Impact: Positive
ALX reported scintillometer results from the second and third holes (GC24-02 and -03) of its ongoing 6-hole (1,200m) drill program at its Gibbons Creek uranium project in the northern Athabasca Basin, where its partner is earning up to a 75% interest. Both holes returned anomalous radioactivity just below the unconformity, including a peak of 220 cps or 3,321 cps (on two different scintillometers) from GC24-02 and 190 cps or 2,217 cps from GC24-03. Drilling is targeting the northern rim of the basin in an area that hosts numerous historical uranium discoveries and is in proximity to the historical Nisto Mine which shipped 500 tons of ore in 1950, including 106t at 1.6% U3O8. In our view, these results appear like many such intersections in the area and should help ALX home in on potentially more significant basement-hosted mineralization. Drilling is expected to continue until the end of March or early April. We look forward to the results from the remaining holes.