Energy

ALX Uranium (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce that it has signed a binding interim letter agreement (the “LOI”) with UEX Corporation (TSX:UEX) (“UEX”), whereby ALX can earn up to a 75% participating interest from UEX in the Black Lake Project (“Black Lake”, or the “Project”) located …

ALX Uranium (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce that it has signed a binding interim letter agreement (the “LOI”) with UEX Corporation (TSX:UEX) (“UEX”), whereby ALX can earn up to a 75% participating interest from UEX in the Black Lake Project (“Black Lake”, or the “Project”) located in the northern Athabasca Basin near Stony Rapids, Saskatchewan, Canada.
Black Lake consists of 12 claims totaling 30,381 hectares with all-weather road access and nearby infrastructure, including a commercial airport. The Project lies adjacent to ALX’s Gibbons Creek project. In 2004, UEX intersected a significant intersection of uranium mineralization in drill hole BL-18 (0.69% U3O8 over 4.4 metres, including 1.09% U3O8 over 1.5 metres) which sparked an extensive amount of exploration work in the northern Athabasca Basin by UEX and other uranium exploration companies. Several other mineralized holes were drilled at the Project over the next ten years, but despite the series of uranium occurrences, no new uranium deposit was discovered.

“Black Lake is an attractive project with great potential. ALX has the advantage of using a large, modern data archive to assist its process of developing new drill targets on under explored areas of the Project.”

ALX has received an exploration permit for Black Lake and is currently planning an airborne geophysical survey and an initial diamond drilling program of approximately 2,500 metres.
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