Impact: Mildly Positive
ALX provided an exploration update for its 100%-owned 13,864-hectare Gibbons Creek uranium project located in the northern Athabasca Basin. The SGH (Spatiotemporal Geochemical Hydrocarbon) survey, which was conducted over an untested geophysical conductor named ‘Zinger’, indicated haloes of uranium pathfinder anomalies over a four-km-long grid. The results have helped in delineating the prospective drilling locations for the 2022 drill program. We note that Gibbons Creek is in proximity to other uranium mines and another ALX uranium project, which puts it in the right neighbourhood of the prolific Athabasca Basin. While positive geophysical and geochemical results provide an encouraging first step towards drill hole targeting, we believe the results from its scheduled 2022 drill program would likely be the key to advancing the project to the next stage.
