Alpha has completed its first stage of more than 6,000 metres in a 20,000-metre drilling program at the site 135 km from Asmara, the capital of the northeast African country. The drilling was designed to test mineralization down plunge of the current mineralized lenses at Aburna, the company said in a release.
“Drill hole ABD113 in the Northeast area has further confirmed the plunging high grade mineralized orientation at Aburna, extending the principal shoot down plunge,” president and CEO Michael Hopley said in Friday’s release. “The company is now well funded to accelerate exploration on the Aburna gold prospect as well at the other principal projects on our licence.”
Former mines
The Kerkasha site holds four Italian gold mines dating from the 1890 to 1941 colonial period. AngloGold Ashanti (NYSE:AU) explored the site during 2010-13, leaving data for Alpha to use in AI-assisted computer modelling. The area’s Nubian shield, stretching north to Egypt and east across the Red Sea, is also being explored by Royal Road Minerals (TSXV: RYR), Centamin (TSX: CEE; LSE: CEY) and Saudi Arabia’s state-owned Ma’aden.
In March, Alpha reported reverse circulation drill hole ABD012 cut 18 metres grading 15.33 grams gold from 114 metres depth at the Hill 52 target; hole ABD013 returned 49 metres at 2.75 grams gold from 18 metres down hole at the same target including 7 metres at 14.9 grams gold. Also last month, the company raised C$7 million in a stock offering.
Alpha is also drilling on the Anagulu gold-copper prospect and advancing the Tolegimja volcanogenic massive sulphide copper-zinc-gold prospect in the same licence area.
Shares in Alpha Exploration were unchanged at C$0.84 apiece on Friday afternoon trading in Toronto, valuing the company at C$75.9 million. It’s traded in a 52-week range of C$0.54 to C$0.88.
