by Greg Klein | March 23, 2016
Initial geophysical results verify multiple basement conductors on the Hook-Carter project, ALX Uranium TSXV:AL reported March 23. Analysis shows one area (W1/W2 on the map) hosting at least six conductors within a 2.5-kilometre width and another area (A1) of at least three conductors within a 1.5-kilometre width.
Results come from an airborne and ground sub-audio magnetic transient electromagnetic (HeliSAM TEM) survey over two of the project’s three conductive corridors. The complexity of the conductors calls for additional surveys such as DC resistivity and gravity to better define drill targets, ALX noted. Meanwhile study continues on the current data for final interpretation.
The 16,461-hecatre property covers northeastern extensions of three known conductive trends, the Carter, Derkson and Patterson corridors. Historic and recent exploration has already identified drill targets on two of them. Depending on weather, ALX plans up to two holes on the Patterson corridor and two more along Derkson, still the project’s most advanced exploration target.
Patterson hosts Fission Uranium’s (TSX:FCU) Triple R deposit and three additional zones now stretching 2.58 kilometres along strike at Patterson Lake South. That prolific corridor also hosts the Athabasca Basin’s largest undeveloped resource at NexGen Energy’s (TSXV:NXE) Arrow deposit, as well as NexGen’s Bow zone and the Spitfire discovery at the Hook Lake JV of Purepoint Uranium TSXV:PTU, Cameco Corp TSX:CCO and AREVA Resources Canada.
The discoveries took place along an approximately 14-kilometre-long section of the Patterson corridor, about 8.5 kilometres to 22 kilometres southwest of Hook-Carter.
Last week ALX closed a $318,000 private placement first tranche, part of a strategic partnership with Holystone Energy. Pending approvals, Holystone will buy a total of 12.5 million shares for $750,000 and retain the right to participate in future financings for three years to maintain its ownership level.
Holystone’s nominee to the board of directors, Howard Haugom, has been appointed an ALX adviser until the company’s AGM. A former economics professor at Vancouver’s Simon Fraser University, Haugom co-owns a national retail chain and is a partner in the private equity firm Burkehill Capital.
In January ALX announced winter/summer exploration plans for four other Basin properties, as well as Hook-Carter.
Last month Cameco signed a purchase agreement for ALX claims peripheral to Hook-Carter.