VANCOUVER, Nov. 10, 2015 /CNW/ - ALX Uranium Corp. ("ALX" or the "Company") (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce that it has completed the fall diamond drill program at its Kelic Lake Property ("Kelic Lake" or the "Property") located along the southwestern margin of the Athabasca Basin in northern Saskatchewan approximately 65 kilometres east-southeast of the Triple R Deposit in the Patterson Lake South area.
The drill holes tested airborne gravity and radiometric lows, an airborne V-TEM conductor with coincident ground-based fixed loop and TEM conductors and a north trending magnetic gradient (contact) of regional extent. Targets were confirmed and show extensive bleaching, desilicification and faulting of the Athabasca Group sandstone, strong hematization of the sandstone just above the unconformity and the intersection of a wide graphitic metapelite in the basement rocks; all excellent indicators of the potential for a nearby uranium mineralizing system. Drilling under winter conditions is both necessary and warranted to follow up these results and completely test the target corridor both across and along the Mirror River oxbow plain.
A total of 1,924 metres of diamond drilling were completed in six holes (KL15-001 to KL15‑006) collared at five different set-ups. Drill holes were both vertical and inclined. Overburden thickness is approximately 80 metres. Depth to the basement unconformity ranged from 175 to 183 metres (i.e. the average thickness of Athabasca Group sandstone ranged from 95 to 103 metres). Overall, paleoweathering at the unconformity is well developed, up to 23 metres thick in select drill holes.
Summary figures are compiled into a single pdf file on the Company's website at www.alxuranium.com.
Although no significant radioactivity was encountered in the drill holes, the integrated exploration target of a large gravity low overlapping northeast-trending conductors is confirmed. This 2015 grassroots drilling program has only begun to test the exploration potential of the Kelic Lake Property, which remains vastly underexplored. The property is considered highly prospective and warrants more extensive follow-up drilling both along and across the target corridor based on the numerous favourable attributes observed in drill core, including:
- Extensive and pervasive bleaching and desilicification of the Athabasca sandstone in all drill holes, from the base of overburden to the unconformity, likely due to faulting (Figure 1 core photo http://www.alxuranium.com/assets/docs/pdf/news/2015-11-10_NRF1_ALX_T44wdf.pdf).
- Strong pervasive secondary hematization and local chloritization of the Athabasca sandstone just above the unconformity.
- Strong chlorite alteration below the unconformity, including vertical stockwork vein networks of dark green chlorite (Figure 2 core photo http://www.alxuranium.com/assets/docs/pdf/news/2015-11-10_NRF2_ALX_T44wdf.pdf)
- Sulfide-bearing graphitic metapelite target is confirmed, generally 50 to 60 metres thick, with locally pervasive secondary graphite (Figure 2 core photo "link")
All drill holes were surveyed with a Mount Sopris 2PGA radiometric gamma probe. Sierd Eriks, VP Exploration, logged and sampled the drill core and supervised all aspects of the drilling for the duration of the field program.
Core samples for geochemistry were collected systematically through all drill holes. Samples were shipped in sealed containers and have been submitted to the laboratories of the Saskatchewan Research Council ("SRC") in Saskatoon, Saskatchewan, an ISO/IEC 17025:2005 (CAAN-P-4E) certified laboratory, for geochemical analysis using the Uranium ICP Package. This package is the preferred analytical technique for detecting uranium and pathfinder elements in the alteration halos of unconformity-type uranium deposits in the Athabasca Basin. The Company anticipates receiving final data by year-end.
About Kelic Lake Property
The Kelic Lake Property is a contiguous block of six mineral claims covering 10,056 hectares (24,849 acres) situated approximately 50 km east of Highway 955. ALX has an Option Agreement dated August 29, 2014 to acquire 100% of the Property from the vendor. With the completion of this drill program, ALX will exercise that option and purchase the property outright.
The Kelic Lake property straddles the southern margin of the Athabasca Basin, approximately 65 km east of the recent discoveries along the southern margin of the Basin at Patterson Lake. Major regional structures are a critical element to the formation of unconformity-type uranium deposits in the Athabasca Basin; the Kelic Lake property is located between the eastern boundary of the Clearwater Domain and the crustal-scale Virgin River shear zone which is the regional host to the Centennial uranium deposit located approximately 70 km to the east of the Property.
NI 43-101 Disclosure
The technical information in this news release has been reviewed and/or prepared by Sierd Eriks, VP Exploration, and a qualified person, 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 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.
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.
SOURCE ALX Uranium Corp.
For further 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