Alpha Exploration begins winter drilling at Middle Lake
Ticker Symbol: C:AEX
Alpha Exploration begins winter drilling at Middle Lake
Alpha Exploration Inc (C:AEX)
Shares Issued 31,487,748
Last Close 1/21/2015 $0.09
Thursday January 22 2015 - News Release
Mr. Robert Meister reports
ALPHA COMMENCES WINTER PROGRAM AT MIDDLE LAKE PROJECT, CLUFF LAKE AREA, ATHABASCA BASIN, SASKATCHEWAN
Alpha Exploration Inc. has begun its winter 2015 exploration program at its Middle Lake property located adjacent to the former Cluff Lake uranium mine in the western Athabasca basin of Northern Saskatchewan.
The Middle Lake winter exploration program is mainly drilling but includes an extension to the ground gravity survey carried out in 2014, and infill radon sampling between existing grids. This work will be completed before drilling commences in early February. Approximately 2,500 metres of diamond drilling is planned in up to 25 holes located around Skull Lake in the northwestern part of the Property. Drilling is anticipated to take approximately 4 weeks to complete.
Please see the Company’s website at www.alpha-aex.com for property location maps and summary exploration figures for Middle Lake, including proximity to Cluff Lake deposits.
Corporate Update
Alpha Exploration is pleased to announce it has transitioned from its interim corporate structure following its AGM last fall. Dr. Michael H. Gunning will assume a full time role as President and CEO, and the Company appoints Sierd Eriks as full time Vice-President, Exploration. Dr. Gunning’s achievements in the industry are well established and are summarized on the Company’s website, and the Company looks forward to his ongoing technical input and strategic guidance. Sierd Eriks’ extensive experience in the Athabasca Basin will contribute immediately to the Company’s activities. The Company wishes to thank Dr. Gunning and Mr. Warren Stanyer, both active Board members, for providing support of corporate and exploration activities during the interim period.
The Company has granted 500,000 incentive stock options under its incentive stock option plan to certain directors, officers, employees and consultants in relation to this corporate transition. The options are exercisable at 10 cents for a period of five years from the date of grant. All options are subject to a four-month hold period and are granted in accordance with the terms of the Company's stock option plan.
About Middle Lake Property
The Middle Lake Property is one claim covering 2,416 hectares. The Property is situated adjacent to the decommissioned Cluff Lake Mine site, where approximately 62 million pounds of uranium were extracted through a combination of 3 open pit mines and 4 underground mines by predecessors of AREVA Resources Canada (“AREVA”) (see AREVA website at www.areva.com).
Middle Lake is a joint venture with Acme Resources Inc., which holds a 20 percent carried interest. Please see the Company’s website at www.alpha-aex.com for details of the option agreement. The Property is 10 km (approx.) north of Shea Creek uranium deposit currently being explored by AREVA and UEX Corporation, 75 km (approx.) north of Patterson Lake South (PLS) uranium deposit, and approximately 250 km north of La Loche, all connected by Highway 955. (For reference Athabasca Basin Map)
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and has been reviewed and approved on behalf of the Company by Dr. Michael H. Gunning, PhD, PGeo, , a qualified person.
We seek Safe Harbor.