Mr. Michael Hopley reports

ALPHA EXPLORATION ANNOUNCES 18 M @ 15.33 G/T GOLD & 49M @ 2.75 G/T GOLD FROM HILL 52, ABURNA

Alpha Exploration Ltd. has released further drilling results from a 10,000-metre drill program under way on its Aburna gold prospect on the company's 100-per-cent-owned, 771-square-kilometre Kerkasha project located in Eritrea. Drilling consists of both reverse circulation (RC) drilling and diamond core (DC) drilling.

Highlights:

• 18 m at 15.33 grams per tonne Au from RC-DC hole ABD012 (Hill 52);
• 49 m at 2.75 g/t Au (including seven m at 14.90 g/t Au) from RC-DC hole ABD013 (Hill 52);
• Highest-grade mineralization intersected to data across the Aburna project;
• Drilling extends wide, high-grade zone to over 200 metres at Hill 52;
• Shallow plunging geometry of gold mineralization now confirmed at Central Area and Hill 52.

Assays have been received from a further 16 holes completed over the Hill 52, Central and Northeast Area prospects on Aburna. Hole ABD012 intersected 15.33 g/t Au over 18 m and was drilled as a stepout along strike from existing high-grade mineralization that included holes ABD001 (20 m at 7.70 g/t Au). ABD013, a stepout from ABD012, intersected 49 m at 2.75 g/t Au and included two separate higher-grade zones of seven m at 14.90 g/t Au and two m at 6.19 g/t Au at shallow depths (less than 70 m from surface).

In combination, holes ABD012 and ABD013 have significantly extended a wide, high-grade zone of mineralization that was originally defined in 2022 by the company and reported in drill holes ABR005 (15 m at 5.85 g/t Au), ABR018 (eight m at 5.47 g/t Au) and ABD001 (20 m at 7.70 g/t Au).

Additional new results include hole ABR114 (six m at 4.5 g/t Au and two m at 11.91 g/t Au) that has further defined a separate mineralized structure within Hill 52.

Aburna is a major, district-scale orogenic gold prospect covering an area of at least seven kilometres long and two km wide and is one of the three significant discoveries made by Alpha on the Kerkasha licence in the last three years. Exploration to date by Alpha on the project has defined six primary areas of interest, and has established significant high-grade gold mineralized systems at Central Area, Hill 52 and Northeast Area.

Michael Hopley, Alpha president and chief executive officer, said: "We are very pleased to report these spectacular results from the ongoing drill program at Aburna. In particular, holes ABD012 and ABD013 have exceeded all of our expectations by extending to over 200 m a high-grade shoot originally identified in 2022. ABD012 (15.33 g/t Au over 18 metres) and translating to greater than 275 gram metres is the highest-grade result we have reported on the Aburna project.

"The identification of shallow, plunging high-grade mineralization at Hill 52 following similar confirmation at Central Area last month is testament to the strength of our technical team and the work completed to date. The team is already preparing additional drill targets to extend this zone further which remains open down dip and down plunge, with drilling expected to restart in the next few weeks.

"We look forward to reporting further assay results on the project as data is released as well as the imminent start of the second phase of the 10,000-metre drill program at Aburna."

Drill program

A further 19 drill holes have been completed at Aburna and these have principally been completed at the Hill 52 prospect (11 holes), three drill holes at the Central Area with a further five drill holes at Northeast Area. Of the 11 holes completed at Hill 52, five (ABD116, -118, -120, -121 and -122) are partially reported and are awaiting assays from the diamond core tail of drill holes which are expected shortly.

The company commenced the current drill program in December, 2023. To date, 33 drillholes for 6,033 metres have been drilled at Central Area (13 drill holes), Hill 52 (11 drill holes) and Northeast Area (nine drill holes). Further assay results have been received from 16 of these 33 drill holes.

Shallow plunging gold mineralization confirmed at Hill 52 and Central Areas, Aburna

Drilling completed at Aburna last year established the potential that shallow plunging mineralized shoots exist at several prospects within Aburna, including the Northeast, Central and Hill 52 areas. These mineralized shoots plunge at an azimuth of 065 to 070 degrees to the east-northeast.

Drilling in both Central and Hill 52 areas has now confirmed that mineralization at Aburna plunges as expected. At Central Area, consistent, wide, lower-grade gold mineralization extends over 300 m in the down-plunge orientation. At Hill 52 mineralization is less consistent but equally as wide, containing multiple zones of high-grade mineralization extending over 200 m in the down-plunge orientation.

The highly mineralized shoot at Hill 52, as defined by AND001 and ANR008 (2022) and recent drill holes AND012 and AND013 (additional assays pending), is proving to be larger in size and higher in grade than expected. The shoot daylights at AND001 and 80 m to the northeast at AND013, mineralization is intersected 10 m below the surface suggesting a very shallow plunge at an azimuth of 068 degrees. The shoot is wholly contained within a highly foliated portion of a larger shear zone. The higher-grade portions of the shoot are developed within dilate areas created by internal structures within the shear zone. The high-grade zones are generally contained within an envelope of lower-grade material that is often 50 m to 60 m wide (that is, ABD012 with 49 m at 2.75 g/t Au). The Hill 52 shoot is fairly well defined for 200 m along strike and is open down dip and down plunge. Its size and grade are a key focus for Alpha as it looks to extend the primary mineralized shoots at all three subareas on the Aburna prospect.

A significant interval is defined by consecutive one-metre intervals starting and ending at 0.20 g/t Au or better. A significant interval must be at least three m long. Internal dilution is limited to two consecutive intervals of less than 0.20 g/t Au. Multiple internal dilutions are allowed. Single one-metre intervals of one g/t Au or greater are also considered significant. At this early stage of exploration, the true widths of intersections is not known but is estimated to be at least 80 per cent of the reported intervals.

Sampling, subsampling and analysis

Alpha engaged an independent Consultancy, RSC Mining & Mineral Exploration, to develop a standard operating procedure (SOP) for both RC and DD drill samples in June, 2021, and all samples in this release use this 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. Additionally, field replicates are taken at a frequency of about one in five (20 per cent) through mineralized areas.

One-metre samples from both RC and DD drilling were crushed (to greater than 90 per cent passing two millimetres) and pulverized (to greater than 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 were stored at Alpha's warehouse in Asmara. The company inserted certified reference material from OREAS into the sample stream, while the Nabro sample preparation facility inserted barren granodiorite material into the sample stream as a blank. 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.

Alpha extends closing date of private placement financing

Further to the company's press releases dated Nov. 15, 2023, Dec. 8, 2023, Jan. 2, 2024, and Feb. 7, 2024, Alpha is pleased to announce that the TSX Venture Exchange has agreed to extend the closing of the second tranche of its previously announced non-brokered private placement of units in the capital of the corporation of up to $5-million at a purchase price of 70 cents per unit until March 31, 2024. The first tranche of the offering closed after market close on Dec. 7, 2023, for total aggregate gross proceeds of $4,180,001 as previously announced by the corporation. The principal use of the proceeds of the offering will be for financing continuing exploration work on the Kerkasha project in Eritrea, operating and administrative expenses, working capital, and general corporate purposes.

Certain insiders of the corporation (as such term is defined under the policies of the TSX-V) may participate in the offering. The participation of insiders in the offering would constitute a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The corporation intends on relying upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the offering, insofar as it involves the related parties, will not exceed $2.5-million.

Further details relating to the closing of the second tranche of the offering will be provided in due course.

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.

We seek Safe Harbor.