Alpha Commences Drilling at Aburna Gold Project and New Targets Identified
Alpha begins fully funded drilling at Aburna, targeting 6.5km of prospective gold.
Alpha Exploration Ltd. (ALEX) has commenced its fully funded 2026 Phase 1 exploration drilling program at the Aburna Gold Project in Eritrea. The campaign targets approximately 6,500 metres of core and reverse circulation (RC) drilling, with objectives including expanding known high-grade gold mineralization at the Hill 52, Central, and Northeast prospects. The program also aims to test seven new high-priority targets within the 7km x 2km Aburna corridor.
Historical data highlights shallow, high-grade mineralization, with 90% of intersections occurring at depths less than 120 metres. The release confirms a recently completed financing of approximately C$7.5 million, ensuring the program is fully funded.
Corporate actions include the grant of 1,300,000 options at C$0.48 (fully vested) and the cancellation of 300,000 options.
Alpha Exploration Ltd. (ALEX) has begun its 6,500m drilling program, a routine execution step following the previously announced C$7.5 million private placement. The news aligns with management's stated exploration roadmap and does not introduce new geological surprises or change the fundamental risk/reward profile. The fully funded status removes immediate near-term dilution risk, marking a positive operational milestone, though it is not considered a market-moving catalyst. Additionally, while option grants represent standard compensation practices that are slightly dilutive, the cancellation of 300,000 options provides a minor offset.
Alpha Exploration Ltd. (TSXV: ALEX) is a pre-revenue exploration company focused on the 514 km² Kerkasha Project in Eritrea. Its flagship assets include the Aburna Gold Project, characterized by shallow, high-grade gold mineralization along a 7km trend that has only been approximately 20% tested, and the Anagulu Copper-Gold Porphyry Project, which has shown extended mineralization and new copper-rich target zones. The company is in the grassroots exploration phase, relying on equity financing to fund drilling and technical studies.