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ALX Uranium prepares for southwestern Athabasca Basin geophysics and drilling

by Greg Klein | March 9, 2016

ALX Uranium prepares for southwestern Athabasca Basin geophysics and drilling

A map shows ALX’s targets in relation to the uranium
discoveries of Saskatchewan’s southwestern Athabasca Basin region.

 

The prolific Patterson corridor gets additional attention as ALX Uranium TSXV:AL readies a new campaign for its Hook-Carter property. The corridor hosts seven discoveries in the southwestern Athabasca Basin area including the Triple R deposit, as well as the R1620E, R600W and R840W zones of Fission Uranium’s (TSX:FCU) Patterson Lake South, the Arrow deposit and Bow zone of NexGen Energy’s (TSXV:NXE) neighbouring Rook 1, and the Spitfire discovery at the Purepoint Uranium TSXV:PTU/Cameco Corp TSX:CCO/AREVA Resources Canada JV’s Hook Lake. The Patterson corridor extends at least 12.7 kilometres northeast, running through ALX’s Hook-Carter property. Hook-Carter also hosts the Carter and Derkson conductive corridors running parallel on each side of Patterson.

The Patterson discoveries show predominately basement-hosted uranium associated with gravity low or resistivity geophysical anomalies, electromagnetic conductors and in some cases highly anomalous radon geochemistry, features that can help guide further exploration, ALX pointed out.

ALX Uranium prepares for southwestern Athabasca Basin geophysics and drilling

Extending 5.8 kilometres along the Hook-Carter property, Derkson has previously undergone airborne gravity, magnetics, MegaTEM and VTEM, as well as ground resistivity and TDEM surveys. An historic hole on the corridor about 10 kilometres southwest of Hook-Carter assayed 0.24% U3O8 over 2.5 metres in basement rocks.

The Carter corridor has undergone less activity, but historic work included airborne MegaTEM and VTEM surveys.

Over the next few weeks ALX plans an advanced airborne and ground sub-audio magnetic transient EM (HeliSAM TEM) survey to further explore the parallel conductors. “The survey configuration combines the cost-effective capabilities of an airborne system to survey large areas with the precision and high power of a more expensive ground loop EM system,” the company stated.

Weather permitting, ALX also plans to drill up to two holes along the Patterson corridor and another two along Derkson, the project’s most advanced exploration target.

The news comes one day after the company announced a strategic partnership with Holystone Energy Company. Pending approvals, Holystone will buy 12.5 million shares at $0.06 for $750,000 and appoint a director to ALX’s board. Holystone would also have the right to take part in future financings for three years to maintain its pro-rata ownership.

Two weeks earlier ALX announced Cameco signed a purchase agreement for claims peripheral to Hook-Carter.

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