by Greg Klein | April 7, 2016
Successful financings and a prospective portfolio distinguish ALX Uranium TSXV:AL with a steady news flow from five active Athabasca Basin projects this year. The company’s most recent announcement arrived April 7 from Lazy Edward Bay, where strong radon-in-water results near an historic hole will help ALX narrow down drill targets. This follow-up survey took 143 samples over an area of 1,400 by 450 metres on the 18,916-hectare property. Work was conducted by RadonEx Ltd, whose technology helped select drill targets for Fission Uranium’s (TSX:FCU) Triple R deposit.
Straddling the Athabasca Basin’s southeastern rim, the highway-accessible Lazy Ed lies about 55 kilometres from the Key Lake mill.
Results show eight one-point samples with highly anomalous readings of 100 picocuries per litre. Four of the samples surpassed 200 pCi/L. The results showed up approximately 200 metres northeast of historic hole LE-50, which returned basement uranium grading 908 ppm U3O8 over 0.3 metres, along with boron, nickel and other pathfinders.
“Many of the anomalous samples appear to lie along a northeast-striking linear trend in the central portion of the grid which overlies historic conductors,” ALX noted.
Electromagnetic surveys in 2005 and 2007 confirmed the conductors, while further support came from geochem and radon work in 2014 and 2015, all of which helps pinpoint high-priority drill targets.
“Given the proximity of the highly anomalous radon samples to historic drill hole LE-50, which was never followed up with drilling along strike, the results of this radon survey demonstrate the significant exploration potential at Lazy Edward Bay,” commented president Jon Armes.
With one of Saskatchewan’s largest and most highly prospective uranium portfolios, ALX has five projects scheduled for exploration this year. Last week the company announced gravity anomalies pointing to prime drill targets at the western Basin’s Gorilla Lake project, where ALX holds an 80% option.
One week earlier came geophysical confirmation of multiple basement conductors at ALX’s Hook-Carter, a 16,461-hecatre property that covers extensions of three known conductive trends. Hook-Carter sits in the southwestern Basin region that hosts Fission’s Patterson Lake South, NexGen Energy’s (TSXV:NXE) Arrow deposit and Bow zone, and the Purepoint Uranium TSXV:PTU/Cameco Corp TSX:CCO/AREVA Resources Canada Spitfire discovery.
Cameco signed an agreement in February to buy ALX claims peripheral to Hook-Carter.
In mid-March ALX closed a $318,000 first tranche of a private placement from Holystone Energy, part of a strategic partnership in which Holystone would invest up to $750,000 on TSXV approval. Howard Haugom, Holystone’s nominee to the ALX board, has been appointed an adviser until the company’s AGM. The former Simon Fraser University economics professor co-owns a national retail chain and is a partner in the private equity firm Burkehill Capital.