- Alpha Exploration (ALEX) has commenced a non-brokered private placement financing for gross proceeds of $5 million
- The company will offer the units at a price of $0.70 per unit
- Alpha plans to use the net proceeds of the private placement to fund ongoing exploration work on the Kerkasha Project in Eritrea
- Specifically, Alpha plans a major 15,000-metre drilling program on its newly-discovered and number one priority Aburna Gold Prospect
- Alpha Exploration Ltd. is a Canadian exploration company focused on the discovery of gold and base metals deposits in the Arabian-Nubian shield
- Alpha Exploration Ltd. opened trading at $0.78
Alpha Exploration (ALEX) has commenced a non-brokered private placement financing for gross proceeds of $5 million.
The company will offer the units at a price of $0.70 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share at an exercise price of $1.05 for a period of 24 months.
The corporation expects to close the first tranche of the private placement on or before March 2, 2023.
Net proceeds will be used to fund ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and general corporate purposes.
Specifically, Alpha plans a major 15,000-metre drilling program on its newly-discovered and number one priority Aburna Gold Prospect due to the extensive area of gold mineralization defined to date and positive drill results from the initial programs.
Prospecting work consisting of soil sampling, channel and trench sampling has discovered a large area, measuring approximately 6 km long by 2 km wide, of anomalous gold values extending northeast from the historic Aburna gold mine in Eritrea.
To date, Alpha has drilled only 43 drill holes spread across this large area. Despite this small amount of drilling, results have been encouraging.
The results include drill hole ABD-001, 20m averaging 7.73 g/t gold, and drill hole ABR-005, 15m averaging 5.85 g/t gold.
More surface sampling work occurred in November and December 2022 at Aburna with the aim of extending the mineralized envelope to the northeast and southwest by taking 202 soil samples and 3,071 rock chip samples from channels and trenches.
To assist in designing the drilling program at Aburna, Alpha is planning a ground magnetics survey coupled with detailed structural mapping in the next few weeks.
Alpha Exploration Ltd. is a Canadian exploration company focused on the discovery of gold and base metals deposits in the Arabian-Nubian shield on either side of the Red Sea.
Alpha Exploration Ltd. opened trading at $0.78.