Alpha Minerals Inc ESOFD

100 MM lb potential

[ppprecies]

Final PLS Assays Confirms Extensions of All Zones

Company Description Fission Uranium is a Canadian uranium exploration company with properties in the Athabasca Basin of Saskatchewan. Fission is currently advancing its new 50% owned PLS discovery on the western side of the Athabasca. Results to date have demonstrated the potential for a shallow, thick and high grade deposit split between three zones - R00E, R390E and R780E.

Fission announced final assay results from its Winter 2013 drill program at 50% owned PLS property. Today's assay results verify both the expected strike length and width extent of R00E and R390E based on earlier scintillometer results, with initial assays from R780E confirming it as the third discovery. In our view this was perhaps one of most successful drill campaigns in the Athabasca Basin. Overall 46 holes were drilled with an 80% hit rate (including 100% hit rates at R390E and R780E). Three zones were discovered, with shallow and high grade mineralization confirmed at all three. We already believe PLS hosts upwards of 25 MM lbs based on this drill campaign alone, and suggest it has over 100 MM lb potential. Fission has quickly become one of the most exciting names in the equity market. Automatically Sign Up Here to Download the FULL Report and don't miss coming news Fission has quickly become an exploration leader in Athabasca Basin, and a go to name in what has been tough uranium equity market. Since its spin-out and sale of J-Zone to Denison (DML-T, Buy, High Risk, C$2.00 Target), FCU is up 38.5%. We don't believe FCU is fully valued for its PLS upside; it has significant cash reserves; a proven exploration team; an aggressive management; it is first mover in the PLS area with perhaps the best land package that has now attracted the attention of Cameco (CCO-T, Not Rated) and AREVA who are becoming active locally. R00E Zone strike confirmed. With the addition of four more holes, we now estimate a 120m strike length from L060W to L060E (Figure 1). Hole PLS13-067 intersected 4.63% U3O8 over 6m, including 6.86% over 4m (Table 1). Mineralization remains open to the east-south-east towards host conductor PL-3B. R00E now measures 120m strike x 50m wide and averages 1.83% U3O8 over 15.8m. Results are slightly accretive to grades, but thicknesses fell 9%. Recent press releases demonstrate that the quickly improving R00E is becoming higher grade than initially anticipated, and we maintain our 10 MM lb estimate. R390E impacted by lower grade holes. Assays for eight holes were announced, including two extensional holes, -61 and -66. These returned 1.39% U3O8 over 23.5m, including 4.34% over 6m; and 1.15% over 63.5m including 9.51% over 2m, respectively. Several other holes were able to expand the zone to the north, albeit these are not within the heart of the zone. Overall, results were in line with our expectations based on scint results. High grade cores are bound by broad lower grade mineralization. By nature basement deposits are variable on small scale. This still robust thickness remains key to the fact that a large mineralizing system is at work and potential for further mineralization remains along strike. R390E now measures ~60m along strike x ~30m wide grading 2.74% over 34m (3.50% over 35m using a 1% cut-off). Average thickness and grades came down due largely to a lower grade northern extension and single holes along strike to the east and west that may or may not be lying directly on the axis of the zone. But it's important to note that there remains a high grade core reflecting ~5% U3O8 over 60m (Table 2) that hosts most of the mineralization. Despite lower grades on the peripheries, we maintain our ~20 MM lb estimate. R780E validates regional upside. The first three holes of assays were announced including 1.22% over 7m including 3% over 2.5m in hole -60. R780E hosts a similar mineralized package to the other zones, but uranium occurs at slightly greater depths. This zone should receive greater focus this summer. This is a 400m step-out from R390E and 800m step out from this initial discovery, highlighting the importance of radon in water anomalies which will continue to be used to target holes. Two regional holes with no significant mineralization were also reported. R780E Zone measures about 10m x 30m grading 0.37% U3O8 over 28.3m.... READ THE FULL REPORT!