Alpha Exploration holds highly prospective uranium projects in the Cluff Lake area (source: Society of Economic Geologists)

Alpha Exploration holds highly prospective uranium projects in the Cluff Lake area (source: Society of Economic Geologists)

After coming off their huge Patterson Lake South win, the former management team of Alpha Minerals is now running Alpha Explorations (AEX:TSXV) which is a spinout with assets in the Cluff Lake and Patterson Lake areas in Saskatchewan.  They also hold prospective land in the Timmins gold camp area in Ontario.  Today they announced their plans for their portfolio of assets for 2014.  They plan to start drilling 2,000m in 20 holes at the Cluff Lake – Middle Lake project in February.  They have identified two high priority areas associated with VTEM conductors and radon anomalies which are up ice from high-grade uranium boulders.  We are hearing from investors familiar with the area that the Cluff Lake – Middle Lake area is a compelling U308 target.

At the company’s other project in the Cluff Lake area called Gorilla Lake, they are planning radon-in-soil gas and water surveys west of the previously drilled uranium zone.  In the Patterson Lake area, they will begin core logging and resampling of core to help identify ancient radon pathways in fault structures.

Alpha Exploration announced a $3 million equity financing two days ago which is already fully subscribed for.  The company expects to close $1.75 million flow-through and $1.25 million hard dollars bringing their treasury up to $6 million.  They are currently trading up 15% today at a market capitalization of $3.75 million, just over half their cash value.

The team is led by President and CEO Ben Ainsworth who was instrumental in discovering the Patterson Lake South deposit with his son, the current VP Exploration, Garrett.  Also, from the Alpha Minerals team is Dr. Michael Gunning, the former President and CEO of Hathor, who is acting as Chairman of Alpha Explorations.

Read: Alpha Exploration Outlines Initial Work Programme for 2014