Alphamin Reports High Grade Exploration Assay Results at Mpama North Mine and Mpama South Development Project

GRAND BAIE, March 22, 2022 - Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, "Alphamin" or the "Company"), 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 drill results from its Bisie Tin Complex.

HIGHLIGHTS

• Mpama South high-grade assay results² received, including:
  • BGH095: 22.7 metres @ 3.12% Sn from 391.6 metres, including 7.7 metres @ 4.73% Sn from 391.6 metres and 6.1 metres @ 4.94% Sn from 405.9 metres;
  • BGH088: 16.0 metres @ 2.89% Sn from 297.7 metres
  • BGH094: 12.5 metres @ 2.48 % Sn from 371.9 metres
  • BGH101: 21.2 metres @ 1.34% Sn from 387.4 metres, including 6.1 metres @ 3.18% Sn from 402.7 metres
• Mpama North high-grade assay results² received, including:
  • MND019: 14.4 metres @ 21.75% Sn from 432.2 metres, including 11.0 metres @ 27.81% from 432.2 metres
    

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

Mpama South Drilling Update

Mpama South is the high-grade tin resource adjoining the southern end of Alphamin's operating Mpama North mine. Resource definition drilling commenced on the project in December 2020 and a maiden Mineral Resource was announced effective 24^th February 2022 of 0.83Mt @ 2.58% Sn Indicated Mineral Resources and 1.95Mt @ 2.52% Sn Inferred Mineral Resources based on 79 drillholes for 23,109 metres.

By mid-March 2022, 33,556 metres and an additional 47 drillholes outside of the maiden resource had been completed. This additional ~10,000 metres of expansionary drilling and ongoing infill drilling will be progressively included in Mineral Resource estimation update exercises as assays are received on each batch every 4-8 weeks. The first update to the maiden Mineral Resource will include 23 additional drillholes comprising the results in this release. The first resource update may be as soon as end March/ early April 2022. Mineralisation still remains open in multiple directions at Mpama South and management are confident in the development project's on-going growth prospects. Figure 1 shows the location of drillhole intercepts obtained subsequent to the maiden Mpama South Mineral Resource. Intercepts in Figure 1 are colour coded by Sn grade times thickness (%Sn.m) where assays are available, or shown in green where assays are still awaited but visual mineralisation was intercepted. The complete list of assayed intercepts to date is shown in Appendix 2.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Figure 1: Mpama South Assays and visual cassiterite intercepts awaiting assaysSelected significant intercepts from the most recently received batches of drillhole assays are listed below as apparent widths:-

• BGH095: 22.7 metres @ 3.12% Sn from 391.6 metres, including 7.7 metres @ 4.73% Sn from 391.6 metres and 6.1 metres @ 4.94% Sn from 405.9 metres;
• BGH088: 16.0 metres @ 2.89% Sn from 297.7 metres
• BGH094: 12.5 metres @ 2.48 % Sn from 371.9 metres
• BGH101: 21.2 metres @ 1.34% Sn from 387.4 metres, including 6.1 metres @ 3.18% Sn from 402.7 metres

Mpama North Drilling Update

Expansion drilling 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.

Drilling on a shallow second target termed Oso immediately north along strike of the Mpama North mine was also commenced successfully, intercepting promising though thinner zones of visual cassiterite mineralisation, which importantly, are at the same elevation to existing mining levels and within a short distance to already completed underground development.

Both visual and assayed thick high grade tin intercepts at the Deeps target provide significant opportunity for Alphamin. The process plant has a targeted feed grade of ~4.0% Sn, and the very high grade mineralisation intercepted in the Deeps area can be in excess of 20% Sn. This material will need to be blended with substantial quantities of low-grade material to achieve the target plant feed grade. Opportunities exist for the Mpama North mine to add production from previously unmined lower grade blocks to the mining schedule and potentially add other low-grade areas to the resource, ultimately extending mine life and maintaining a steady feed grade at the operation. Drilling continues in 2022 to evaluate the Deeps and Oso targets in 1H 2022, and will commence on the down dip eastern target of Mpama North too in May 2022 which still remains open and untested.

The most significant intercept from the recently received batches of drillhole assays is MND019 in the Deeps target and is listed below as an apparent width:-

• MND019: 14.4 metres @ 21.75% Sn from 432.2 metres, including 11.0 metres @ 27.81% from 432.2 metres
  

MND019 intercepted the thick high-grade zone of mineralisation ~28 metres north along strike from drilling used to define the pre-mining resources at Mpama North. The complete list of assayed intercepts to date is shown in Appendix 2.

Qualified Person

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.
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FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: msmith@alphaminresources.com
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CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to the anticipated future exploration and resource estimation activities and outcomes and the timing thereof. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: uncertainty of future exploration and assay results and consistency with past results and expectations; uncertainties inherent in estimates of Mineral Resources, global geopolitical and economic uncertainties, volatility of metal prices, uncertainties with respect to social, community and environmental impacts, uninterrupted access to required infrastructure, adverse political events, impacts of the global Covid-19 pandemic as well as those risk factors set out in the Company's Management Discussion and Analysis and other disclosure documents available under the Company's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Appendix 1:

For sample preparation, analyses and quality control and quality assurance, see the Company's news release dated 07 March 2021 entitled "ALPHAMIN ANNOUNCES MAIDEN MINERAL RESOURCE ESTIMATE AND POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR MPAMA SOUTH"

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

Mpama South Drillholes prefixed "BGH"

Mpama North Drillholes prefixed "MND"