May 17, 2023
ALX Resources Corp. (TSXV:AL, Not Rated, David A. Talbot) has provided an update on its uranium exploration activities in the Athabasca Basin area, including the Bradley Lake, McKenzie Lake, Sabre, and Carpenter Lake uranium projects. At Bradley Lake, high-grade grab samples have been found at a single claim property on the Grease River shear zone (GRSZ), ~30km NW of Stony Rapids in the northern Athabasca Basin. Management believes that the local structure is associated with the Fond du Lac uranium project located 34km to the SW. Initial prospecting in 2007 returned several outcrop showings grading from 0.08% to 3.53% U3O8. Follow-up work in the fall of 2022 identified a 60m-long visible structure on surface, with four samples returning assays of between 0.08% to 1.77% U3O8. ALX plans to conduct further exploration at Bradley Lake. At the McKenzie Lake and Javelin projects acquired in 2021, the company has applied for surface exploration permits for prospecting, mapping and geophysical surveys. At Sabre, radioactive zones were mapped in 2022, and a ground TDEM survey was conducted, identifying an untested airborne geophysical conductor. Further work, including airborne surveys, prospecting, and soil surveys, is planned to optimize potential drill targets. At the 60%-owned Carpenter Lake project located on the southern margin of the Athabasca basin, ALX has obtained an exploration permit and is engaging with local communities before commencing exploration activities. We are encouraged to see ALX focusing on its uranium portfolio, while monetizing its non-core assets such as the recently optioned-out Hydra Li project (read more). Read more
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ALX Resources Corp. – TSXV:AL – 3
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