TSXv: AL FSE: 6LLN OTCQX: ALXEF
VANCOUVER, Jan. 21, 2016 /CNW/ - ALX Uranium Corp. ("ALX" or the "Company") (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce that its Board of Directors has approved programs and budgets for surface exploration in the winter and summer of 2016 at five projects within the Athabasca Basin in northern Saskatchewan.
A property portfolio map for the Athabasca Basin is available on the Company's website at www.alxuranium.com.
The Company continues to evaluate three high priority targets for follow-up diamond drilling this winter. In the meantime, management will execute plans for the approved surface exploration programs, including:
- Hook-Carter Property: A ground Moving Loop Time Domain Electromagnetic (MLTDEM) survey to define deep conductors in the Patterson Lake and Carter Lake Corridors. The planned work is along strike of Fission Uranium Corp.'s Triple R uranium deposit, NexGen Energy Ltd.'s Arrow Zone and the Spitfire Discovery of Purepoint/Cameco/AREVA. The Patterson Lake conductive corridor has demonstrated the potential for world class discoveries within 10 km to the southwest. For a view of the Hook-Carter property map click: http://www.alxuranium.com/assets/docs/home/Hook-Carter-Project.pdf
- Gorilla Lake Property: A ground gravity survey to cover two targets: the untested northeast and southwest strike extensions of the main northeast-striking conductive trend at Gorilla Lake, where the Company intersected basement-hosted uranium in 2008, and a coincident airborne electromagnetic Ad Tau and magnetic "button" anomaly approximately 1500 metres south of Gorilla Lake. The Gorilla Lake Property is located within the Carswell Impact Structure, and is approximately 10 km north of the past-producing Cluff Lake uranium mine which operated from 1980 to 2002.
- Lazy Edward Bay Property: A radon-in-lake survey to extend to the northeast a previous survey carried out in 2014. The Lazy Edward Bay Property is located in the southeastern Athabasca Basin, close to the regional Cable Bay shear zone, and approximately 60 km east of Cameco and JCU's Millennium uranium deposit.
- Perch Property: A ground gravity survey to cover a 4 km long conductor and coincident magnetic low. The Perch Property is located along the northeastern margin of the Athabasca Basin; uranium targets are at shallow depth, and there is easy access from the nearby community of Stony Rapids.
- Newnham Lake Property: A ground Moving Loop Time Domain Electromagnetic (MLTDEM) survey to define conductive targets in the southwestern portion of the property. The Newnham Lake Property is located along the northeastern margin of the Athabasca Basin; a 25 km-long conductive corridor of shallow uranium targets in the northeastern portion of the property was explored extensively in the 1970s, prior to the development of current basement-hosted, structurally controlled uranium deposits in the Athabasca Basin.
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 has been reviewed by Sierd Eriks, P.Geo., VP Exploration, 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 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.
On Behalf of the Board of Directors
ALX Uranium Corp.
President, CEO and Director
Email: [email protected]
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: [email protected]