ALX Uranium Executes Agreement with Denison on Hook-Carter Property

- October 13th, 2016

ALX Uranium (TSXV:AL,OTCQX:ALXEF) has executed a definitive agreement with Denison Mines (TSX:DML,NYSEMKT:DNN) for Denison to acquire an immediate 80% ownership of the entire Hook-Carter property in exchange for the issuance of 7.5 million common shares of Denison.

ALX Uranium (TSXV:AL,OTCQX:ALXEF) has executed a definitive agreement with Denison Mines (TSX:DML,NYSEMKT:DNN) for Denison to acquire an immediate 80% ownership of the entire Hook-Carter property in exchange for the issuance of 7.5 million common shares of Denison.
As quoted in the press release:

Under the terms of the Agreement, ALX will retain a 20% interest in the Property and Denison agrees to fund ALX’s share of the first CAD$12M in expenditures.
The Property consists of 28 claims, totaling 16,805 hectares, and is located near the southwestern margin of the Athabasca Basin, in northern Saskatchewan. The property is highlighted by 15 kilometres of strike potential along the prolific Patterson Lake Corridor – host to the recently discovered Triple R deposit (Fission Uranium Corp.), Arrow deposit (NexGen Energy Ltd.), and Spitfire discovery (Purepoint Uranium Group Inc., Cameco Corp., and AREVA Resources Canada Inc.) which occur within 8 to 20 kilometres of the Property. The Property is located within the Athabasca Basin and features between 250 and 700 metres of Athabasca Group sandstone cover overlying the basement rocks that define the prospective geological trends or corridors. As a result, the property offers both basement- and unconformity-hosted uranium deposit potential. The sandstone thicknesses are similar to those at Denison’s 60% owned Wheeler River property in the eastern Athabasca Basin where Denison has developed proven exploration methodologies which have resulted in the discovery of the high-grade unconformity-hosted Phoenix deposit in 2008 and the high-grade basement-hosted Gryphon deposit in 2014. The Property is significantly underexplored compared with other properties along this trend with only eight historic drill holes, including only five holes over the 15 kilometres of Patterson Lake Corridor strike length. Results from historic holes (including sandstone alteration, geochemistry and basement geology and structure) suggest favorable environments for the presence of unconformity-related uranium deposits. The Property also covers significant portions of the Derkson and Carter Corridors which provide additional priority target areas.

Click here for the full press release

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