Alliance Mining Corp Re-samples Fox Vein Drill Core

VANCOUVER, BC / ACCESSWIRE / March 23, 2022 / Alliance Mining Corp. (TSXV:ALM) ("Alliance" or the "Company") is pleased to announce that additional sampling of 2005 Fox vein drill core is underway on their Red Rice Lake gold property in the Bissett-Rice Lake belt in southeastern Manitoba.

The Fox vein was identified as a priority target from the Fall, 2021, prospecting and sampling program on the expanded Red Rice Lake gold property. Seven grab samples from various trenches on the Fox vein returned 9.84 g/t, 9.36 g/t, 6.69 g/t, 1.94 g/t, 1.33 g/t, 0.85 g/t and 0.81 g/t, indicating consistent mineralization along this zone. Both quartz vein material and silicified sericite schist wallrock were found to carry gold values.

Loading Fox vein core at the True North mine site, Bissett.

Previous drilling on the Fox vein has focussed on delineating high grade mineralization suitable for underground mining methods. However, the Fox zone comprises a wide section of quartz stringers and silicified sericite schist, mineralized with pyrite, within dacite volcanics intruded by porphyry and gabbro dikes. Alliance has been able to access the 2005 San Gold Corporation Fox vein drill core, which has been in secure storage at the True North mine site since that time. Additional sampling and assaying is underway on this drill core to provide data on gaps within the zone and adjacent wallrock which were not sampled in 2005.

"Many gold bearing zones are being re-evaluated as lower-grade, bulk tonnage deposits amenable to low cost surface mining methods," stated Alliance President Chris Anderson, "and we believe that the Fox zone may have that potential."

All core handing and sampling in this work program was conducted by William C. Hood. P.Geo. Samples were shipped to TSL Laboratories Inc (now Saskatchewan Research Council) in Saskatoon, Saskatchewan, an accredited laboratory. Samples were assayed by TSL's 30 g FA/ICP procedure, with gravimetric finish on samples returning greater than 3000 ppb Au.

All technical information in this release has been reviewed and approved by William C. Hood, P.Geo., who is the Qualified Person on the Red Rice Lake gold project for the company.

ON BEHALF OF THE BOARD

Chris Anderson
Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Alliance Mining Corp.
(604) 488-3900
Investor Relations: 604-488-3900
E-mail: [email protected]

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Neither 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 release

SOURCE: Alliance Mining Corp.