The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Alphamin Resources Corp.: Exceptional Drill Results from Alphamin's Bisie Tin Project, Democratic Republic of the Congo

Highlights - Initial results received from current resource drilling programme at Gecomines (80% complete) - Significant results included: -- 24m @ 3.99% Sn from 100m including 6.4m @ 7.99% Sn from 109.1m -- 20m @ 1.26% Sn from 21.5m including 3.5m @ 4.97% Sn from 21.5m -- 21m @ 0.46% Cu from 99m - Results received for final hole drilled in 2012 at Golgotha: -- 36m @ 0.56% Sn from 164m including 14.8m @ 1.13% Sn - Infill drilling on a 50m x 40-50m grid completed down to 225m depth - Strong cassiterite (Tin oxide) mineralisation intersected within an interpreted north plunging high grade chute - Planned resource drilling programme will be completed by end July - Maiden resource estimate expected before end of third quarter

Monday, July 15, 2013

Alphamin Resources Corp.: Exceptional Drill Results from Alphamin's Bisie Tin Project, Democratic Republic of the Congo

14:18 EDT Monday, July 15, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2013) - Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to announce results for the first seven holes completed in the current resource drilling programme at Gecomines and one hole drilled at Golgotha in 2012 on its wholly owned Bisie Tin Prospect (Bisie Project) in east central Democratic Republic of the Congo (DRC). Three thousand two hundred and twenty seven metres have been completed to date. The programme was extended to incorporate 4 additional holes to confirm continuation of significant tin mineralisation intersected at depth. Results from all drill holes and a maiden resource estimate are expected before the end of the third quarter, 2013.

All drill holes completed to date are shown in the drill hole locality map under Figure 1 and results are summarized in Table 1. A best intersection of 24m @ 3.99% Sn from 100m including 6.4m @ 7.99% Sn from 109.1m was reported from BGC018, also shown in the section in Figure 2. BGC018 is interpreted to lie within a high grade mineralised chute which plunges at a shallow angle to the north where best visible tin mineralisation (cassiterite) was intercepted in the northernmost hole (BGC034) at depth. A photograph of hydrothermal "wood" tin intercepted in BGC034 is shown in Figure 3. Other drill holes falling within the high grade chute included BGC001 (12m @ 3.15% Sn and 3m @ 6.14% Sn), BGC007 (18.5m @ 2.21% Sn) and BGC002 (25.85m @ 2.26% Sn). Strong brecciation of the cassiterite veins, faulting or stoping out by barren quartz veins would account for lower grade or narrow intercepts within the high grade zone.

Drill holes BGC011A, BGC012, BGC013, BGC014 and BGC015 were planned to intercept mineralisation at shallow levels. BGC013 and BGC015 were drilled through artisanal workings (mined out cassiterite veins) while BGC014 drilled between BGC013 and BGC015 reported a significant result of 20m @ 1.26% from 21.5m including 3.5m @ 4.97% Sn from 21.5m confirming near surface high grade mineralisation. A low grade zone of mineralisation was intersected adjacent to the artisanal workings and included 20.5m @ 0.4% Sn from 17m including 2.5m @ 2.07% Sn from 34m (BGC013) and 21.9m @ 0.37% Sn from 17.1m (BGC015) confirming significant widths of low grade tin surround the high grade mined out veins. BGC012 was drilled above the mineralised zone which plunges to the north and reported a narrow zone of 1.4m @ 0.67% Sn from 18m.

Copper grades tend to increase northwards where a best intersection of 26.5m @ 0.29% Cu from 52.5m including 3m @ 1.08% Cu from 71.5m (BGC012) was reported from a separate zone in the footwall of the tin zone.

Tin mineralisation at Gecomines has been confirmed over 325m from drilling and is focused within a chloritic, garnetiferous amphibolite unit within felsic mica schists. Occasionally cassiterite bands are developed in the footwall schists in close proximity to the amphibolites. The amphibolite unit is consistently 20-25m thick although in some drill holes the unit and corresponding tin mineralisation might be less due to faulting or quartz veining. This mineralisation is open at depth to the north and at depths below 225m.

The single result of 36m @ 0.56% Sn from 164m including 14.8m @ 1.13% Sn from 171.2m in BGH007A reported from Golgotha confirms the tin potential of the Golgotha target area. Drilling has confirmed an excellent correlation exists between tin mineralisation and lead (Pb) and arsenic (As) path finder elements from soil sampling at surface. The Golgotha target area is associated with a 3,000m Pb andAs in soil anomaly confirming the potential of the Golgotha target.

A second zone of silver, lead and zinc mineralisation is better developed southwards of the Gecomines target and generally occurs within the hangingwall of the tin mineralised zone. Significant results in BGH007A included 7.03m @ 37.4g/t Ag from 117.9m, 7.03m @ 1.41% Pb from 117.9m and 3.65m @ 6.07% Zn from 132.4m.

Additional drilling results at Bisie continue to firm up the robust geological model which is guiding the current resource drilling programme and future exploration. Once the current resource drilling programme has been completed the Company plans to fly an aeromagnetic survey over the ridge to better define drilling targets to the south of Gecomines in the Golgotha target area. The mineralised ultramafic unit is more magnetic than the surrounding mica schists and is expected to better define regional drilling targets when combined with the As and Pb in soil geochemistry.

The MSA Group in Johannesburg, South Africa, have been contracted to conduct a maiden NI43-101 Resource Estimate, a Technical Report and a Preliminary Economic Assessment scheduled for completion during the third quarter 2013.

Project Background

The Bisie project is located in the Walikale district of North Kivu Province DRC and is held by Alphamin's 100% owned Mining and Processing Congo sprl (MPC) which holds a total of five tenements covering an area of 1,470sqkm with significant tin, gold and base metal potential. The key prospects within the Bisie Project are the Bisie Tin Prospect mined previously by artisanal means and the Omate gold workings exploited historically by the Belgians and currently mined extensively by artisanals.

The Bisie Prospect was the DRC's largest producer of tin ore for a number of years and accounted for up to 75% of the DRC's tin output.

Alphamin lifted force majeure on PR5266 which hosts the Bisie Prospect in February 2012 and commenced diamond drilling during the second half of 2012 at two target areas, Gecomines and Golghota, mined extensively from surface by artisanal miners. Significant high grade tin mineralisation was reported from drilling at both target areas down to depths exceeding 200m. The tin mineralisation is also closely associated with copper and light rare earth (cerium and lanthanum) mineralisation as well as massive and disseminated lead and zinc sulphides and significant amounts of silver. Geochemical soil sampling has highlighted anomalous lead in soils for a further 3km to the south of the Golghota workings. Drilling has confirmed the association of copper, lead, zinc and tin mineralisation at depth below the soil anomaly in holes drilled to the south of the Golghota workings.

The lead in soil anomaly has been defined over a minimum of 4km along the Bisie ridge and remains open to the south where the soil sampling has not been completed. High grade mineralisation at Bisie appears to be controlled by a series of crosscutting northeast or east-west trending faults identified along the ridge from Landsat imagery. The Company is therefore highly confident of discovering new high grade zones of tin and base metal mineralisation from systematic exploration along the ridge.

Lars Pearl, a qualified person under National Instrument 43-101, has verified technical data disclosed in this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Cosme Maria Beccar Varela, President and CEO

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.

NOTES -DRILLING

Drilling results are quoted as downhole intersections. True mineralisation width is approximately 80% of intersection length for all holes. The reported grades were determined using a cut-off grade of 0.1% Sn, 25g/t Ag, 1% Zn, 1% Pb and 0.1% Cu to select significant and anomalous intersections, with a maximum of 3m internal dilution being incorporated into the composite where appropriate. A top cut of 60% was applied to Sn, 30% to Zn and 20% to Pb.

Half core samples for all drillholes were submitted to accredited ALS Chemex laboratory in Johannesburg where samples were analyzed using ME-XRF05 conducted on a pressed pellet with 10% precision and an upper limit of 10 000ppm. Over limit samples were sent to Vancouver for ME-XRF10 which uses a Lithium Borate 50:50 flux with an upper detection limit of 60% and precision of 5%. ME-ICP61, HF, HNO3, HCL04 and HCL leach with ICP-AES finish was used for 33 elements including base metals. ME-OG62 a four acid digestion was used on ore grade samples for Pb, Zn, Cu & Ag. Industry accepted QA/QC checks were applied including use of duplicates, blanks and standards.

Tables and maps are available at the following address: http://media3.marketwire.com/docs/n715afm1.pdf.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Alphamin Resources Corp.
Level 3, Gotthardstrasse 20, CH-6304
Zug, Switzerland
+41 41 711 02 81
www.alphaminresources.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections