Alpha Completes Enlarged 2026 Drilling Program at Aburna Gold Project
Alpha completed its program with zero new assays, leaving the stock pinned at a 52-week low.
Alpha Exploration Ltd. (ALEX) has completed its 2026 Aburna drill program, finishing at 8,910 meters against a planned 6,500 meters. This represents a 2,410-meter, or 37%, overrun. The company also completed 1,224 meters of shallow rotary air blast (RAB) drilling at Obok to sample top-of-bedrock beneath transported cover.
Assays received and reported to date cover 4,495 meters of the 8,910 meters drilled, approximately half of the total. Further batches are flagged as arriving in the coming weeks. Every intercept listed in the release is a restatement of previously published results rather than new rock.
The reported intercepts include: * ABD031: 19.00 m @ 3.18 g/t Au, including 7.00 m @ 7.09 g/t (reported 2026-10-06) * ABD033: 12.00 m @ 1.53 g/t Au, including 8.00 m @ 2.22 g/t (2026-10-06) * ABD034: 13.00 m @ 1.53 g/t Au, including 6.00 m @ 3.01 g/t (2026-10-06) * ABD029 (Obok): 31.00 m @ 1.12 g/t Au, including 12.00 m @ 2.09 g/t (2026-09-21) * ABR202 (EER): 6.00 m @ 2.81 g/t; ABR208 (EER): 13.00 m @ 0.79 g/t * ABR197 (SW): 6.00 m @ 0.53 g/t; ABR198 (SW): 4.00 m @ 0.92 g/t * ABR213 (FSW): 8.00 m @ 0.64 g/t, including 4.00 m @ 0.81 g/t
The company states that approximately 20% of the Aburna corridor has been tested by significant drilling. It notes that the footprint of the Northeast and Hill 52 prospects has been expanded and that Obok has been elevated to "key prospect" status. The company indicates that true widths are between 70% and 90% of the drilled intersections. The Qualified Person is CEO John Wilton (CGeol FGS). No new grades, from/to depths, or new holes are introduced in this release.
Alpha Exploration Ltd. (ALEX) issued a recap release for its pre-resource exploration program, providing no new data, resource changes, or economic milestones compared to its September 21 and October 6 announcements. The company remains in a pre-revenue stage, reporting zero revenue for fiscal year 2025, a net loss of $222,000 for the first quarter of 2026, and cash reserves of $254,000 prior to financing.
Market reaction to recent drilling has been muted. The stock round-tripped from C$0.70 in April 2026 to a 52-week low of C$0.34 on October 21. Following the October 6 drill release, the share price experienced a one-day pop to C$0.41 before fading back to the C$0.34–0.35 range over the subsequent two weeks. While in-line results from the enlarged program and pending assays could serve as future catalysts, this specific release contains no new assay data.
Alpha Exploration Ltd. (TSXV: ALEX) is a pre-revenue explorer that holds 100% ownership of the 514 km² Kerkasha Project in Eritrea. The company’s assets include the Aburna gold prospect, which features shallow, high-grade shear-hosted gold across a 7 km × 2 km corridor. Approximately 7 km to the south lies the Anagulu copper-gold porphyry, which has produced historic intercepts of 108 m @ 1.24 g/t Au / 0.60% Cu (including 49 m @ 2.42 g/t Au / 1.10% Cu) and 109 m @ 0.79 g/t Au / 0.35% Cu. Additionally, the Tolegimja VMS prospect is in the early stages, with data compilation currently underway ahead of reconnaissance drilling.
Regarding its financial position, the company reported total assets of $18.1M, dominated by $17.1M in intangible exploration and evaluation assets, against total liabilities of $0.5M. The balance sheet carries no debt, with a book value of approximately $0.19 per share. For the first quarter of 2026, Alpha Exploration reported a net loss of $222k and an operating cash outflow of $0.3M. Prior to 2026 equity raises, the company held $254k in cash. These raises included a first tranche of C$6.25M and a second tranche of C$1.27M, totaling approximately C$7.5M. With approximately 95.2M shares outstanding, the company’s market capitalization stood at C$32.4M, based on a share price of C$0.34.