CEO.CA Chairman's Briefing

Grand Baie, Mauritius , Feb. 10, 2023 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”), a producer of 4% of the world’s mined tin¹ from its high-grade operation in the Democratic Republic of Congo, is pleased to announce completion of the infill drilling campaign at Mpama South and an updated Mineral Resource Estimate (MRE) for Mpama South.

HIGHLIGHTS

• Substantially improved the confidence of Mineral Resources at Mpama South whilst extending the known mineralisation boundary.
• Increased Indicated Resources by 286% to 3.26Mt based on assays from 63 additional infill and extensional drillholes.
• Mpama South Mineral Resources now stand at:
  • 3.26Mt @ 2.46% Sn for 80.2kt contained tin in the Indicated category; and

• 2.84Mt @ 2.42% Sn 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 ~20,000tpa, approximating 6.6% of the world’s mined tin¹.
  
  

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 ~7,200tpa 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. The updated Mineral Resource is presented in Figure 1 along with the direction in which mineralisation 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 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines (2019) and is reported in accordance with the 2014 CIM Definition Standards.

Figure 1: Updated Mpama South Mineral Resource 07 February 2023 with selected intercepts and direction in which mineralisation is still open

Source: Alphamin 2022

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). The Mineral Resource Estimate, which is effective as of 07 February 2023, is presented in Table 1 below:

Table 1: Updated Mpama South Mineral Resources effective date 07 February 2023

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 mineralisation at Mpama South, which is still open in multiple directions. High grade drillholes around the peripheries where mineralisation remains open are highlighted in Figure 1, showing the remaining prospectivity for Resource expansion. However, 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.

The MRE has been completed by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with 34 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a “Qualified Person” for the style and type of mineralisation and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Bisie Ridge Regional Exploration Update

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 programme have been completed along the Ridge, with the remainder due for completion in Q1 2023.

Although anomalous mineralisation 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 programme. Until then, the key focus at site remains the construction and commissioning of the new Mpama South Mine.

Qualified Persons

Mr Jeremy Witley, Pr. Sci. Nat., B.Sc. (Hons.) Mining Geology, M.Sc. (Eng.), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in this news release. He is a Principal Mineral Resource Consultant of The MSA Group (Pty.) Ltd., an independent technical consultant to the Company.

____________________________________________________________________________

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith                                
CEO                        
Alphamin Resources Corp.                        
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com
____________________________________________________________________________

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to the anticipated future exploration and resource estimation activities and outcomes and the timing thereof and expected increases in tin production from the development of the Mpama South deposit and the cost and timing of such development activities. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: uncertainty of future exploration and assay results and consistency with past results and expectations; uncertainties related to the technical and economic parameters applied in the Mpama South Preliminary Economic Assessment regarding forecasted tin prices, the tin grade mined and processing recoveries as well as operating costs; uncertainties inherent in estimates of Mineral Resources, global geopolitical and economic uncertainties, volatility of metal prices, uncertainties with respect to social, community and environmental impacts, uninterrupted access to required infrastructure, adverse political events, impacts of the global Covid-19 pandemic as well as those risk factors set out in the Company’s Management Discussion and Analysis and other disclosure documents available under the Company’s profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY ASSURANCE (QAQC)

For sample preparation, analyses and quality control and quality assurance, see the Company’s news release dated 07 March 2022 entitled “ALPHAMIN ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE AND POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR MPAMA SOUTH”

Appendix 2: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold)

Appendix 3: Checklist of Assessment and Reporting Criteria