Newnham Lake Property Update, Athabasca Basin, Saskatchewan
ALX Uranium Corp. (“ALX” or the “Company”) (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to provide the following update on data and results received from the summer exploration program at its Newnham Lake Property (“Newnham” or the “Property”), located along the northeastern margin of the prolific Athabasca Basin in northern Saskatchewan.
During August 2015, RadonEx Ltd. of St. Lazare, Quebec, completed a land-based radon flux survey and Dahrouge Geological Consulting Ltd. of Edmonton, Alberta completed a ground gravity survey. A total of 454 radon stations, and 418 gravity stations were measured on the DEB grid.
- A quasi-linear radon anomaly encompassing approximately 100 metres by 750 metres was identified at the DEB grid;
- Nine radon values ranging from 2.81 to 4.00 pCi/m2/sec were identified;
- The anomaly is associated with a north-south trending fault which crosscuts the known conductor; and
- A coincident gravity low was identified.
The trend of anomalous radon-in-soil samples (greater than 2.8 pCi/m2/sec) occurs at a cross-cutting structure that intersects a conductive trend, defined by a ground based Horizontal Loop Electromagnetic (HLEM) survey carried out in 2006. The cross-cutting structure is also evident in the ground-gravity survey and historic magnetic data.
The radon anomaly is located less than one kilometre northeast of historic uranium intersections in drill holes BL-146 and BL-172 with uranium values in the basement of up to 0.27% U3O8 over 0.13 metres and 0.09% U3O8 over 0.50 metres, respectively.
Integration of current and historic data is ongoing, including the prioritization of targets for drilling, which is anticipated in 2016.
About the Newnham Lake Property
The Newnham Lake Property consists of fourteen mineral claims encompassing 24,544 hectares (60,650 acres) located along the northeastern margin of the Athabasca Basin. The Newnham Lake Property was optioned 100% by the ALX predecessor, Lakeland Resources Inc., in 2014 through a series of three separate land acquisition agreements.
The Property and surrounding area was the subject of intense exploration efforts by Saskatchewan Mining and Development Corporation (“SMDC”) for shallow, unconformity style uranium deposits from about 1976 to 1984. Most recently, JNR Resources Inc. conducted exploration on and near the Property between 1997 and 2011. The recent work includes a ground electromagnetic (HLEM) survey, airborne electromagnetic surveys, and an airborne full tensor gravity gradiometry survey.
The Property includes the entire folded and faulted, graphitic meta-pelite synform trend which was the subject of the historic work. In excess of 140 diamond drill holes targeted this trend prior to 1984, and were focused on mineralization at the unconformity. The depth to the sub-Athabasca basement is less than 100 metres from the surface along the trend.
Limited previous work was completed exploring for deeper basement style mineralization despite the presence of extensive alteration, anomalous geochemistry and favorable rock types, with most holes continuing less than 25 metres past the sub-Athabasca unconformity. The exploration in the area of the Newnham Lake Property was largely carried out prior to the understanding of the importance of basement-hosted unconformity-style uranium deposits.
The company believes that the historic and recent work indicates a large amount of positive exploration potential and that there are several target areas yet to be tested. The Newnham conductive trend is approximately 15 kilometres long (25 km total length to account for folding), and is equivalent to the distance that encompasses three of the newest uranium discoveries in the southwest Athabasca Basin, the Patterson Lake South deposits, Arrow Zone and the Spitfire Zone.
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: email@example.com
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 prioritization of targets for drilling, which is anticipated in 2016 and references to historic work which leads the Company to believe that there are several target areas to be tested. 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.