ALX Uranium Corp. (“ALX” or the “Company) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce an exploration update for several of its uranium properties located in the Athabasca Basin of Saskatchewan, Canada.
Highlights of upcoming 2018 winter exploration plans include:
- Hook-Carter property – A $2.2 million diamond drilling program operated by Denison Mines Corp. (“Denison”) (TSX: DML, NYSE MKT: DNN) of approximately 10,000 metres in up to 17 holes to test compelling targets generated from geophysical surveying completed in 2017. Hook-Carter, owned 80% by Denison and 20% by ALX, is located along the prolific Patterson Lake Corridor – host to the Triple R uranium deposit (Fission Uranium Corp.), the Arrow uranium deposit, Harpoon, Bow and South Arrow uranium discoveries (NexGen Energy Ltd.), and the Spitfire, Hornet and Dragon uranium discoveries (Purepoint Uranium Group Inc., Cameco Corp., and AREVA Resources Canada Inc.). Hook-Carter is significantly underexplored compared to other properties along this trend, with only 5 of 8 historical drill holes located along the 15 kilometres of Patterson Lake Corridor strike length. Denison has agreed to fund ALX’s share of the first $12.0 million of expenditures at Hook-Carter (see ALX news releases dated October 13, 2016 and November 7, 2016).
- Newnham Lake property – A diamond drilling program of approximately 1,700 metres in up to 5 holes on high-priority targets defined by ALX from a 3-D IP/resistivity geophysical survey carried out in 2017. ALX intends to test for deeper, basement-hosted mineralization at Newnham Lake in areas where historical drill holes intersected anomalous uranium at the unconformity. Most of the historical drill holes only penetrated an average of 30 metres into the basement rocks.
- Lazy Edward Bay property – A low-level, airborne radiometric and magnetic survey by Special Projects Inc. (“SPI”) of approximately 4,000 line kilometres. This airborne system is effective in the detection of radioactive boulders in the shallow sub-surface that may not have been located by historical ground prospecting. The SPI survey method successfully detected responses from buried, high-grade uraniferous boulders at Patterson Lake in 2009, which provided an important vector to the discovery of the mineralized PLG-3B conductor at the Triple R deposit in November 2012.
- Perch property – A ground electromagnetic geophysical survey to further explore gravity anomalies identified during a summer 2016 survey with the goal of identifying specific areas of conductance and better define drill targets on the Perch property.
“ALX is pleased to begin inaugural drilling programs on two of our most prospective uranium properties,” said Sierd Eriks, President and Chief Geologist of the Company. “Our targets were carefully developed using the latest available technology, and we look forward to the results from Hook-Carter and Newnham Lake.”.
Technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., President and Chief Geologist of the Company, who is a Qualified Person, in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101.
ALX’s mandate is to provide shareholders with multiple opportunities for discovery and value creation by optimizing a portfolio of prospective uranium exploration properties through staking, joint ventures, acquisitions and divestitures. The Company executes well-designed exploration programs using the latest technologies and has interests in over 180,000 hectares in Saskatchewan’s Athabasca Basin. ALX is based in Vancouver, BC, Canada 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 OTC market under the symbol “ALXEF”. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties.
For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Manager, Corporate Communications at Ph: 604.629.0293 or Toll-Free: 1.866.629.8368, or by email: firstname.lastname@example.org
On Behalf of the Board of Directors of ALX Uranium Corp.
Chairman and Chief Executive Officer
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 the proposed drilling program by Denison at Hook-Carter and the Company’s exploration plans for the Newnham Lake, Lazy Edward Bay and Perch properties, and the anticipated benefits of the planned programs. 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 acquisitions, exploration or 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.