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Index / Uranium (Nuclear Minerals) / Exploration, Mining, Marketing, Acquisitions

4/7/2016 by mdc
Greg Klein reports that Successful financing and a prospective portfolio distinguish ALX Uranium with a steady news flow from five active Athabasca Basin projects this year. The most recent announcement 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 meters on the 18,916-hectare property. Work was conducted by RadonEx Ltd, whose technology helped select drill targets for Fission Uranium Triple R deposit.

Straddling the Athabasca Basin southeastern rim, the highway-accessible Lazy Ed lies about 55 kilometers from the Key Lake mill. Results show 8 one-point samples with highly anomalous readings of 100 picocuries per litre. Four of the samples surpassed 200 pCi/L. The sample site showed up approximately 200 meters northeast of historic hole LE-50, which returned basement uranium grading 908 ppm U3O8 over 0.3 meters, 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 geochemical 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 ALX President Jon Armes.

With one of the largest and most highly prospective uranium portfolios in Saskatchewan, 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 Gorilla Lake project, where ALX holds an 80% option.

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