Alpha Minerals Inc ESOFD

RE: Cantor-resource calc.- tidbits

[wintersun10]

CANTOR FITZGERALD CANADA – Equity Research

 

Fission Energy Corp. (TSXV: FIS, OTC: FSSIF, GR: 6F5)

Current Price: $1.11, US$1.10

Market Cap: $149M

Rob Chang, MBA [phone]

Associate: Michael Wichterle, MBA [phone]

 

Alpha Minerals Inc. (TSXV: AMW, Buy Speculative)

Current Price: $4.63

Market Cap: $101M

Rob Chang, MBA [phone]

Associate: Michael Wichterle, MBA [phone]

 

Four step out holes at R390E doubles strike length to 60m

All four holes intersect off-scale mineralization

 

• • Fission Energy and Alpha Minerals announced results from four additional step-out drill targets at the R390E zone located on the Patterson Lake South project located in the south-western corner of the Athabasca Basin.
  • ·         All four holes intersected off-scale radioactivity within broader zones of lower but continuous radioactivity. Of note is the fact that the drilling has resulted in the doubling of the strike length to 60m from 30m.
  • ·         Highlights from the drilling include:

  o   PLS13-066 intersected 64.0m of weak to strong mineralization (81.5m - 145.5m) with a total of 5.57m of off-scale (>9999 cps) radioactivity

  o   PLS13-061 intersected four mineralized radioactive intervals (76.5m - 140.0m) ranging in strength from weak to strongly radioactive and in width from 1.0m to 30.5m

  §  Including a 30.5m interval ranging from weak to strong mineralization (109.5m - 140.0m) with a total 4.13m of off-scale (>9999 cps) radioactivity

  • ·         These drill results are similar to hole PLS13-038 that produced excellent assay results including 34.0m at 4.92% U3O8.
  • ·         Based on the strike length extension to 60m and assuming similar parameters to recent assay results in the area, our back of the envelope resource estimate for R390E grows to 12.2M lbs U3O8 from 6.1M lbs. Combined with a rough 1.6M lbs U3O8 estimate for the R00E zone, PLS may already contain 13.8M lbs U3O8 with significant exploration upside in both zones as well as R780E.
  • ·         The R390E zone is located about 390m on-strike to the east of R00E. As is the case with the R00E zone, R390E mineralization is spatially located proximal to the north of the PL-3B basement EM conductor and situated within a well-defined resistivity low corridor. Drillhole interpretation thus far defines the area of mineralization to be associated with a steeply south dipping pelitic (+/- graphitic) lithology sandwiched between a semipelitic gneiss to the north and a quartz-feldspar gneiss to the south, where the mineralization is focused primarily near the contact between the pelitic gneiss and quartz-feldspar gneiss.
  • ·         An ongoing field program including 9,000m to 10,000m of drilling is in progress and will continue to take advantage of the winter ice expected to last into early April.