Alpha Exploration: New findings at the flagship gold project in Eritrea

Gold explorer Alpha Exploration provides an update on the development of the fully owned Kerkasha Project in Eritrea. The focus of the current exploration program was on the Aburna orogenic gold target, the main target of the overall project. Further significant progress and insights into the mineralization of the area were achieved and new drilling targets were defined.

Alpha Exploration

Alpha Exploration (TSX.V: ALEX, WKN: A3DLBX) has defined 4 primary targets at Aburna over a strike length of over 5 kilometers during this year's surveys. The survey included 5km x 2km of gradient array induced polarization (GAIP) surveys and ground-based magnetic surveys from March to July, plus 4km of trenching.

Aburna has previously demonstrated significant mineralization with above-average gold grades over a 7 km long and 2 km wide corridor in previous surveys and drilling. An initial gold resource estimate is also planned for Aburna.

Highlights

• 10km 2 GAIP and ground-based magnetic surveys have been completed at the Aburna gold target area.
• Ground magnetic results indicate a potential 400m diameter intrusive/porphyry target in the central region below existing drilling.
• GAIP identifies multiple, large targets with chargeability and resistivity close to existing drilling and prospecting targets.
• 4 new GAIP targets were discovered with over 5 km strike length to be tested by drilling.
• Prospecting results define an extension of over 1 km strike length of the northeast target area.
• Drilling of the primary GAIP and ground magnetic targets is expected to resume in Q4 2023.

The following figure shows the four new target areas on Aburna identified through GAIP and ground magnetic surveys. Information on the results of the soil samples is also included:

The four target areas are presented in more detail below.

"Target 1" is a large 2 km long chargeability target with a separate 400 m diameter ground magnetic target (intrusive possibly porphyry body at depth). To explain the "chargeability" of the subsurface, it can be explained that this is geophysically measured indirectly through induced polarization. Many metals or sulfides have a high chargeability when dry. In the northern part of the target, drilling has already returned 15 m of 5.9 g/t Au from 6 m or 28 m of 3.7 g/t Au from 50 m. This also coincides with a significant soil anomaly of over 100 ppb Au. The northeastern extension of the soil magnetic anomaly target is located in the Central Area of ​​Aburna, where good grade drilling has also returned 18m of 2.27 g/t Au from 130m.

"Target 2" is a chargeability and resistivity anomaly over 1.25 km long that was established through GAIP surveys. The area is located 1 km east of the existing drill zone in the northeast target area. The target lies to the southeast of existing mineralization of 16m grading 14.07 g/t Au from 14m and 13m grading 4.24 g/t Au from 120m.

“Target 3” is west of “Target 2”. Directly north of the previously existing northeast target area, 19 additional trenches confirmed a new mineralization trend as an additional structural target of 1 km in length. These results therefore indicate an expansion of the northeast target area. “Target 3” also includes a loadability target of over 500 m in length to the south. This was confirmed, among other things, by a recent drilling of 6 m of 5.0 g/t Au from 90 m.

"Target 4" is a 1 km long structural target located directly northeast of the existing Celebration Hill target area with extensive gold-in-soil anomalies exceeding 100 ppb Au. Work also took place there during Italian colonial times. For example, at Celebration Hill, drilling identified 14 m of 3.8 g/t Au from 49 m.

About Alpha Exploration

Alpha Exploration operates as a resource explorer on the Arabian-Nubian Shield. This extends over both sides of the Red Sea. The company's exploration focuses on gold and base metals. The region is considered highly attractive because it has hardly been explored in the last 100 years. There are already some outstanding deposits and mines on the shield that can be counted among the so-called “Tier 1 assets” in terms of size, lifespan or cost.