Apha Exploration (ALEX.V) has released an exploration update on its fully owned Kerkasha project in Eritrea where the focus is now zooming in on the Aburna gold prospect where the company successfully intersected high-grade and near-surface mineralization.
The company recently completed a 5 by 2 kilometer gradient array induced polarization program and ground magnetic surveys while it also wrapped up a very extensive trenching program with almost 4,400 meters of trenching. These activities seem to have paid off as Alpha Exploration has identified four new primary targets.
The details of these four targets were published in the press release and rather than copy-pasting the summaries here, you may want to read the press release.
According to CEO Michael Hopley these results emphasize the district scale footprint of Aburna and they demonstrate the potential to extend the gold mineralization that has been defined by the past few drill programs while it provides new priority drill targets. Hopley specifically highlights a new, two kilometer long chargeability target which runs from the past producing colonial gold miner through to Hill 52. Additionally, another major magnetic anomaly in the Central Area which is interpreted to be a potential porphyry system at depth.
As of the end of June, Alpha Exploration still had US$1.9M in cash on the balance sheet and a positive working capital position of approximately US$1.4M.
Disclosure: The author has no position in Alpha Exploration. Please read the disclaimer.
