Gravity Survey Complete and Drilling Planned at Gibbons Creek Property, Athabasca Basin, Saskatchewan
ALX Uranium Corp. (“ALX” or the “Company”) (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce the following exploration update for its Gibbons Creek Property (“Gibbons Creek” or the “Property”), located along the northern margin of the prolific Athabasca Basin in northern Saskatchewan.
A gravity survey was recently completed on the Property with the objective of providing coverage across the expanded radon anomaly (approximately 1,200 metres by 500 metres) at the Centre Zone (See News Release: October 27th, 2015). In addition, coverage was expanded to the south where a previous ground gravity survey was completed at the South Zone in the winter of 2015.
The recent gravity survey identified a saddle-like depression centered within a gravity high located directly beneath the central portions of the radon anomaly. Additional distinct and closed gravity lows were identified approximately 500 metres north of hole GC15-03 which intersected 0.13% U3O8 over 0.23 metres.
The exploration target at Centre Zone possesses the following attributes:
- A surface radon anomaly encompassing an area of approximately 1,200 metres by 500 metres;
- Peak radon values ranging between 4 and 10.77 pCi/m2/sec at 10 locations, which are amongst the highest recorded values in the Athabasca Basin;
- A coincident DC-resistivity low anomaly;
- A saddle-like depression (gravity low) located within the central part of the anomaly;
- Depth to the sub-Athabasca unconformity is estimated at only 40 to 70 metres; and
- Diamond drill hole GC15-06 located at the edge of the currently known radon anomaly, which encountered strongly altered basement lithologies and anomalous geochemical pathfinders within the sandstone and basement.
Results of the recent surveys will aid in selecting drill hole locations for a diamond drill program anticipated to be completed before calendar year end.
About the Gibbons Creek Property
The Gibbons Creek Property consists of seven mineral claims encompassing 13,864 hectares (34,259 acres), located along the northern margin of the Athabasca Basin, immediately west of the community of Stony Rapids.
The predecessor of ALX Uranium, Lakeland Resources has been exploring the property since 2013 and has conducted surface prospecting, radon and soil geochemical surveys, ground gravity surveys, ground DC- Resistivity surveys and drilling.
NI 43-101 Disclosure
The technical information above has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Neil McCallum, P.Geo., of Dahrouge Geological Consulting Ltd, a qualified person.
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 well-financed to actively explore 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: firstname.lastname@example.org
On Behalf of the Board of Directors
ALX Uranium Corp.
President, CEO and Director
Forward Looking Statements:
This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the proposed diamond drill program. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals (including court approvals). Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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.