Searchlight Resources Inc (SCLTF)

[pmunch]

Our "sister company" TSX: AMW is doing well !!! Formerly ESO

Thursday November 08, 2012 8:33 AM ET. Data delayed 15 minutes.
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AMW Article https://research.tdwaterhouse.ca/research/public/Stocks/NewsArticle/ca/AMW?documentKey=100-310c6977-1

Discovery Hole at Patterson Lake South: High Radioactivity and Massive Pitchblende in Core10:00AM ET on Monday Nov 05, 2012 by CNW Group

Trading Symbol TSX-V - AMW

Alpha Minerals Inc. (formerly ESO Uranium Corp.) (TSX-V: AMW), (the "Company" or "Alpha"), and its Joint Venture partner, Fission Energy Corp (TSX-V:FIS) report that core drilling on the Patterson Lake South project ("PLS") located in the Athabasca Basin area of northern Saskatchewan, has intersected a 6.0 metre wide interval of high grade mineralization with visible massive pitchblende in veins (up to 21 centimetres wide), blebs and flecks.

This high grade mineralization occurs at shallow depth in basement rocks in diamond drill hole PLS12-022. This hole is still in progress. The strongly radioactive interval occurs within the top 21.0 metres (69 feet) of basement core.

Technical Details:

-- Discovery hole PLS12-022, a vertical hole collared 10 metres
north of hole PLS12-016 intersected anomalous radioactivity in
the bedrock over a 21 metres interval (57.5 - 78.5 metres),
with a 6.0 metre wide interval of continuous strong
radioactivity (71.0 - 77.0 metres).
-- The unconformity with the Archean basement and probable
Devonian sandstone overlying it was encountered at 59.53 metres
depth.
-- The 4.24 metre intersection of Devonian sandstone included 1.73
metre intersection with 1,400 counts per second ("cps")
radioactivity lying unconformably on the Archean basement
rocks.
-- Elevated radioactivity continues in the upper basement drill
core to 78.5 metres.
-- A second radioactive interval has been intersected from 166
metres to 177 metres depth as drilling continues.
-- Discovery hole PLS12-022 is located approximately 3.8
kilometres northeast of the high grade radioactive boulder
field, where assays returned values up to 39.6% U3O8 (see news
release July 27, 2011).


Ben Ainsworth, President, Alpha Minerals Inc. commented: "This is the most significant discovery of new mineralization in the southwest Athabasca Basin area since Cluff Lake and Shea Creek. We have achieved this discovery with good science and the hard work of an exploration team and its contractors who pushed their limits to get here. The departments of the Provincial Government that regulate and support our work have been a key reason for our continued enthusiasm for this project in the mine-friendly jurisdiction of Saskatchewan."

Natural gamma radiation in drill core that is reported in this news release was measured in "cps" using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The degree of radioactivity within the discovery interval is variable and associated with uranium mineralization as pitchblende.

The reader is cautioned that these scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as an indication of the presence of radioactive materials.

The degree of radioactivity within this interval is highly variable and associated with visible pitchblende mineralization. Core recovery is generally very good between 91.9 - 100%. The 21.0 metre wide zone of alteration and elevated radioactivity can be described as greater than 300 cps, with discrete intervals of high radioactivity greater than 9,999 cps. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

An ongoing field program is in progress. This includes 8 holes of approximately 1,600 metres of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12 holes of approximately 1,440 metres of dual rotary ("DR") drilling evaluating overburden near the boulder field. (see news release October 25, 2012).

All holes will be radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high grade mineralized zones. This probe will be used if high grade mineralization is encountered in subsequent drill holes.

Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon, Saskatchewan for analysis, which includes U(3)O(8) (wt %) and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by ICP-MS and boron. Assay results will be released when received.

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%-50% Joint Venture held by Fission Energy Corp. and Alpha Minerals Inc. (TSX: AMW). Fission is the Operator. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (over 60 million lbs. of U(3)O(8) produced), and passes through the nearby UEX-Areva Shea Creek (more than 90 million lbs U3O8 in resource estimates) discoveries located 50 kilometres to the north, currently under active exploration and development by Areva Resources Canada and UEX Corporation. An updated map highlighting the core and dual rotary drilling programs planned for PLS can be found on the Company's website at www.alphaminerals.ca

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by Benjamin Ainsworth, P.Eng BC/SK, President of Alpha Minerals Inc acting as the Qualified Person.

On behalf of the Board of Directors of Alpha Minerals Inc.

"Ben Ainsworth" President, CEO and Director

This press release contains "forward-looking information" that is based on Alpha's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Alpha's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Alpha's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Alpha disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE: Alpha Minerals Inc.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/05/c4850.html

SOURCE: Alpha Minerals Inc.

For corporate communications please contact: Robert (Bob) Meister Alpha Minerals
Inc.. Vancouver, BC Phone: [phone] Toll Free: 1-866-629-0293

Day Date Open High Low Close Volume*


Wednesday November 07 0.56 0.83 0.56 0.81 107,710
Tuesday November 06 0.52 0.56 0.48 0.5 37,700
Monday November 05 0.4 0.6 0.4 0.49 247,751
Thursday November 01 0.25 0.25 0.2 0.2 49,900
Wednesday October 31 0.3 0.3 0.25 0.25 17,100
Monday October 29 0.3 0.35 0.3 0.3 9,585
Friday October 26 0.25 0.3 0.25 0.3 86,950
Thursday October 25 0.25 0.3 0.25 0.25 210,350
Wednesday October 24 0.25 0.25 0.2 0.2 58,158
Tuesday October 23 0.25 0.25 0.25 0.25 570
Monday October 22 0.25 0.3 0.25 0.25 9,425
Friday October 19 0.25 0.3 0.25 0.3 1,640
Thursday October 18 0.25 0.3 0.25 0.25 27,950
Wednesday October 17 0.25 0.3 0.25 0.25 10,100
Tuesday October 16 0.25 0.25 0.25 0.25 19,945
Friday October 12 0.25 0.3 0.25 0.3 12,920
Thursday October 11 0.3 0.3 0.3 0.3 6,300
Wednesday October 10 0.3 0.3 0.3 0.3 2,580
Tuesday October 09 0.25 0.3 0.25 0.3 42,203