VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 11/26/13 — Highlights
Alphamin Resources Corp. (TSX VENTURE: AFM) („Alphamin“ or the „Company“) is pleased to announce a maiden Inferred Mineral Resource at the Gecomines target on its wholly owned Bisie Tin Prospect (Bisie Project) in east central Democratic Republic of the Congo (DRC).
The Gecomines Target Inferred Mineral Resource currently comprises 4.0 million tonnes @ 3.5%Sn for 141,200 tonnes of contained tin (at 0.25% Sn cut-off) as shown in Table 1. Drilling was focused on 400m of the Gecomines target where holes were drilled on a grid of approximately 50m x 50m down to depths of 220m below surface. The best results were reported from the four deepest holes drilled to date.
Table 1: Gecomines Mineral Resource at 0.25% Sn Cut-Off Grade, 26 November 2013
Notes:
The Mineral Resource was prepared by an independent consulting company, The MSA Group (MSA), of Johannesburg, South Africa and was estimated using The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines (2003). The Mineral Resource is reported in accordance with the 2010 CIM Definition Standards which have been incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The Mineral Resource is classified into the Inferred category as shown in Table 1. A technical report prepared in compliance with NI-43-101 with respect to the initial Mineral Resource estimate will be filed on .
The Mineral Resource was constrained to a maximum depth of approximately 250m below surface, the high grade mineralisation being open at depth. The top 50m has been depleted by artisanal mining activity and any mineralisation remaining in this area was not included in the Mineral Resource.
The Mineral Resource estimate was based on Sn, Cu, Pb, Zn and Ag assays and density measurements from 28 of the 37 diamond holes drilled at Gecomines. Drill holes not included in the estimate were within the top 50m depleted zone or drilled to the north and south of the main zone of mineralisation. A three dimensional grade block model was created using Ordinary Kriging. Figure 1 shows the general geometry of the mineralisation while Table 2 below details analytical and modelling methods.
To view Figure 1 please click the following link:
The Company will now continue drilling below the high grade mineralisation intersected at Gecomines to confirm grade trends at depth. The current high grade Inferred Mineral Resource was greatly influenced by the three deepest holes. Further drilling will also test the extent of mineralisation at the Golgotha target situated 750m to the south.
Preliminary Economic Assessment (PEA)
The PEA has been suspended until a revised geological model has been constructed that will include representative intersections of the mineralisation anticipated to be intersected below the current level of drilling. It is expected that these results will have a material impact on the underground mine design and optimal stoping method.
Initial work has concluded that a non-selective bulk underground mining method will be required, which can be expected to deliver mine grades substantially below those stated above.
Security
The Company has experienced delays in exploration and drilling since August 2013 when all staff were evacuated due to hostile rebel activities in the immediate surrounds. The Company field camp was raided on 9 November by a group of villagers who caused damage to company equipment and assets. The Company will assess the security situation on site and work will only resume once calm has been restored to the area and staff can return to the project site safely.
ON BEHALF OF THE BOARD OF DIRECTORS
Klaus Eckhof, Chief Executive Officer
Neither the 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 News Release.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes statements regarding the Company-s planned exploration programs. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for tin and other precious and base minerals involves a high degree of risk and is highly speculative in nature; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company-s publicly filed documents.
There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company-s ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of tin and other precious and base metals, that the Company will not be affected by adverse political events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.
Alphamin does not undertake to update any forward-looking information, except as required by applicable laws.
COMPETENT PERSON-S STATEMENT
The Mineral Resource estimate has been completed by Mr. J.C. Witley (BSc Hons, GDE) who is a geologist with 25 years- experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is a Member of the Geological Society of South Africa (GSSA).Mr Witley has the appropriate relevant qualifications and experience to be considered a „Qualified Person“ for the style and type of mineralisation and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects.
Table 2: Summary of resource estimate and reporting criteria
Contacts: Alphamin Resources Corp. Level 3, Gotthardstrasse 20, CH-6304 Zug, Switzerland Tel: +41 41 711 02 81
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