by Greg Klein | March 30, 2016
About 10 kilometres north of the Athabasca Basin’s former Cluff Lake mine complex, ALX Uranium TSXV:AL has wrapped up a round of geophysics over its Gorilla Lake project. While final interpretation continues, early analysis suggests gravity lows present “prime targets for drilling,” the company announced March 30.
Initial results from last February’s ground gravity work showed one gravity low that could be attributed to a topographical feature, another on the west side of Gorilla Lake and a third striking northeast-southwest that coincides exactly with a “magnetic button,” the company stated.
Further gravity work in March showed a large northeast-trending gravity low west of the lake. The company considers the anomalies west of the lake and over the magnetic button to be prime drill targets. Further ground electromagnetic surveys prior to drilling would better define the conductive trends in both areas.
ALX holds an 80% option on the 7,552-hectare project in a joint venture with Logan Resources TSXV:LGR. Gorilla Lake comprises one of three JVs in ALX’s Cluff Lake properties adjacent to the former Cluff Lake mine, which produced over 62 million pounds of U3O8 over 22 years. Historic drill results from Gorilla include 0.46% U3O8 over 1.5 metres and 0.17% over seven metres. Gorilla is one of five ALX projects in the Basin slated for winter/summer exploration.
In the southwestern Basin’s Patterson Lake South region, geophysical surveys over ALX’s Hook-Carter project verified multiple basement conductors, the company reported last week. The complexity of the conductors requires additional DC resistivity and gravity surveys prior to drilling.
In February Cameco Corp TSX:CCO signed an agreement to buy ALX claims peripheral to Hook-Carter.
Two weeks ago ALX closed a first tranche of $318,000, part of a strategic partnership in which Holystone Energy would buy 12.5 million shares for $750,000 and retain the right to maintain its ownership level for three years.