Alphamin Resources Corp. (TSX-V:AFM) (JSE:APH) a producer of 4% of the world’s mined tin¹ from its high-grade operation in the Democratic Republic of Congo, is pleased to announce the latest drill results from its Bisie Tin Complex.

HIGHLIGHTS

• Mpama South high-grade assay results received², including:
  • BGH110: 17.5 metres @ 5.57% Sn from 459.2 metres, including 8.6 metres @ 10.35% Sn from 468.1 metres, the best intercept to date;
  • BGH111: 15.3 metres @ 4.37% Sn from 334.4 metres,
  • BGH107: 7.2 metres @ 6.0 % Sn from 496.9 metres, including 4.0 metres @ 10.31% Sn from 498.2 metres
  • BGH104: 16.2 metres @ 3.01% Sn, including 5.75 metres @ 6.94 % Sn, both from 459.4 metres
• Mpama North high-grade assay results² received, including:
  • MND019: 14.4 metres @ 21.75% Sn from 432.2 metres, including 6.8 metres @ 40.57% Sn from 436.4 metres
  • MND020: 14.4 metres @ 5.92% Sn, including 11.0 metres @ 7.51% Sn, both from 484.9 metres
• Significant additional resource growth potential at Mpama South – drilling is on-going with considerable mineralisation intercepted beyond the updated Mineral Resource boundary announced on 29 March 2022.

Chief Executive Officer, Maritz Smith comments:

“These thick and high-grade extension results underpin our confidence in Mpama South’s on-going resource growth prospects and further justifies our decision to commence with development activities without delay.”

Mpama South Drilling Update

Mpama South is the high-grade tin development project adjoining the southern end of Alphamin’s operating Mpama North mine. Subsequent to the updated Mineral Resource for Mpama South announced on 29 March 2022 based on 102 drillholes, the Company has received results for a further 12 drillholes.

The majority of the newly received assays are extensional in nature and comprise intercepts outside of the current Mineral Resource. They will be incorporated in an update to the Mpama South Mineral Resource targeted for release during Q2 2022 (Figure 1). Mineralisation remains open in multiple directions at Mpama South and management are confident in the project’s on-going resource growth prospects. The drilling program switched to an infill focus in March 2022 in order to increase the confidence of Inferred and Indicated Resources at Mpama South. Subsequent drilling outside of the current Mineral Resource area has intersected visual cassiterite and batches of results expected to be received in the coming months will be for areas outside of the current Mineral Resource as well as in-fill (Figure 1).

The recent batch of results include the best intercepts received to date at Mpama South with several thick and high-grade intercepts on the down dip side of the deposit. Selected significant intercepts from the most recently received batches of drillhole assays are listed below as apparent widths:

• BGH110: 17.5 metres @ 5.57% Sn from 459.2 metres, including 8.6 metres @ 10.35% Sn from 468.1 metres, the best intercept to date at Mpama South;
• BGH111: 15.3 metres @ 4.37% Sn from 334.4 metres,
• BGH107: 7.2 metres @ 6.0 % Sn from 496.9 metres, including 4.0 metres @ 10.31% Sn from 498.2 metres
• BGH104: 16.2 metres @ 3.01% Sn, including 5.75 metres @ 6.94 % Sn, both from 459.4 metres

The complete list of assayed intercepts to date is shown in Appendix 2.

Mpama North Drilling Update

Expansion drilling re-commenced on the Mpama North Mine in July 2021, starting with the Mpama North Deeps target. The first drillholes showed increased structural complexity associated with a cross-cutting fault limiting the extents of the target. However, several thick and high-grade intercepts of visual cassiterite were intersected at the Deeps target between this cross-cutting fault and the deepest intercepts from the 2015 drilling, extending known mineralisation along strike northwards.

The most significant intercepts from the recently received batches of drillhole assays in the Deeps target are listed below as an apparent width:

• MND019: 14.4 metres @ 21.75% Sn from 432.2 metres, including 6.8 metres @ 40.57% Sn from 436.4 metres
• MND020: 14.4 metres @ 5.92% Sn, including 11.0 metres @ 7.51% Sn, both from 484.9 metres

Drilling of the “East-Extension” target at Mpama North commenced in April 2022. The target is immediately below and to the east of the current Mineral Resources at Mpama North which remain open in this area. Several drillholes in the pre-mining exploration drilling campaigns did intercept the tell-tale alteration associated with mineralisation as well as thin mineralisation in the area and expectations are that mineralisation continues eastwards.

Qualified Persons

Mr Jeremy Witley, Pr. Sci. Nat., B.Sc. (Hons.) Mining Geology, M.Sc. (Eng.), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in this news release. He is a Principal Mineral Resource Consultant of The MSA Group (Pty.) Ltd., an independent technical consultant to the Company.

Appendix 1: SAMPLE PREPARATION, ANALYSES AND QUALITY CONTROL AND QUALITY ASSURANCE

For sample preparation, analyses and quality control and quality assurance, see the Company’s news release dated 07 March 2022 entitled “ALPHAMIN ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE AND POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR MPAMA SOUTH”

Appendix 2: SIGNIFICANT INTERCEPTS (0.5% Sn lower threshold)

Mpama South Drillholes prefixed “BGH”

Mpama North Drillholes prefixed “MND”

¹ Data obtained from International Tin Association Tin Industry Review 2020
² All intercepts are reported as apparent widths and are not true widths