GRAND BAIE, Mauritius, March 12, 2021 (GLOBE NEWSWIRE) — Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”), a producer of 4% of the world’s mined tin from its high grade operation in the Democratic Republic of Congo, is pleased to provide an exploration update, specifically, progress on the Mpama South drilling programme.

HIGHLIGHTS

• 
  Main Zone mineralisation intercepted
  
  at Mpama South, based on a visual inspection and interpretation, is comparable to the mineralisation being mined at the high grade Mpama North Mine;
• 
  New parallel mineralisation zone discovered
  
  in the footwall of the Main Zone at Mpama South (“Footwall Zone”);
• 
  Additional drilling metres planned at Mpama South
  
  to increase size of the Main Zone and incorporate the Footwall Zone into a planned Maiden Mineral Resource estimate.
  

Exploration activities for 2021

Alphamin’s exploration initiative aims to extend the life-of-mine at its currently producing Mpama North operation, to declare a Maiden Mineral Resource for Mpama South (located 750 metres south of Mpama North) and to discover at least one additional orebody on the highly prospective Bisie Ridge (13km strike length). In that regard, Alphamin plans to allocate significant drilling metres to each of these target areas during 2021 as follows:

1. Mpama South – between 8,000 and 14,000 metres drilling with the intention of being able to declare a Maiden Mineral Resource estimate towards the end of 2021 to be followed by a conceptual mining study, infill drilling and further step-out drilling to determine the extent of mineralisation;
2. Mpama North – an initial 7,500 metre drilling campaign is planned to test the strike and dip extension of the current producing orebody, below 400m in depth from the mine portal. Drilling should commence in August 2021 on the establishment of an underground drill drive on Level 6;
3. Two drill targets 6-8km south of Mpama North have been identified along the Bisie Ridge. A high-density geochemical soil sampling program is underway and more accurate drilling targets will be identified by the outcomes of this program in Q3 2021.
   

Mpama South Drilling update

Mpama South is located 750m south of Alphamin’s operating mine. A drilling program completed in 2016 recorded notable cassiterite intercepts in similar alteration styles and of similar high grades to Mpama North, including apparent widths of:

• BGH011: 32.8 metres @ 2.46% Sn (incl. 18.75 metres @ 3.91% Sn)
  
  ¹
  
  ,
• BGH003: 2.50 metres @ 5.76% Sn
  
  ²
  
  .

Alphamin commenced its Mpama South exploration program with a 5,800 metre (25 drillholes) drilling campaign in December 2020. To date, 5,056 metres and 23 holes have been completed. All holes completed have shown visual mineralisation, suggesting continuity of the Main Zone system, while several exceptional intercepts visually comparable to the thick veins and brecciated zones of cassiterite existing at Mpama North were also observed (see Figure 1). In addition, a new zone of mineralisation was discovered in the footwall which appears continuous and highly mineralised (“Footwall Zone”).

A media snippet accompanying this announcement is available by clicking the image or link below:

The first seven drillholes from the current drilling campaign were sampled and assayed by the Company’s on-site laboratory. Results confirmed the visual interpretation of high-grade tin intercepts over wide zones. The onsite laboratory has insufficient capacity to cope with the quantity of high grade samples being generated by the drilling whilst also having to ensure full QA/QC success. Consequently, a decision has been made that all Mpama South samples will be analysed by an accredited 3

^rd

party off-site laboratory before results will be released to the market. There will thus be a delay in the reporting of the official tin assays at Mpama South while the export process is carried out. The first batch of export samples is in the export pipeline. Readers are cautioned that the mineralisation observed to date is of a preliminary nature and that assays obtained from 3

^rd

party off-site laboratories may not be consistent with the Company’s visual interpretations and on-site results.

Chief Executive Officer, Maritz Smith comments:

“These drill intercepts are very encouraging for the Mpama South Prospect. Mineralisation within the Main and Footwall Zones point to a possible Mpama North lookalike and we are encouraged by the resource expansion potential within the existing mining permit. Our view that the 13km long Bisie Ridge hosts multiple high-grade mineralised systems continues to be reinforced, which brings us closer to realising our vision of becoming one of the world’s largest long-life tin producers.”

Qualified Person

Mr Vaughn Duke Pr.Eng. PMP, MBA, B.Sc. Mining Engineering (Hons.), 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 Consultant, Partner and Director of Sound Mining Solutions, an independent technical consultant to the Company.

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith


CEO

Alphamin Resources Corp.

Tel: +230 269 4166

E-mail: [email protected]

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 anticipated exploration activities and outcomes. 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.


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.

¹

See announcement dated 26

^th

March 2015


²

See announcement dated 20

^th

November 2012