ALX Uranium begins drilling at Newnham Lake project in Canada

24 April 2018 (Last Updated April 24th, 2018 12:20)

ALX Uranium has commenced a diamond drilling programme at its Newnham Lake uranium project located in the north-eastern Athabasca Basin, Saskatchewan, Canada.

ALX Uranium has commenced a diamond drilling programme at its Newnham Lake uranium project located in the north-eastern Athabasca Basin, Saskatchewan, Canada.

The project is situated approximately 75km east of Stony Rapids comprises a total of 15 claims across an area of 18,524ha.

The company expects to drill a minimum of 1,500m in up to five holes as part of the 2018 drilling programme.

ALX Uranium will also deploy a helicopter to move the drill between hole locations as a result of weak ice conditions in the region, which were caused by heavy snowfall on the local wetlands last year.

"This is the first true test of the basement-hosted deposit model at Newnham Lake, which we believe has significant potential for higher-grade uranium mineralisation at depth."

ALX Uranium president and CEO Sierd Eriks said: “ALX’s 2018 drill targets were chosen to test conductive structures located deeper below shallow, Athabasca Basin sediments, where historical drilling intersected anomalous uranium at the unconformity.

“This is the first true test of the basement-hosted deposit model at Newnham Lake, which we believe has significant potential for higher-grade uranium mineralisation at depth.”

The company has already identified several high-priority drill targets as a result of a ground geophysical survey that was conducted last year.

ALX Uranium used a deep-penetrating, three-dimensional (3D) induced polarisation / resistivity survey method to gather more information regarding conductors and possible alteration zones, which were previously outlined during historical ground and airborne surveys.

The company holds an option to acquire a 100% interest in the project through three separate option agreements.

The company also purchased 72 claims prospective for uranium in November last year, totalling roughly 58,763ha within the Athabasca Basin area.