Vancouver, March 23rd, 2016 – ALX Uranium Corp. (“ALX” or the “Company”) (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce that geophysical programs are complete at its Hook-Carter Property (the “Property”) located in the Patterson Lake South area in the southwestern Athabasca Basin, Saskatchewan.
The Hook-Carter Property encompasses 16,461 ha (40,676 acres) within the Patterson Lake South (“PLS”) camp and covers the northeastern extensions of three known conductive trends and host to four recent and significant uranium deposit discoveries (Triple R; Arrow; Bow; Spitfire):
- Patterson Lake Corridor;
- Derkson Corridor; and
- Carter Corridor- Link: http://www.alxuranium.com/projects/carter-hook (Image 3)
Work consisted of an advanced combined airborne and ground Sub-Audio Magnetic Transient Electromagnetic (HeliSAM TEM) geophysical survey conducted by Gap Discovery Geophysics over the Patterson and Carter Corridors of the Hook-Carter Property. The survey lines were flown 100 metres apart with a helicopter-borne transient EM receiver and covered two large areas approximately 3.8 km long by 1.9 km wide (W1/W2 area) and 2.3 km long by 1.9 km wide (A1 area). A total of 115 line-km of HeliSAM TEM was completed.
The survey configuration combines the cost-effective capabilities of an airborne system to survey large areas with the precision and high power of a more expensive ground loop EM system. The HeliSAM TEM system, first developed in 1991, has been in commercial operation in Australia since 2009 and has been rapidly utilized in Canada recently in 2015 and 2016.
The HeliSAM TEM geophysical survey over the Property has confirmed the presence of multiple basement conductive units. This is substantiated by preliminary Maxwell model fitting using a starting model based loosely on a previous interpretation by Condor Consulting, Inc. of Lakewood, Colorado of VTEM data along strike of the W1/W2 area. A complex model consisting of six or more conductors within a 2.5 km width is estimated in the W1/W2 area and a complex model of three or more conductors within a 1.5 km width in the A1 area. The data are currently under review for final interpretation and reporting.
The complexity of the conductors precludes uniqueness and accurate locations of individual conductors. Alternate methods such as DC Resistivity and gravity are recommended to help establish drill targets in these areas.
About the Hook-Carter Property
The Hook-Carter Property consists of 25 mineral claims totaling 16,461 ha (40,675 acres) in the southwestern portion of the Athabasca Basin, northern Saskatchewan. The Property covers the northeastern end of the Derkson, Carter and Patterson Lake structural and conductor trends, host to numerous uranium showings, deposits and recent discoveries, including the Triple R (Patterson Lake South) deposit (Fission Uranium Corp.) and the Arrow Deposit (NexGen Energy Ltd.) as well as the Bow Zone (NexGen Energy Ltd.) and Spitfire Zone (Purepoint Uranium Group Inc., Cameco Corp., AREVA Resources Canada Inc.). These recent discoveries occur along an approximately 14 km long portion of the Patterson Lake Corridor and lie 8.5 to 22 km southwest of the Hook-Carter Property. To date, exploration within the Patterson Lake Corridor has identified predominately basement-hosted uranium mineralization associated with gravity low or resistivity geophysical anomalies, electromagnetic (EM) conductors, and in some cases highly anomalous radon geochemistry. These features provide a unique context that can help guide future exploration within the region.
Numerous drill-ready targets are present on the Hook-Carter Property based on historic and recent exploration. Dependent on weather conditions for access and drilling, up to two drill holes will be completed to test a group of targets along the Patterson Corridor. Two additional drill holes will also be completed to test targets along the Derkson Corridor, which remains the most advanced exploration target at Hook Lake.
About ALX Uranium Corp.
ALX Uranium Corp. was formed as the result of a business combination between Lakeland Resources Inc. and Alpha Exploration Inc. ALX is based in Vancouver and its common shares are listed on the TSX Venture Exchange under the symbol “AL”, on the Frankfurt Stock Exchange under the symbol “6LLN” and in the United States OTCQX under the symbol “ALXEF”. ALX is actively exploring a portfolio of early-stage properties. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties. ALX continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
For more information, please visit the corporate website at www.alxuranium.com or contact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222 or email: email@example.com
On Behalf of the Board of Directors
ALX Uranium Corp.
President, CEO and Director
FORWARD LOOKING STATEMENTS:
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release for example include and are not limited to references to reporting of location of conductors; indication that DC Resistivity and gravity surveys may be conducted; all references to future exploration in the area; and the completion of up to two drill holes to test the targets. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
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 release.