Alpha Exploration (ALEX.V) has completed the 1,000 meter diamond drill program on the Aburna prospect, part of its Kerkasha license, and rather than waiting for the assay results of all holes Alpha immediately published the results of the first hole. And rightly so as this hole intersected four distinct areas of gold mineralization over relatively wide intervals with two areas containing very high-grade gold mineralization. And the best element of all? All four zones occur within 110 meters down hole which means all gold occurs within 100 meters from surface.
Hole ABD-001 encountered 16 meters of 0.46 g/t gold, 14 meters of 1.09 g/t gold, 6 meters containing 6.11 g/t gold and 20 meters containing 7.73 g/t gold in four distinct mineralized zones. The true width of these mineralized intervals is estimated at 70% to 80% of the reported width.
The assay results from this hole confirm the gold mineralization the company encountered before as hole 1 has confirmed the mineralized zone encountered in ABR018 as well as the zones intersected in hole ABR005. As you can see on the image above, hole ABD001 successfully intersected the projected zones and all three high grade shoots.
While we still need to wait for the assay results of the RC holes on Aburna, Tolegimja and Anagulu, Alpha has now received and reported on the three diamond holes drilled on Aburna (as discussed above), Tolegimja and Kona West. Unfortunately the assay results from the last two holes did not encounter anything exciting.
The Tolegimja hole was drilled to a depth of approximately 400 meters but did not intersect any VMS-style mineralization. Additionally, the single diamond drill hole completed at Kona West did not encounter significant results either. A bummer as this diamond hole was a tail-off from an existing RC hole to test a chargeability anomaly immediately southeast of an area where significant copper values had been detected at surface.
Too bad, but Alpha Exploration is still just scratching the surface at Kerkasha. Alpha will complete two additional RC holes at the Tolegimja VMS project as part of the current drill program while the single diamond hole at Anagulu, the most advanced prospect on the license, has been completed as well but assays won’t be back until sometime next month. That single diamond drill hole was drilled as a tail-off from an existing RC hole to drill-test a strong chargeability anomaly coincident with elevated copper, gold and moly values encountered in previously drilled holes. So although the diamond holes at Tolegimja and Kona West were disappointing, the Aburna hole was excellent and hopefully the assay results of the remaining few holes at Kerkasha will also contain some good mineralization.
Alpha Exploration has also strengthened its balance sheet as it has closed a first tranche of the C$3.6M private placement. The company issued approximately 2.4 million units at C$0.70 with each unit consisting of one common share as well as a full warrant allowing the warrant holders to acquire an additional share for C$1.05 within 24 months. The offering remains open and the company anticipates to close an additional tranche soon.
Disclosure: The author has a long position in Alpha Exploration. Alpha is a sponsor of the website. Please read our disclaimer.