Slide 1: Gold & Copper Discovery: Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD September 2023 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 in 2018, listed on TSX-V on November 1, 2021 Strong insider & institutional support Alpha – 24 Month Share Price TSX-V: ALEX | Share Structure as of September 5, 2023 Shares Outstanding 80,518,353 0.90 Ordinary Shares 65,588,314 Preference Shares 15,286,159 Share
Slide 5: Board & Management
Board & Management Michael Hopley Alasdair Smith Chris Van der President & CEO Technical Director Westhuyzen Director Management BSc (Geology), London University BSc (Geology), Victoria University, New Bachelors of Commerce degree, Member of American Institute of Zealand (1982), Member AusIMM, AIG.
Slide 6: 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 7: Kerkasha Licence: Location
Kerkasha Licence: Location Excellent infrastructure in an emerging and highly prospective established mining jurisdiction More mines have come on stream in Eritrea in the last 20 years than any other country in the region • Large land package (771 km²) • Located in highly prospective Nakfa Terrain r
Slide 8: Kerkasha License: Exploration Status
Kerkasha License: Exploration Status 20 targets defined to date with 3 significant discoveries by Alpha • 3 significant discoveries made in 3 years: Kosolda Gold Prospect Large Artisanal Workings Aburna Gold Prospect Au in soil • Aburna Gold Prospect: 7.2 x 5km soil gold in soil 4x 5 km area Histori
Slide 9: Aburna Gold Prospect: Overview
Aburna Gold Prospect: Overview Major 7.2km x 2km scale new orogenic gold project discovered • 6 projects defined to date over 7.2km strike Dasharna • Drilling includes multiple large, shallow, high grade North East 16 m @ 14.07 g/t Au intercepts including 16m @ 14.07 g/t Au 13 m @ 4.24 g/t Au • Syst
Slide 10: Aburna Gold Prospect: multiple mineralized shears
Aburna Gold Prospect: multiple mineralized shears Vertical + stacked continuity of high grade mineralisation demonstrated Section 2000 15 m @ 5.85 g/t (88 GM) ABD001 & • Drilling has identified multiple, stacked ABR005 ABR018 mineralized lenses ABR039 19 m @ 5.19 g/t (99 GM) • In places, lenses have
Slide 11: 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 Gold Mine, Egypt Sukari - open pit + underground mine outline 2.7 km Sukari - open pit + underground mine outline 0 km 1 km
Slide 12: Anagulu Gold Copper Prospect: Overview
Anagulu Gold Copper Prospect: Overview Regionally significant, new copper – gold porphyry discovery Kerkasha Project • AND001: ‘discovery hole’ 49m @ 2.33 g/t Au & Kosolda AND005 1.05% Cu from 80m Tolegimja 109 m @ 1.34 g/t Au eq. Aburna • >1.5km strike length of key host unit (quartz eye diorite) w
Slide 13: 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 14: 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 15: 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: gossan + exhalate horizons + alteration • Only 10 holes drilled to date (2,262m) including TLR:009 26m @ 1.67% Zn & 0.38% Cu from 62m depth TLR009: 26
Slide 16: Other Prospects: Kosolda Gold Prospect
Other Prospects: Kosolda Gold Prospect Infill Soil Results Kerkasha Project Tolegimja < 5 ppb Au 5 – 25 ppb Au 25 – 100 ppb Au Aburna • Major 3km x 300m zone of 100 – 250 ppb Au Anagulu artisanal gold workings > 250 ppb Au Kosolda Prospect • 4 targets defined to date over 4km x 5km area from rock ch
Slide 17: Next steps
Next steps • Targeting minimum 5,000m drilling at Aburna in 6 months: fully define key mineralized lenses over at least 1km strike • Minimum 2,500m drilling at Anagulu and 2,000m at Tolegimja to define higher grade mineralized lenses • Opportunities under review: additional licence in Eritrea + expa
Slide 18: 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 19: Project Gallery
Project Gallery Kerkasha Licence Eritrean field team with Alpha consultant geochemist Core logging - Aburna Trenching programme at Kerkasha Oxidised copper staining in ‘quartz eye’ diorite porphyry outcrop Trenching – Kerkasha Licence Anagulu – geology draped over 3D topography 19
Slide 20: Contact
Contact Registered Office Eritrea Office Contact Details Alpha Exploration Limited Alpha Exploration Eritrea Limited +44 207 129 1148 Landline (UK) 3rd Floor, Omar Hodge Building Level 6, Room 602 +291 1 111202 Landline (Eritrea) Wickams Cay 1 S.A. Building info@alpha-exploration.com P.O. Box 362 Wa
Slide 21: Appendices
Appendices
Slide 22: Aburna: Systematic Soil, Trench, Channel, Traverse Sampling
Aburna: Systematic Soil, Trench, Channel, Traverse Sampling Aburna Prospect Sub Trench-Channel- Interval 100m x 100m soil Gold (g/t) Area Traverse (m) sampling at Aburna Prospect with the Northeast Area Channel 12 25 3.71 Colonial Gold Mine Northeast Area Channel 45 9 4.01 & Sub Areas where Northeas
Slide 23: 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 24: 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