
“expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variati ons thereon or comparable terminology
are intended to identify forward -looking statements and information. With respect to forward -looking statements and information
contained herein, Alpha has made numerous assumptions including among other things, assump tions about general business and
economic conditions and the price of gold and other minerals. The foregoing list of assumptions is not exhaustive.