by Greg Klein | January 21, 2016
Holding one of the Athabasca Basin’s largest and most prospective portfolios keeps ALX Uranium TSXV:AL busy on multiple fronts. On January 21 the company announced winter/summer plans for five projects.
The Hook-Carter property sits on three conductive corridors in the southwestern Basin, within 10 kilometres along strike with the superlative discoveries at Patterson Lake South, Rook 1 and Spitfire, held respectively by Fission Uranium TSX:FCU, NexGen Energy TSXV:NXE and Cameco Corp TSX:CCO/AREVA Resources Canada/Purepoint Uranium TSXV:PTU. Once two separate projects, Hook-Carter came together in September when Lakeland Resources and Alpha Exploration combined to form ALX. Previous work on the 23,265-hectare property included four drill holes as well as airborne electromagnetic and gravity surveys. The project’s now slated for a ground moving loop time domain EM survey to define deep conductors.
Farther north, about 10 kilometres from the past-producing Cluff Lake mine, Gorilla Lake gets a ground gravity survey over northeast and southwest extensions along strike of a conductive trend where basement-hosted uranium was found in 2008. ALX holds an 80% option on the 7,552-hectare project, a joint venture with Logan Resources TSXV:LGR.
Straddling the Basin’s southeastern margin and near the Cable Bay shear zone, Lazy Edward Bay has a radon-in-lake survey scheduled to extend a 2014 survey. Past work on the 26,375-hectare property found two boulders grading 537 ppm and 896 ppm U3O8, along with anomalous levels of pathfinder elements. Two nearby soil samples returned uranium values of 13.7 ppm and 14.8 ppm.
On the Basin’s northeastern margin, the Perch property will undergo ground gravity over a four-kilometre-long conductor and coinciding magnetic low. Perch features easy access from the nearby community of Stony Rapids.
Just east of Perch, Newnham Lake gets a ground moving loop time domain EM survey to define conductive targets in the southwestern area of the 24,544-hectare property. Results released in November showed a radon anomaly about 100 metres by 750 metres associated with a north-south trending fault that crosscuts a conductor and coincides with a gravity low. Less than a kilometre away, two historic holes showed basement uranium assays up to 0.27% U3O8 over 0.13 metres and 0.09% over 0.5 metres. Newnham features a 15-kilometre-long conductive trend that’s about 25 kilometres when accounting for folding.
Meanwhile results are pending from a December drill program of 1,000 to 1,500 metres at Gibbon’s Creek, another northern Basin project near Stony Rapids. The previous winter’s drilling returned 0.13% U3O8 over 0.23 metres within 333.8 ppm over 1.1 metres, starting at 106.8 metres in downhole depth. Uranium values also showed up in three other holes. Another found highly anomalous geochemical pathfinders at the edge of a large radon anomaly and gravity low.
To complement its existing treasury, ALX closed a $149,000 first tranche last month of a private placement offered two days earlier at up to $355,000. “The company continues to evaluate three high-priority targets for follow-up diamond drilling this winter,” ALX stated.