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.
"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 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.
