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ALX Uranium acquires additional claims in PLS vicinity

by Greg Klein | April 22, 2016

ALX Uranium TSXV:AL has signed agreements to pick up extra turf proximal to the Hook-Carter project in Saskatchewan’s Patterson Lake South camp, the company announced April 22.

Subject to approvals, ALX gets the new land for 250,000 shares at a deemed value of $0.115 each on the closing date. A 2.5% NSR applies.

ALX Uranium acquires additional claims in PLS vicinity

Geophysical results released last month verified multiple basement conductors at Hook-Carter, which covers extensions of three known conductive trends, the Carter, Derkson and Patterson corridors. Drill targets have already been established on the latter two.

The Patterson corridor hosts Fission Uranium’s (TSX:FCU) Triple R deposit and three additional zones on the company’s Patterson Lake South project. NexGen Energy’s (TSXV:NXE) adjacent Rook 1 project includes the Arrow deposit, the Athabasca Basin’s largest undeveloped resource, as well as the Bow zone. Neighbouring NexGen is the Hook Lake JV of Purepoint Uranium TSXV:PTU, Cameco Corp TSX:CCO and AREVA Resources Canada, which hosts the Spitfire discovery. ALX’s Hook-Carter borders Hook Lake to the south and a Cameco property to the north.

In February Cameco signed an agreement to buy ALX claims peripheral to Hook-Carter.

Earlier this month the company reported highly anomalous radon values at its Lazy Edward Bay project on the Basin’s southeastern rim. A week earlier preliminary geophysical results showing gravity lows brought encouraging news for ALX’s 80%-held Gorilla Lake property in the western Basin. The ALX portfolio includes five active projects in the Basin region.

ALX closed a private placement first tranche of $318,000 from Holystone Energy last month, part of a strategic partnership in which Holystone would invest up to $750,000, retain the right to maintain its ownership level for three years and nominate a director.

Read Chris Berry’s report: A Closer Look at Uranium.

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