Alpha Exploration Ltd. · TSXV:ALEX
Alpha Exploration — Investor Presentation (March 2024)
38 slides from Alpha Exploration's investor presentation, March 2024
Slide 1: Gold & Copper Discovery: Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD March 2024 TSX-V: ALEX | alpha-exploration.com
Slide 2: Forward Looking Statements
Forward Looking Statements Disclaimer Notice This presentation of Alpha Exploration Limited (“ALEX”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdict
Slide 3: Alpha: Investment Highlights
Alpha: Investment Highlights Unique team: proven track record of discovery + build + sell in Eritrea, the ANS and beyond Exciting, district scale copper, gold and VMS discoveries being rapidly advanced by team STRATEGY ASSETS CATALYSTS Team: Highly regarded industry group Large 771km2 Kerkasha licen
Slide 4: Alpha: Capital Structure
Alpha: Capital Structure Established: 2018, listed on TSX-V on November 1, 2021 Exceptional, committed insider & institutional support TSX-V: ALEX | Share Structure as of March 13, 2024 Alpha – 24 Month Share Price 0.90 Shares Outstanding 86,845,903 Share price C$0.84 0.80 MCAP C$ C$73m Share price
Slide 5: Board
Board Michael Hopley Dr John Clarke Chris Van der President & CEO Independent Westhuyzen Non - Executive Director Director >40 years’ of international experience. Executive & >40 years’ experience. Former president & CEO of COO of Hemera Capital Management LLP. 11 Board positions with Gold Fields Mi
Slide 6: Management & advisors
Management & advisors Matthew Grainger Scott McKeag Alasdair Smith VP Business Advanced Projects Co-founder & Technical Development Manager Advisor >25 years’ experience across the junior exploration >30 years’ experience as a Geologist in N America, >30 years’ experience as a geologist in Australia
Slide 7: The Last Frontier: Arabian-Nubian Shield
The Last Frontier: Arabian-Nubian Shield “The Cradle of Mining”- the site of some of man's earliest mining activities remains underexplored today • Arabian-Nubian Shield: a new exploration frontier with Tier 1 deposits & large, low cost mines • Highly prospective: multiple, large VMS, orogenic + por
Slide 8: Why Eritrea? Bisha VMS / Nevsun Case Study
Why Eritrea? ….Bisha VMS / Nevsun Case Study More mines have come on stream in Eritrea in the last 20 years than any other country in the region Bisha discovery in 2002 ultimately leads to sale of Nevsun in 2018 for C$1.8bn Discovery to first gold pour: 9 years 2002 2006 2008 2011 2016 2018 PFS Cons
Slide 9: Kerkasha Licence: Location
Kerkasha Licence: Location Excellent infrastructure in an established and highly prospective mining jurisdiction Experienced personnel available from >20 years of successful exploration, mine development and production • Large land package (771 km²) • Located in highly prospective Nakfa Terrain rock
Slide 10: Kerkasha License: Exploration Status
Kerkasha License: Exploration Status 20 targets defined to date with 3 significant discoveries by Alpha on large, 771km2 licence • 3 significant discoveries made in 3 years: Kosolda Gold Prospect Large Artisanal Workings Au in soil • Aburna Gold Prospect: 7.2 x 2km soil gold in soil Aburna Gold Pros
Slide 11: Aburna Orogenic Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Aburna Orogenic Gold Prospect
Slide 12: Aburna Gold Prospect: Overview
Aburna Gold Prospect: Overview Major 7.2km x 2km scale new orogenic gold project discovered • New discovery by Alpha with no drilling on project prior to 2022 • 6 projects defined to date over 7.2km strike Northeast Area (Q1 ’24): ABR108: 2 m @ 13.11 g/t Au • Drilling includes multiple large, shallo
Slide 13: Aburna Gold Prospect: multiple mineralized shears
Aburna Gold Prospect: multiple mineralized shears Vertical + stacked continuity of high grade mineralisation demonstrated 15 m @ 5.85 g/t Au ABD001 • Drilling has identified multiple, stacked ABR005 & ABR018 mineralized lenses ABR039 19 m @ 5.19 g/t Au ABR007 • Strong mineralisation continuity along
Slide 14: Aburna: Priority drill targets H1 '24: Hill 52
Aburna: Priority drill targets H1 ’24: Hill 52 Q1 ‘24 drilling: Highest grades intercept to date on project including 18m @ 15.33 g/t Au and 49m @ 2.75 g/t Au • Drill results (Jan ‘24) include 18m @ 15.33 g/t Au (ABD012) and 49m @ 2.75 g/t Au (ABD013) <70m from surface • Wide, shallow mineralisation
Slide 15: Aburna: Priority drill targets H1 '24: Hill 52
Aburna: Priority drill targets H1 ’24: Hill 52 Q1 ‘24 drilling: Drillholes ABD012 & ABD013: consistent, high grade gold down the drill core 15
Slide 16: Aburna: Priority drill targets H1 '24: Central Area
Aburna: Priority drill targets H1 ’24: Central Area Q1 ‘24 drilling: Initial results confirm NE mineralization plunge, open along strike and up + down plunge • Drill results (Jan ‘24) include 20m @ 2.82 g/t Au, 6m @ 5.5 g/t Au, 22m @ 1.71 g/t Au • Wide, shallow mineralisation open along strike confi
Slide 17: Aburna: Priority drill targets H1 '24: Central Area
Aburna: Priority drill targets H1 ’24: Central Area Q1 ‘24 drilling: Initial results confirm NE mineralization plunge, open along strike & up + down plunge Long Section Plan Map NE SW Surface 28 GM 56 GM 33 GM ing pe lung elo p env w allo tion Sh lisa era mn i ABR100: 29 GM 20 m @ 2.82 g/t Au from 4
Slide 18: Aburna: Priority drill targets H1 '24: Central Area
Aburna: Priority drill targets H1 ’24: Central Area Holes planned to test through mineralisation to deep magnetic target Target sits directly below existing successful drilling in Central Area prospect ntral Ce ABR064 34 m @ 1.5 g/t Au from 38 m ABR031 18m @ 2.2 g/t Au from 130 m ABR034 Magnetics (T
Slide 19: Aburna: Priority H1 '24 drill targets
Aburna: Priority H1 ‘24 drill targets Dasharna NE Area TARGET 3 (Northeast Area) • 3,000m / 20 holes • Priority 500m + 1.2km mineralised strike at Northeast Area TARGET 1, 2 (Hill 52, Central) Central Area Intersection between 2 major crustal structures: • 7,000m / 30 holes • Extend + infill current
Slide 20: Aburna: Priority drill targets H1 '24 – Northeast Area
Aburna: Priority drill targets H1 ’24 – Northeast Area 1.7km priority mineralised zone defined from drilling and geophysics • Recent drilling has identified 2 mineralised lenses each >200m in length including ABR092 (9m @ 10 g/t Au) and ABR078 (9m @ 5.99 g/t Au) • SW margin of high grade zone define
Slide 21: Aburna: Sukari (Centamin) analogue - scale comparison
Aburna: Sukari (Centamin) analogue - scale comparison Outline of entire Centamin’s Sukari resource (11.1 Moz @ 1.08 g/t Au) fits within 1 of 6 targets defined at Aburna Sukari - open pit + underground mine Sukari Gold Mine, Egypt outline Sukari - open pit + underground mine outline 0 km 1 km 2 km Ge
Slide 22: Anagulu Porphyry Copper Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Anagulu Porphyry Copper Gold Prospect Co founder & technical adviser Alasdair Smith with Anagulu discovery outcrop with extensive malachite mineralisation
Slide 23: Anagulu Gold Copper Prospect: Overview
Anagulu Gold Copper Prospect: Overview Regionally significant, new copper – gold porphyry discovery • AND001: ‘discovery hole’ 49m @ 2.33 g/t Au & 1.05% Cu from 80m Kerkasha Project Kosolda Tolegimja AND005 • >2km strike length (quartz eye diorite) with anomalous 109 m @ 0.79 g/t Au & 0.35% Cu coppe
Slide 24: Anagulu Northeast: Major mineralization intersected
Anagulu Northeast: Major mineralization intersected Large intervals of gold-copper mineralization (>0.8 g/t AuEq.) occur over a strike of ~ 400 m Mineralization remains open along strike and to depth Hinge Hinge AND006 Section 38 AND003 AND005 Section 40 Section 42 ANR017 ANR033 ANR029 900 m ANR015
Slide 25: Anagulu discovery relative to recent African discoveries
Anagulu discovery relative to recent African discoveries Discovery intercept of 49 m @ 2.33 g/t Au & 1.05% Cu compares favorably to Africa discoveries in 2018-2020 Anagulu: 49 m @ 2.33 g/t Au & 1.05% Cu (AuEq. x m) in Africa Context Kasombo Kamoa-Kakula Tshukudu (Fe Ltd) Ivanhoe 100 Prieska (Sandfir
Slide 26: Tolegimja Copper-Zinc-Gold Prospect: Overview
Tolegimja Copper-Zinc-Gold Prospect: Overview New, 3km long copper-zinc-gold VMS discovery within interpreted VMS cluster • Bi modal mafic type VMS: extensive gossan + exhalate horizons + alteration mapped & sampled • Up to 8.33 g/t Au from preliminary rock chip sampling. Gravity & IP surveys comple
Slide 27: Tolegimja Copper-Zinc-Gold Prospect: Larger potential target?
Tolegimja Copper-Zinc-Gold Prospect: Larger potential target? Cu, Zn extent fully open to N and S Potential 3km long, eastern fold limb (IP data + XRF soils) Geology, Induced Polarization, VTEM, Zn Geochemistry - Geology, Induced Polarization, VTEM, Cu Geochemistry - 27 Tolegimja Tolegimja
Slide 28: Other Prospects: Kosolda Gold Prospect
Other Prospects: Kosolda Gold Prospect Infill Soil Results Kerkasha Project Tolegimja < 5 ppb Au • Major 3km x 300m zone of artisanal 5 – 25 ppb Au gold workings 25 – 100 ppb Au Aburna • 4 targets defined to date over 4km x 100 – 250 ppb Au Anagulu > 250 ppb Au 5km area from rock chips, channel Koso
Slide 29: Next steps
Next steps • Targeting minimum 10,000m drilling at Aburna in 6 months: fully define key mineralized lenses over minimum 2km strike • Potential for JV partner at Anagulu, target >3,500m at Tolegimja to define gossans + higher grade mineralized lenses • Opportunities under review: additional licence i
Slide 30: Investment Highlights – Why Invest?
Investment Highlights – Why Invest? Led by a team that discovered and/or developed: Multi commodity Au, Cu, Zn Multiple orogenic gold + porphyry gold- Bisha * VMS Cu-Zn-Au Mine, Eritrea 1 Sold 2011: 28Mt @ 1.78 g/t Au, 38.9 g/t Ag, 1.6% Cu, 3.15% Zn copper + VMS prospects defined • John Clarke (Form
Slide 31: Project Gallery
Project Gallery Kerkasha Licence Signing of Exploration License Agreement with Eritrean Mines Ministry Core logging - Aburna Trenching programme at Kerkasha Field exploration team - Aburna Trenching – Kerkasha Licence Anagulu – geology draped over 3D topography 31
Slide 32: Contact
Contact Registered Office Eritrea Office Contact Details Alpha Exploration Limited Alpha Exploration Eritrea Limited Matthew Grainger 3rd Floor, Omar Hodge Building Level 6, Room 602 VP Business Development Wickams Cay 1 S.A. Building P.O. Box 362 Warsay Street +44 7890 758 202 (UK) Road Town Zip Co
Slide 33: Appendices
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Slide 34: Aburna: Systematic Exploration (2): channel + trench = drill
Aburna: Systematic Exploration (2): channel + trench = drill Initial drilling in 2021 & 2022 confirms multiple high grade shear targets Highest channel, trench & traverse interepts at Aburna Sub prospect Type Interval Au g/t Northeast Channel 12 25 3.71 Northeast Channel 45 9 4.01 Northeast Trench 3
Slide 35: Aburna: Major gold system: IP Chargeability
Aburna: Major gold system: IP Chargeability TARGET 3 Dasharna TARGET 5 TARGET 2 NE Area TARGET 4 Central Hill 52 TARGET 1 Celebration Hill
Slide 36: Aburna: Major gold system: IP Resistivity
Aburna: Major gold system: IP Resistivity TARGET 3 Dasharna TARGET 5 TARGET 2 NE Area TARGET 4 Central Hill 52 TARGET 1 Celebration Hill
Slide 37: Drill hole intercept/Gold Equivalent (AuEq)/Metal Factor methodology
Drill hole intercept/Gold Equivalent (AuEq)/Metal Factor methodology The following methodology and calculations were used to determine the drill hole intercepts and the AuEq & CuEq calculations illustrated within this presentation (slide 13): • *Intercept calculations for RC holes ANR015-030 and DD
Slide 38: Eritrea Mining Act & Alpha Agreement with ENAMCO
Eritrea Mining Act & Alpha Agreement with ENAMCO The agreement between Alpha Exploration and the Eritrean National Mining Corporation (ENAMCO) protects and clarifies Alpha’s interests for all parties… in the case of a discovery. Agreement between Alpha Exploration Eritrea Limited and ENAMCO: ➤ On th
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