Mr. Michael Hopley reports

ALPHA EXPLORATION REPORTS DRILL RESULTS FROM ABURNA GOLD PROSPECT: INCLUDES 9M @ 10 G/T GOLD

Alpha Exploration Ltd. has released results from its recent drilling program completed over the district-scale Aburna gold prospect on the company's 100-per-cent-owned, 771-square-kilometre Kerkasha project located in southern Eritrea.

Aburna is an orogenic-style gold prospect stretching approximately seven kilometres northeast and two km wide based on elevated gold in soils, geological mapping, trenching and geophysical surveys as well as localized drilling. To date, Alpha's exploration has established six different priority targets at Aburna. These latest results are from 33 holes (5,565 metres) drilled in four of these priority targets, mostly from the Northeast area (17 holes), eight holes from the Central area, seven from the Celebration Hill area and one from the Hill 52 area.

The purpose of this latest drilling program was to gain a greater understanding of the controls of mineralization in the four areas drilled and to try and establish strike continuity by drilling a number of scout holes with a large stepout from known gold mineralization. In the Northeast area prospect this drilling has been successful in supporting the potential for a 1.2 km long mineralized target as identified from recent GAIP (gradient array induced polarization) and ground magnetics surveys (see news release from Oct. 2, 2023). Within this 1.2 km long target, drill hole ABR078 (nine m at 5.99 grams per tonne Au) has extended a significant shoot of gold mineralization to over 200 m in length and as defined previously in drill holes ABR037 (16 m at 14 g/t Au), ABR043 (11 m at 3.99 g/t Au) and ABR044 (13 m at 4.24 g/t Au). In addition, drill hole ABR092 (nine m at 10 g/t Au) along with a prior reported hole from this program ABR069 (six m at five g/t Au) have now indicated a separate, mineralized structure over 200 m in strike length. Separately, drill hole ANR079 (30 m at 0.48 g/t Au) has extended mineralization by 400 m along the main 1.2 km trend in the Northeast area. Follow-up trenching has now been completed on these targets with results expected in due course.

Highlights:

• Nine metres averaging 5.99 g/t gold from drill hole ABR078 (Northeast area);
• Nine metres averaging 10 g/t gold from drill hole ABR092 (Northeast area);
• Three metres averaging 53.39 g/t gold* from drill hole ABD008 (Northeast area);
• Two significant mineralized structures defined at Northeast area greater than 400 m in combined strike length;
• Drilling supports the potential of 1.2 km mineralized target in Northeast area.

*Includes one m at 158 g/t Au.

Michael Hopley, Alpha president and chief executive officer, said: "The Aburna gold prospect is so large that it is important that Alpha is able to narrow its focus on the most promising targets. The results of this recent drilling program, including nine m at 10 g/t gold from drill hole ABR092, have established the Northeast area as one of the most encouraging targets. Follow-up trenching has already been completed and an aggressive drilling program is planned -- subject to financing -- to start later this year. The next drilling program will focus on three principal targets, covering a combined strike length of five km, and have been generated from all work to date on the prospect.

"The objective will be to further define mineralized lenses at Aburna prior to resource drilling which is expected to begin, subject to financing, later in 2024. We look forward to updating shareholders with further results in due course."

Drill program

Thirty-three holes were drilled at Aburna between February and July, 2023, and involved the completion of 28 reverse circulation (RC) and five diamond drilling (DD) drill holes.

RC drilling

In total, 16 RC holes for 2,634 metres were drilled at Northeast area, six holes for 1,218 m at Central area and six holes at Celebration Hill for 904 metres. Holes were orientated at minus 50 degrees down to a maximum depth reached of 264 m. The RC program was designed to step out from prior drilling across the Northeast area, Central area and Celebration Hill prospects. Four scout holes (ABR079 to 082) were drilled 400 m northeast of current drilling at the Northeast area within a soil anomaly where mineralized structure continuity has been mapped and channels samples, including ABCHAN 061 plus 063, indicated strong gold mineralization at surface.

Diamond drilling

In total, five DD holes for 809 metres have been completed at Aburna with one each at Hill 52, Northeast area and Celebration Hill and a further two DD holes at Central prospect. The drilling was designed to characterize mineralogy and structure at key areas of high-grade mineralization that had been drilled previously by the company. Holes were orientated at minus 50 degrees down to a maximum depth reached of 209.5 m.

Trenching program

Twenty trenches totalling 967 metres have been completed across the three primary targets interpreted from the GAIP survey. The trenches were typically 40 m to 50 m long and spaced approximately 200 metres from each other, orientated northwest-southeast, perpendicular to the interpreted strike of mineralization. The trenches were excavated using a backhoe down to an average depth of two m and then systematically sampled at one m intervals, and subsequently logged by the company's exploration team. The program was designed to follow up on three major structural features interpreted from the GAIP survey, including part of Target 3, a 1.2 km and separate 500 m long chargeability high in the Northeast area, Target 2, a 1.25 km long chargeability and resistivity high, and Target 1, a greater than two km long chargeability high with moderate intensity. Significant oxidized pyrite has been observed in the trenches within Target 2. Assay results are expected in late 2023.

Sampling, subsampling and analysis

Geological consultants from RSC were responsible for the design of a strict quality assurance/quality control program consistent with industry best practice. Drilling of the reported intervals was by both reverse circulation (RC) and diamond drilling. RC samples were split at the rig using a Metzke splitter and then logged on site. Diamond drill core was logged and then cut in half longitudinally at site using a diamond saw and half of the core (in one-metre intervals) was transported to a secure location for logging.

All samples were submitted to Nabro Laboratories Ltd., Asmara, Eritrea, for sample preparation. Samples were crushed (to 90 per cent passing two millimetres) and pulverized (to 85 per cent passing 75 micrometres). Two scoop samples were taken from the pulverizer bowl: approximately 130 grams for laboratory analysis and approximately 150 grams for portable X-ray fluorescence (pXRF) analysis. The coarse and pulp rejects are 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. Drill samples were shipped to ALS Geochemistry, Loughrea, Ireland, for analysis. ALS analyzed all drill samples for gold by method Au-AA26 (50-gram charge fire assay, 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 km) Kerkasha project in Eritrea.

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, 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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