Vancouver, March 9, 2016 – ALX Uranium Corp. (“ALX” or the “Company”) (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to provide the following update on exploration activities for its Hook-Carter Property (the “Property”) located within 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:
- Patterson Lake Corridor;
- Derkson Corridor; and
- Carter Corridor.
The Property is situated along these conductive trends, between the prolific deposits in the PLS area to the southwest and the recent property purchase of Cameco Corporation to the northeast (See ALX News Release dated February 25, 2016).
Since 2012, at least seven unique uranium deposits and showings have been discovered along the Patterson Lake Corridor (see Figure 1):
- Triple R Deposit; R1620E, R600W, and R840W Zones (Fission Uranium Corp.);
- Arrow Deposit and 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 Company’s 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.
Prior exploration at the Hook-Carter Property, including airborne geophysics (gravity, magnetics, MegaTEM and VTEM) and ground resistivity surveys confirmed the Patterson Lake Corridor extends for at least 12.7 km in a northeasterly trend across the Property. During 2014, geophysical modeling was completed for three conductors along a small portion of the Patterson Lake Corridor, and five drill holes were recommended to test the conductors. The estimated depth to the sub-Athabasca unconformity within the area is expected to range from 320 to 500 metres.
To the east, the Derkson Corridor extends over a 5.8 km strike length on the Hook-Carter Property. This exploration corridor is highlighted by historic drill hole DER-4, which returned 0.24% U3O8 over 2.5 metres in basement rocks and is located approximately10 km southwest of the Hook-Carter Property. The Derkson Corridor has been explored on the Property by previous airborne geophysics (gravity, magnetics, MegaTEM and VTEM) as well as ground resistivity and TDEM surveys. Similar geophysical modeling has been completed which recommended five drill targets where depths to the sub-Athabasca unconformity are expected to range from 350 to 470 metres.
To the west, the Carter Corridor has seen limited exploration, with historic work including airborne MegaTEM and VTEM surveys. The Hook-Carter Property covers two separate portions of the Carter Corridor, with strike extensions of approximately 2 km each.
During the next few weeks, the company intends to mobilize geophysical crews to the Patterson and Carter Corridors of the Hook-Carter Property. Work will consist of an advanced combined airborne and ground Sub-Audio Magnetic Transient Electromagnetic (HeliSAM TEM) geophysical survey conducted by Gap Discovery Geophysics. The survey lines will be flown 100 metres apart with a helicopter-borne transient EM receiver and cover large areas between 1.8 km long by 2.0 km wide and 1.8 km long by 3.6 km wide. The goal of the survey is to precisely resolve the multitude of parallel conductors along the wide exploration corridors.
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. Fission Uranium Corp. has reported it intends to deploy the HeliSAM survey at the PLS deposit area with a modified configuration.
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.
Jonathan Armes, President of ALX Uranium Corp., stated: “We believe that our Hook-Carter Property holds excellent potential for high-grade uranium mineralization due to its proximity to the PLS area to the southwest and the recent acquisitions to the northeast by Cameco, one of the world’s largest uranium mining companies. We are very pleased to expose our shareholders to a targeted and aggressive exploration program on the Hook-Carter Property in the coming months.”
NI 43-101 Disclosure
Technical information in this news release has been reviewed and/or prepared by Sierd Eriks, P.Geo., VP Exploration, and Neil McCallum, P.Geo., of Dahrouge Geological Consulting Ltd., who are both qualified persons, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
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 future explorations programs including geophysical surveys and drill programs; the property potential for high-grade uranium mineralization and exploration programs for the Hook-Carter Property in the coming months. 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.