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Alpha Minerals* (AMW : TSX-V : $5.50), Net Change: -0.10, % Change: -1.79%, Volume: 214,379
Fission Uranium* (FCU : TSX-V : $1.02), Net Change: -0.03, % Change: -2.86%, Volume: 4,607,257
Off-scale hits continue.Alpha Minerals and Fission Uranium announced another set of impressive results from drilling at their
Patterson Lake South (PLS) project in SW Athabasca Basin. Two holes drilled on the R390E zone, holes PLS13-073 and
PLS13-075, tested the eastern and western extension of zone respectively and both intersected mineralization. Management
highlighted that the strike length of the R390E zone has now been increased to 105 m at an early stage of the summer drill
program, and that at 21.65 m off-scale (>9999 cps) mineralization, hole PLS13-075 represents the largest accumulation of
discrete off-scale mineralized intervals in any drill hole at PLS to date. Drilling of hole PLS13-075 is still in progress at a depth
of 188.0 m, and it is expected that the main zone of mineralization has been intersected. Hole PLS13-073 was collared 15 m
grid east of PLS13-066. Two zones of mineralization were intersected (19.5m and 11.0 m wide respectively), separated by 21.0
m of unmineralized rock. Last week, Canaccord Genuity Mining Analyst Joe Mazumdar initiated bullish coverage on AMW
and FCU, highlighting that he views the PLS project as the most attractive uranium project in the hands of a junior company
since Hathor Exploration’s Roughrider project (57 Mlbs grading 4.7% U3O8), which was acquired by Rio Tinto (RIO)for
$654 million, and valued the resource at ~US$11/lb U3O8.