Alpha Exploration: Drilling a High-Grade Gold Project in Eritrea - First Resource Estimate in 2026

Key Concepts

• Alpha Exploration: A mineral exploration company listed on the TSXV under the ticker ALEX.
• Arabian Nubian Shield: A geological province in northeastern Africa and the Arabian Peninsula, known for its mineral potential.
• Aurna: Alpha Exploration's primary orogenic gold discovery project.
• Orogenic Gold: Gold deposits formed by hydrothermal processes related to tectonic activity.
• Porphyry Copper: A type of copper deposit associated with intrusions of igneous rocks.
• VMS (Volcanogenic Massive Sulfide): A type of ore deposit formed by hydrothermal activity on the seafloor.
• Maiden Mineral Resource Estimate: The first official estimate of the quantity and grade of a mineral deposit.
• TSXV: Toronto Venture Exchange, a Canadian stock exchange for emerging companies.

Company Overview and Strategy

Alpha Exploration is a relatively new company, with John Wilton having recently taken over as CEO approximately six weeks prior to the interview. Wilton, a geologist by background, brings extensive experience in Africa, particularly in regions with similar geology to Eritrea. The company's core strategy revolves around unlocking the mineral potential of the Arabian Nubian Shield, with a strong focus on Eritrea. Alpha Exploration is listed on the TSXV under the ticker ALEX.

Aurna Gold Project: Discovery and Progress

The company's flagship project is the Aurna orogenic gold discovery. Alpha Exploration has been actively drilling at Aurna, reporting high-grade gold intersections within a lower-grade envelope. A significant finding highlighted in a recent news release is that 90% of the drilling conducted so far has been at depths above 120 meters. This shallow mineralization is considered economically beneficial for potential open-pit mining. The Aurna gold trend extends approximately 7 kilometers along strike, with numerous gold-in-soil anomalies yet to be tested. To date, only 20% of this trend has been explored through drilling, indicating substantial upside potential for investors.

Drilling Results and Grades:

• Intersections have included significant high-grade zones, with values ranging from 8 to 15 grams per ton (g/t) of gold over meter widths.
• A substantial portion of the mineralization is above 0.4 g/t, which is considered an important economic cutoff grade for potential open-pit mining.

Artisanal Mining: Eritrea is described as a well-regulated and policed country, which means artisanal mining is not permitted. While there are indications of gold mineralization reaching the surface, the country's regulatory environment prevents widespread artisanal activity, simplifying exploration efforts.

Future Outlook for Aurna (2026)

The primary objective for the upcoming year (2026) is to deliver a maiden mineral resource estimate for the Aurna gold project. This estimate will be accompanied by the identification of additional targets in close proximity and further afield within the gold belt, demonstrating the potential for significant expansion beyond the initial resource.

Diversification: Porphyry Copper and Other Targets

Beyond the Aurna gold project, Alpha Exploration has identified other promising targets within its Eritrean license.

• Porphyry Copper Discovery: Approximately 7 kilometers south of Aurna, the company has made a discovery of a gold-copper porphyry system. Two to three additional holes are planned for this year-end to further explore this prospect. Its proximity to the orogenic gold discovery makes it particularly interesting, offering exposure to both gold and copper.
• Other Targets: The license also hosts another orogenic target and a VMS target, for which Eritrea is well-known. These are currently being advanced to a drill-ready stage, though the immediate focus remains on the Aurna gold project.

Shareholder Base

Alpha Exploration boasts a strong and supportive shareholder registry, including notable investors such as Conway, Ruffer (out of London), Rick Rule, and Adrien Day. These prominent names suggest confidence in the technical merits of the company's projects.

Financial Position

The company has over CAD 2 million in its treasury, which is sufficient to finance the ongoing drilling program. Alpha Exploration anticipates undertaking a financing round later this year or early next year.

Conclusion

Alpha Exploration is actively exploring in Eritrea, a country recognized for its mineral potential. The company is focused on its Aurna orogenic gold discovery, with shallow, high-grade mineralization and significant exploration upside. Additionally, they are exploring a gold-copper porphyry target and other prospects within the same license. The company is on track to deliver a maiden mineral resource estimate for Aurna in 2026 and is supported by a strong shareholder base.