Mr. Michael Hopley reports

ALPHA: GROUND GEOPHYSICAL SURVEYS DEFINE MULTIPLE NEW TARGETS AT ABURNA GOLD PROSPECT

Alpha Exploration Ltd. has released an exploration update over the 100-per-cent-owned, 771-square-kilometre Kerkasha project located in southern Eritrea. Recent exploration has focused on the company's district-scale, orogenic Aburna gold prospect.

Following completion of separate five km by two km GAIP (gradient array induced polarization) and ground magnetic surveys in March to July this year, as well as 4,356 metres of trenching at the Aburna gold prospect, the company has defined four primary targets covering more than five km of strike. These include a large two km long chargeability target (target 1) and separate 400 m diameter ground magnetic target, modelled to be an intrusive and potential porphyry at depth. The GAIP survey has also established other new, priority targets, including a two km combined chargeability and resistivity anomaly (target 2) one km east of existing drilling at Northeast Area prospect.

Separately, the completion of 19 additional trenches by the company since March this year has confirmed a new trend of mineralization directly north of the Northeast area prospect, which also coincides with a one km long linear chargeability target (target 3). Significant mineralization has now been intersected in trenching over a strike of more than one km on the Northeast area prospect.

Highlights:

• 10 square kilometres GAIP and ground magnetic surveys completed across Aburna gold prospect;
• Ground magnetics detect 400 m diameter, potential intrusive/porphyry in Central area beneath existing drilling;
• GAIP identifies multiple, large chargeability and resistivity targets close to existing drilling and trenching targets;
• Four new GAIP targets identified with more than five km of strike to be drill tested;
• Trenching results define one km strike extension to Northeast area prospect;
• Drilling of priority GAIP and ground magnetics targets expected to recommence in Q4 2023.

Michael Hopley, Alpha president and chief executive officer, said: "I am pleased to report results from the recently completed GAIP and ground magnetics surveys at Aburna, which covered all six main prospects across the 7.2 km by two km gold-in-soil anomaly.

"We believe that these results further underscore the district-scale footprint of Aburna, and clearly demonstrate the potential to both significantly extend gold mineralization defined from current drilling and to test multiple new priority targets. In particular, the team is highly encouraged by a new two km long chargeability target which runs from the Aburna colonial gold mine through to Hill 52, as well as a separate major magnetic anomaly at Central area, interpreted to be a potential porphyry at depth and modelled to be at least 400 m in diameter. Previous drilling at Central area by Alpha has repeatedly hit mineralization, including 18 m at 2.27 g/t [grams per tonne] Au [gold] (ABR031) from 38 m, and 34 m at 1.5 g/t Au (ABR064) from 130 m, but was not deep enough to intersect the modelled intrusive/porphyry body. This makes this a particularly compelling drill target to test in the upcoming drill program, expected to start later this year.

"The company is also pleased to report the results from 4,356 m of trenching which have defined a new target at the Northeast area prospect. We look forward to keeping shareholders updated with progress which includes the remaining drill results from recent drilling completed at Aburna."

An updated version of the company's presentation is available at the company's website.

Summary of new priority geophysics targets:

• Target 1: More than two km long GAIP target:
  • Extends from the area of colonial gold workings in the south of licence through to existing Hill 52 and Central area prospects;
  • Existing drilling close to northern boundary of target includes ABR005: 15 m at 5.9 g/t Au from six m and ABR018: 28 m at 3.7 g/t Au from 50 m. Also coincides with major over 100 parts per billion (ppb) Au soil anomaly target;
  • Northeast extent of Target 1 coincides with major ground magnetic anomaly at Central area where recent drilling has intersected wide areas of mineralization, including ABR064: 34 m at 1.5 g/t Au from 38 m and ABR031: 18 m at 2.27 g/t Au from 130 m;
  • Central area magnetic anomaly interpreted to be an intrusive and potential porphyry target;
  • Target 1 GAIP anomaly is related to major granodiorite/mafic contact, which is known to be a priority source of mineralization at Aburna and other orogenic gold systems.
• Target 2: More than 1.25 km GAIP target:
  • Northeast-orientated major chargeability high and equivalent resistivity low extending for more than 1.25 km in strike;
  • Target 2 lies southeast of existing mineralization that includes ABR037: 16 m at 14.07 g/t Au from 14 m and ABR044: 13 m at 4.24 g/t Au from 120 m.
• Target 3: One km long plus more than 500 m long chargeability targets directly east of Northeast area drilling:
  • Northeast-striking chargeability target more than 500 m long and separate one km long north-northeast-striking structural target;
  • Potential of more than 500 m long chargeability target confirmed from recent drilling (ABR069: six m at five g/t Au from 90 m) and prior trenching at southern end of anomaly (ABCHAN012: eight m at 2.2 g/t Au);
  • Additional one km long structural target within more than 100 ppb Au soil anomaly and recent trenching, including eight m at 1.79 g/t Au and 17 m at 1.03 g/t Au from trenches ABTRCH063 and ABTRCH065, respectively, and as described below.
• Target 4: One km structural target directly northeast of Celebration Hill prospect:
  • Target lies along strike and directly east of prior drilling at Celebration Hill, where prior drilling includes ABR008: 14 m at 3.8 g/t Au from 49 m and ABR027: 26 m at 1.4 g/t Au from 126 m;
  • Numerous mapped colonial-era workings and extensive soil anomaly over 100 ppb Au;
  • Major contact between granodiorite and mafic volcaniclastic unit, which is a priority mineralization target on Aburna and other orogenic gold systems.

Trenching results confirm 500 m strike extension to Northeast area prospect

Since March, 2023, 19 additional trenches for 4,356 samples have been completed at Aburna in a third phase of trenching on the project, to test extensions to mineralization seen at Northeast area and the Dasharna prospects. Significant gold mineralized has been intersected in trenches ABTRCH062, ABTRCH063 and ABTRCH065, to the northwest of the Dasharna prospect.

Further trenching undertaken southwest of the Hill 52 prospect and northeast of the Northeast area prospect has revealed well-developed carbonate alteration within sheared meta-basaltic lithologies with abundant discordant, barren quartz veins, which is considered to be a favourable host rock for gold mineralization at Aburna, and is typical of the upper portions of the Aburna gold-mineralized orogenic system and may therefore justify deeper drilling in these areas.

Significant intervals from recent trenching are presented in the table entitled "Mineralized intervals from Alpha's third phase of trenching at Aburna." Both ABTRCH063 and ABTRCH065 resulted in mineralized intervals of eight m at 1.79 g/t Au and 17 m at 1.03 g/t Au, respectively. ABTRCH065 was a replicate trench excavated 100 m northeast of ABTRCH063 and approximately 500 m northeast of recent scout drilling (results pending), which is approximately 500 m northeast of the company's earlier drilling at the Northeast prospect. These results suggest there may be over 1,000 m of mineralized strike length in the Northeast prospect.

Ground gradient array induced polarization study and ground magnetic survey

Induced polarization is a geophysical method which indirectly measures the chargeability of the subsurface. Measuring the decaying voltage as a function of time after an injection of a direct current, it is possible to calculate the apparent chargeability. Many metals or sulphides have high chargeability while dry, unmineralized igneous/metamorphic rocks tend to have a very low chargeability.

The GAIP survey was completed between June and July, 2023, and covered an area of five km by two km, comprising all of the six key prospects defined to date at Aburna. Data was collected along survey lines spaced at 80 m with reading stations spaced at 20 m within 10 one km by one km blocks. The survey was undertaken by Geophysique TMC from Val d'Or, Que., Canada and utilized a GDD five kW (kilowatt) transmitter and two Elrec Pro 10-channel receivers. Data processing and modelling was undertaken by Southern Geoscience of Perth, Australia.

Ground magnetic surveys are used to measure small variations in the Earth's magnetic field produced by shallow sources under the ground. The magnetic properties of ferrous objects, or naturally occurring materials such as orebodies, allows them to be detected and mapped by magnetic surveys.

The ground magnetics survey covered an area of five km by two km and was completed between March and June, 2023, by Alpha's technical team using a Geometrics G858 and G857 magnetometers, and Emlid Reach2+ DGPS base station. Data processing and modelling was undertaken by Southern Geoscience of Perth, Australia.

Sampling, subsampling and analysis

Alpha engaged an independent consultancy, RSC Mining & Mineral Exploration (RSC) to develop a standard operating procedure (SOP) for trench and channel sampling in June, 2021, and all the trenching and channel sampling results in this release used the RSC SOP. The RSC SOP utilizes blank standards and industry standards that are inserted at the beginning and end of every batch (and every 20 samples within the batch) for all batches submitted to ALS for assay. Channel samples were taken by Alpha field crews by clearing the shallow colluvial material from the surface with picks and shovels to reach bedrock, and then rock-chipped channel samples in one-metre continuous intervals. Trench samples were taken in the same manner from the bottom of trenches dug by a mechanical digger, generally to a depth of about two metres.

Samples were crushed (to 90 per cent passing 2.8 millimetres (mm)) and pulverized (to 85 per cent passing 75 micrometres). Two scoop samples were taken from the pulverizer bowl: approximately 120 grams for laboratory analysis and approximately 100 g for portable X-ray fluorescence (pXRF) analysis. The coarse and pulp rejects were stored at a warehouse in Asmara. The company inserted certified reference material from OREAS into the sample stream, while Nabro inserted barren granodiorite material into the sample stream as a blank. Samples were shipped to ALS Geochemistry (ALS), Loughrea, Ireland, for analysis. ALS analyzed all drill samples for gold by method Au-AA26 (50 g charge fire assay, AAS (atomic absorption spectroscopy) finish). ALS is independent of the company and its quality management systems framework is accredited to ISO/IEC 17025:2005 or certified to ISO 9001:2015 standards.

About Alpha Exploration Ltd.

Alpha is an exploration company that is rapidly advancing a number of important gold and base metal discoveries across its 100-per-cent-owned, large (771 square kilometres) Kerkasha project in Eritrea.

The Aburna gold prospect is an exciting new gold discovery where recent drilling has established a high-grade discovery with grades including 16 metres of 14.07 grams per tonne gold and 23 metres of 6.74 grams per tonne gold. The Anagulu gold-copper prospect includes recent drilling intersections of 108 metres of 1.24 grams per tonne gold and 0.60 per cent copper and 49 metres of 2.42 grams per tonne gold and 1.10 per cent copper within a major porphyry unit mapped over at least 1.5 kilometres. The company has also advanced the Tolegimja VMS (volcanogenic massive sulphide) copper-zinc-gold prospect and over 15 other gold prospects since listing in 2021.

The company is managed by a group of highly experienced and successful professionals with long records of establishing, building and successfully exiting a number of world-class gold and base metal discoveries in Eritrea and across the wider Arabian Nubian shield.

Qualified person

All scientific and technical information in this press release, including the results of the Aburna drill program and how these results relate to the continuing exploration at the Kerkasha project, has been reviewed, verified and approved by Mr. Hopley, president and chief executive officer of Alpha, and a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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