VANCOUVER, British Columbia, Sept. 3, 2014 (GLOBE NEWSWIRE) -- ALPHA EXPLORATION INC. ("Alpha", "AEX" or the "Company") (TSX-V:AEX) is pleased to announce that it has entered into an option agreement dated August 29, 2014 (the "Option"), with Jody Dahrouge and 877384 Alberta Ltd. (the "Optionors") to acquire a 100% interest in certain mineral claims known as the Kelic Lake property (the "Property"). The Property is comprised of five (5) mineral claims which cover approximately 17,247 hectares (43,000 acres) of land located along the southern margin of the Athabasca Basin, approximately 130 km northeast of the community of La Loche, Saskatchewan.
The Property is located along the inferred southern margin of the Athabasca Basin (see location map provided at the Company's website at www.alpha-aex.com).This property will benefit from the Company's focus and expertise on properties of similar setting and potential, including Patterson Lake South deposit to the west, and the Carpenter Lake Property to the east, on which the Company has just recently completed its summer surface exploration program.
Under the terms of the Option, AEX may earn a 100% interest in the Property by making cash payments totalling $80,000; issuing a total of 1,000,000 common shares; and completing a total of $750,000 worth of exploration expenditures, all in stages prior to December 14, 2016. The Optionors shall retain a 2.5% royalty on production from the Property, which can be reduced, at the option of AEX, to a 1% royalty by payment of the sum of $1,500,000 to the Optionors at any time prior to commencement of commercial production. The Option is subject to TSX Venture Exchange acceptance.
The depth to the basement unconformity with the Athabasca sediments in the area of the Property varies from 0 to 120 meters as it follows the transect centered on a N-S trending Kelic Lake Fault system. The Property is one of several properties that were reviewed by the AEX technical team, and was found to be prospective based on the following attributes:
- Strong complex structural zones with known uranium enrichment and clay alteration in drill holes;
- Conductive graphitic pelites as defined by airborne and ground electromagnetic (EM) surveys, which are confirmed by diamond drilling;
- Strongly anomalous uranium values in historical lake sediment and biogeochemical sampling surveys, indicating possible shallow sources of mineralization;
- Irregular topography, as indicated by drilling, at the unconformity surface between the basement rocks and the Athabasca sediments which can effect rates of hydrothermal fluid movement and allow ponding and deposition of higher grade uranium mineralization.
- The Property is substantially underexplored with several drill ready targets.
About Alpha Exploration Inc.
Alpha Exploration Inc. is a mineral exploration company whose principal focus is the exploration and development of its uranium properties in the Athabasca Basin in northern Saskatchewan, Canada. Common Shares are listed on the TSX Venture Exchange under the symbol "AEX".
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 Benjamin Ainsworth, P.Eng. BC/SK., CEO and a qualified person.
On behalf of the Board of Directors of Alpha Exploration Inc.
President, CEO and Director
|For corporate communications please contact:|
|Robert (Bob) Meister|
|Alpha Exploration Inc.|
|Trading Symbol: TSX-V – AEX|
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.
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 exploration and 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 Exploration Inc.