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Updated: ALX Uranium begins Kelic Lake drilling, announces new structure

by Greg Klein | September 29, 2015

ALX Uranium begins Kelic Lake drilling, announces new structure

With one of the Athabasca Basin’s largest portfolios, ALX Uranium
has a number of drill-ready projects vying for flagship status.

 

Having just begun trading four days earlier, ALX Uranium Corp TSXV:AL announced a new drill program already underway on September 29. A result of the recent combination of Lakeland Resources and Alpha Exploration, ALX plans up to six holes totalling 1,800 metres on Kelic Lake, a 10,056-hectare property straddling the Athabasca Basin’s south-central rim. The project is one of a number of drill-ready properties the company holds in one of the Basin’s largest portfolios.

ALX Uranium begins Kelic Lake drilling, announces new structure

Kelic Lake’s target area sits one kilometre east of a radioactive spring and features a conductor identified by an airborne V-TEM survey coinciding with other conductors found through ground-based fixed loop and TEM surveys. The area also includes a gravity low, a north-trending magnetic gradient of regional extent and elevated radon readings.

Athabasca sandstone of about 100 metres’ depth allows for shallow drilling. Work is expected to last about three weeks. ALX holds a 100% option on the project.

One day previously the company announced its new management and board structure. From Lakeland, Jonathan Armes continues as president/CEO/director, with Jody Dahrouge and Steven Khan staying on as directors. Alpha’s Michael Gunning takes the role of executive chairperson while Warren Stanyer and Benjamin Ainsworth also take board positions. Alpha’s Sierd Eriks remains as VP of exploration and Charles Roy as technical adviser.

The company has also struck committees for audit, compensation and corporate governance, and allocated 3.72 million incentive options exercisable at $0.10 for 10 years.

Other drill-ready projects in the ALX portfolio include the 100%-held Carter Lake and Hook Lake properties, which feature around 15 kilometres of untested corridors on strike with the Patterson Lake South, Arrow and Spitfire discoveries. Also vying for flagship status are the 100%-held Gibbon’s Creek, Newnham Lake and Lazy Edward Bay, a 60% stake in the Carpenter Lake joint venture and an 80% share of the Gorilla JV.

Read more about the Lakeland/Alpha combination and ALX Uranium.

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