Alpha - Noka Sign Option Agreement for Carpenter Lake Uranium Property, Athabasca Basin, Saskatchewan
January 14 2014 - 7:35AM
ALPHA EXPLORATION INC. ("
Alpha"
or the "
Company") (TSX-V:AEX) is pleased to
announce that it has entered into an option agreement with Noka
Resources Inc. ("Noka") (TSX-V:NX) to acquire a 60% interest in
Noka's Carpenter Lake property (the "Property") situated along the
Cable Bay Shear Zone straddling the south central rim of the
Athabasca Basin in Northern Saskatchewan (the "Agreement"). The
Property comprises a total of 20,637 hectares within five
contiguous mineral dispositions.
The Property was reviewed by the Alpha technical team, and was
found prospective based on the following attributes:
- A major regional shear zone with known uranium enrichment – the
Cable Bay Shear Zone (CBSZ);
- Presence of conductive graphitic pelites as defined by airborne
and ground electromagnetic (EM) surveys, which are confirmed by
diamond drilling;
- The historical EM surveys show favourable cross cutting
structures disrupting the conductors of the CBSZ;
- Anomalous airborne uraniferous radiometric signatures
associated with the CBSZ conductor system, and strongly anomalous
uranium values in historical lake sediment results;
- Underexplored, and including several high priority geophysical
targets associated with geochemical indicators for uranium
mineralization on the Property.
The Property covers the CBSZ starting from approximately 1 km
south from the south edge of the Athabasca Basin. The property
has one of the strongest uranium in lake sediment values in the
area at 89.5 ppm uranium (amongst other strongly anomalous samples
on the Property), and associated relatively large uranium
equivalent (eU) radiometric airborne anomaly, which are situated
favourably down-ice from the CBSZ. There are only two closely
spaced historical diamond drill holes on the Property, which
intersected graphitic and pyritic pelitic gneiss
units. There are numerous overburden drill holes
that outline partially coincident nickel, copper, molybdenum,
and arsenic soils anomalies, with the depth to bedrock
basement at 35 to 40 m. The CBSZ on the Property is defined by
three parallel EM conductor axes, suggesting the hanging wall,
foot wall, and middle of a conductive panel of graphitic or
sulphide rich rocks. This is similar to the EM geophysical
signature associated with high grade uranium mineralization
discovered by the Alpha Minerals/Fission Uranium JV at Patterson
Lake South (PLS) that was managed by Alpha's VP Exploration,
Garrett Ainsworth, from inception in 2007 until June
2013. In 1981 SMDC drilled hole CAB-18
located about 11 km northeast from the Property along the
CBSZ. Drill hole CAB-18 returned a core sample
with 3358 ppm nickel, 1440 ppm zinc, 215 ppm lead, and 28
ppm uranium in the basement regolith. Also, on Fleming Island
within Cree Lake located about 19 km northeast from the property,
historical assessment reports describe an outcrop
of uraniferous diabase discovered in earlier work. Grab
samples assayed as high as 3.0% U3O8, suggesting that this
mafic intrusive became mineralized when it was emplaced, cutting
through high grade uranium mineralization associated with the
CBSZ structure.
Under the Agreement Alpha has the option to earn a 60% interest
in the Property by making cash payments totalling $50,000, issuing
of 400,000 shares, and completing work commitments of $1,250,000,
all over a period of three years. Upon completion of the option, a
joint venture will be formed between Alpha (60%) and Noka (40%) for
the further development of the Property, with Alpha serving as the
operator. Presently, the Property is subject to a royalty equal to
5% of gross revenues, which is owed to the original vendors (the
"Underlying Royalty"). The Underlying Royalty rate can be reduced
from 5% to 2% by Noka through the issuance of shares. In the
event that Noka does not exercise its right to reduce the
Underlying Royalty by certain future dates specified in the
Agreement, then Noka will be subject to penalties, the effect of
which will be that Noka's interest in the Property will be reduced,
or possibly forfeited. The Agreement is subject to the acceptance
of the TSX Venture Exchange.
Property work planned this winter will include an airborne VTEM
and magnetic surveys, and sampling for radon in lake water and
sediments. Radon sampling was very successful in locating high
grade uranium mineralized zones at PLS in 2013. The methodology for
sampling from lake ice in the winter was designed together by
RadonEx of St Lazare, Quebec, and Alpha's VP Exploration, Garrett
Ainsworth. The results from the PLS radon survey are a compelling
reason to engage RadonEx to employ this method at Carpenter
Lake.
About Alpha Exploration Inc.
Alpha Exploration Inc. is a mineral exploration company whose
principal focus is the exploration and development of its Mikwam
Gold property in Ontario, and uranium properties in the Athabasca
Basin in northern Saskatchewan, Canada. Common Shares are listed on
the TSX Venture Exchange under the symbol "AEX". Additional
information about Alpha is available on Alpha's website at
www.alpha-aex.com or under its profile on SEDAR at
www.sedar.com.
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 Alpha
Exploration Inc., by Garrett Ainsworth, P.Geo., Vice President
Exploration, a qualified person.
On behalf of the Board of Directors of Alpha Exploration
Inc.
"Ben
Ainsworth"
President, CEO and Director
For corporate communications
please contact: |
Robert (Bob) Meister |
|
Alpha Exploration Inc. |
|
1-866-629-8368 |
|
Trading Symbol: |
TSX-V – AEX |
|
Frankfurt: E2GA |
Neither 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.
Cautionary Statement: Certain information
contained in this press release constitutes "forward-looking
information", within the meaning of Canadian legislation concerning
the completion of the Arrangement. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur", "be achieved" or "has the potential to".
Forward looking statements contained in this press release may
include statements regarding our ability to complete the
Arrangement and listing of Fission Spinco Shares which involve
known and unknown risks and uncertainties which may not prove to be
accurate. In particular, this press release includes
forward-looking information relating to the anticipated dates with
respect to the "due bill" procedure. Actual results and outcomes
may differ materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: uncertainties as to the
timing of the Arrangement and satisfaction of the conditions
thereto, market conditions and other risk factors listed from time
to time in our reports filed with Canadian securities regulators on
SEDAR at www.sedar.com. The forward-looking statements included in
this press release are made as of the date of this press release
and the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
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