Alphamin reports Mpama South resources at 3.26 Mt at 2.46% tin, DRC

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Alphamin Resources Corp. [AFM-TSXV; AFMJF] has completed the infill drilling campaign at Mpama South and an updated mineral resource estimate (MRE) for Mpama South. Alphamin is a producer of 4% of the world’s mined tin (Sn) from its high-grade operation in the Democratic Republic of Congo.

Highlights: Substantially improved the confidence of Mineral Resources at Mpama South whilst extending the known mineralization boundary. Increased In dicated Resource s by 286 % to 3.26 Mt based on assays from 63 additional infill and extensional drillholes.

Mpama South Mineral Resources now stand at 3.26Mt of 2.46% tin for 80.2kt contained tin in the Indicated category and 2.84Mt of 2.42% tin for 68.7kt contained tin in the Inferred category. Significant additional resource growth potential at Mpama South as the deposit still remains open down-dip.

Mpama South Mine construction works progressing according to plan – project completion expected to increase Alphamin’s annual contained tin production from the current 12,000tpa to ~ 20,000 tpa, approximating 6.6% of the world’s mined tin.

Mpama South Updated Mineral Resource Estimate: In just 24 months, Alphamin has delivered a top-10 globally significant CRIRSCO compliant tin deposit by contained tin1 at Mpama South; grown the resources to ~2.2 times versus the Maiden Mineral Resources and PEA2 numbers; increased resource confidence across the deposit; and commenced mine construction through own cashflows.

This brings forward an additional planned ~7,200 tpa contained tin production, which will make Alphamin one of the largest tin producers globally and delivers on the Company strategy of organic growth and creating shareholder value.

The updated Mineral Resource for Mpama South follows eight months after the previous update announced on 31 May 2022. The update is based on receipt of assays for another 63 infill and extensional drillholes completed subsequent to the previous estimate which was based on 124 drillholes. Mineralization is still open down dip and significant high grade periphery drilling intercepts.

The updated MRE now includes results from 187 drillholes at Mpama South as well as 6 drillholes drilled in 2015 in the area between Mpama South and the Mpama North ore body. The MRE was estimated using the CIM Best Practice Guidelines (2019) and is reported in accordance with the 2014 CIM Definition Standards.

The Mineral Resource is classified into the Indicated and Inferred categories and is reported at a base case tin cut-off grade of 1.0%, which satisfies reasonable prospects for economic extraction. Mpama South Indicated Resources increased by ~286% to 3.26Mt by converting Inferred Resources, while Inferred Resources grew nominally by ~275kt (excluding those tonnes converted to Indicated).

Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability and require advanced studies and economic analysis to prove their viability for extraction.

Extensional drilling down-dip and in the shallower northern and southern portions of Mpama South can be conducted at the Company’s election to carry on extending known mineralization at Mpama South, which is still open in multiple directions. For 2023, the focus will primarily be aimed at the Mpama South Mine construction and commissioning efforts, while exploration drilling will be curtailed, instead, focusing on further field work campaigns to support future programs.

Alphamin intensified exploration drilling on the 13km long Bisie Ridge from Q3 2022 to test highly anomalous soil, geophysical and structural targets identified during 2021. 8,773 metres of the 10,000-metre Phase 1 diamond core program have been completed along the Ridge, with the remainder due for completion in Q1 2023.

Although anomalous mineralization has been confirmed in drilling on the Ridge, it is not of the obvious coarse visual cassiterite type frequently seen in drillcore from Mpama North and South.

Only ~25% of assays have been returned from the independent laboratory to date from the Ridge drilling. Assay results when received will support a fuller investigation into the regional setting, along with data from the on-going geophysical downhole surveys, structural investigations and mapping, thereby enabling a refocused exploration program. Until then, the key focus at site remains the construction and commissioning of the new Mpama South Mine.


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