TSXv: AL FSE: 6LLN OTCQX: ALXEF
VANCOUVER, Nov. 19, 2015 /CNW/ - 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.
Highlights include:
- 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.
Summary figures are compiled into a single pdf file on the
company's website at www.alxuranium.com
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.
On Behalf of the Board of Directors
ALX Uranium Corp.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@alxuranium.com
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.
SOURCE ALX Uranium Corp.
