TSXv: AL FSE: 6LLN OTCQX: ALXEF
VANCOUVER, Dec. 1, 2015 /CNW/ - ALX Uranium Corp. ("ALX" or the "Company") (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce that drilling is underway at its Gibbons Creek Property ("Gibbons Creek" or the "Property"), located along the northern margin of the Athabasca Basin in northern Saskatchewan.
Planned are approximately 1,200 to 1,500 metres of drilling in six to eight drill holes. Previously intersected uranium mineralization by ALX is near-surface at Gibbons Creek (see Lakeland News Release dated May 1st, 2015). Drill holes will be less than 200 metres long. Overburden is generally fifteen metres, and depth to the unconformity is generally less than 70 metres. The target area is approximately three kilometres from Highway 905. The program has excellent road access and is expected to take three weeks to complete.
Summary figures are compiled into a single pdf file on the Company's website at www.alxuranium.com
The drill program at Gibbons Creek is a continuation of extensive exploration during the past three years, advancing an integrated target including data from:
- Ground gravity surveys completed in February and October, 2015 (See ALX News Release: November 12th, 2015). A high contrast gravity low feature overlaps the northern part of a large radon anomaly.
- Radon surveys completed in 2013 and 2015 (See ALX News Release: October 27th, 2015). A large anomaly comprising 77 samples covers approximately 1,200 metres by 500 metres. Peak radon values ranging between 4 and 10.77 pCi/m2/sec at ten locations, which are amongst the highest recorded values in the Athabasca Basin.
- DC Resistivity survey completed in 2013 (see Lakeland News Release dated October 2nd, 2013. A resistivity low is coincident with the large radon anomaly.
- Historic airborne EM survey in 1979, augmenting ground-based EM surveys from the late 1970s. A central conductor is a specific target within the gravity low and resistivity low.
This drill program follows up on encouraging results from the winter program completed in March, 2015. Drill hole GC15-03 intersected 0.13% U3O8 over 0.23 metres in a gravity low located approximately 500 metres to the south of the current target (see Lakeland News Release dated May 1st, 2015). Diamond drill hole GC15-06 was located at the edge of the large radon anomaly and gravity low targeted for this program and encountered strongly anomalous geochemical pathfinders (B, Pb, Ni, Co, Cu) within both the sandstone and alteration within the basement lithologies.
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 Corp., Lakeland Resources Inc. 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. (see ALX News Releases dated September 23 and September 29, 2015). 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
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]