Vancouver, British Columbia--(Newsfile Corp. - March 28, 2019) - ALX Uranium Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF)
("ALX" or the "Company") is pleased to announce that a ground radon and helium survey has commenced at the Black Lake
Uranium Project ("Black Lake", or the "Project") located in the northern Athabasca Basin near Stony Rapids, Saskatchewan, Canada.
ALX owns a 40% interest in Black Lake and can earn up to a 75% interest in the Project from UEX Corporation (TSX: UEX) ("UEX").
ALX has planned a radon and helium survey at Black Lake while snow cover remains and the low-lying swamps in the northern part
of the Project are still frozen. C.O. Geosciences Inc. of St-Lazare, Quebec has developed for ALX a new technique of augering into
frozen swamps to collect sediment samples for analysis.
Approximately 160 radon and helium sample sites are planned on a grid established in the northernmost area of the Project
located above the main conductive system. Historical drilling bracketing the survey area has intersected faulted and fractured
rocks, which are more likely to allow the escape of radon, helium, and other gases known to be emitted by uranium mineralization.
Anomalous uranium mineralization was intersected in Eldorado Nuclear Ltd. 1980 drill hole RL-4B and in two drill holes completed by
ALX in 2017 (BL-155 and BL-156) at the edges of the 2019 survey area, which has received sparse drill testing in relatively shallow
sandstone cover (225 to 250 metres to basement).
Radon and helium surveys performed in winter are believed to be more effective than summer surveys due to the capture of gases
under ice and snow cover. For example, the average net helium content in 87 lake water samples from the vicinity of the Key Lake
uranium deposits was eight times higher in the winter than in the summer, and total radon levels were three times higher in winter
than in summer. (Dyck, W.; Tan, B., 1978: Seasonal variations of helium, radon, and uranium
in lake waters near the Key Lake uranium deposit, Saskatchewan: Journal of Geochemical Exploration, Vol. 10, Issue 2, p
153-167).
Radon surveys have led to the discovery of high-grade uranium mineralization in the Athabasca Basin, namely:
- McClean Lake North deposit - in 1980, drill hole 153 was collared between two strong radon-in-snow anomalies above an
electromagnetic ("EM") conductor and intersected 7.51% U3O8 over 10.06 metres beginning at a depth of 151
metres (Source: Saracoglu, N.; Wallis, R.H.; Brummer, J.J.; and Golightly, T.P. 1983: Canadian Mining and Metallurgical
Bulletin, Vol. 76, No. 852);
- Triple R deposit at Patterson Lake - in 2013, several strong radon-in-water anomalies located above an EM conductor at the
R390, R780 and R945 Zones were tested by drilling. At the R390 Zone, drill hole PLS-038 intersected 4.92%
U3O8 over 34.0 metres from 87.0 to 121.0 metres, and at the R780 Zone, drill hole PLS-080 intersected 6.93%
U3O8 over 43.0 metres from 130.0 m to 173.0 metres. Radon detected at the deeper R945 Zone was tested with
drill hole PLS13-084, which intersected 3.69% U3O8 over 13.5 metres from 232.5 to 246.0 metres. Radon
surveys were used extensively at Patterson Lake during the definition drilling phase of the Triple R deposit (Source: Alpha
Minerals Inc. and Fission Uranium Corp. news releases dated March 25, 2013, October 17, 2013 and December 18, 2013).
The results of the 2019 Black Lake radon and helium survey will be integrated with existing geological and geophysical data to
prioritize drill targets in the northern part of the Project. To view maps of Black Lake and ALX's 2019 survey, please click here
About Black Lake
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 companies. Several other mineralized holes were drilled at the Project over the next ten years, but despite
encountering a series of uranium occurrences, no new uranium deposit was discovered.
Black Lake hosts a 24 kilometre-long conductive system and is staked over the Platt Creek Fault, a major NNE-trending fault
parallel to the Black Lake Fault. Previous drilling in the northern part of Black Lake encountered uranium mineralization at the
unconformity between the overlying Athabasca sandstone and underlying basement rocks at downhole depths between 274.10 metres and
340.75 metres. Historical exploration has also demonstrated the potential for a polymetallic mineralizing system in relatively
shallow sandstone cover that ranges from 225 to 300 metres. A predecessor company of UEX re-sampled historical drill hole RL-4B
drilled by Eldorado Nuclear Ltd. in 1980, which returned values of 171.6 ppm uranium, 0.207% cobalt and 256 ppm nickel over 0.75
metres from 251.00 to 251.75 metres in basement rocks, approximately 25 metres below the unconformity.
In September 2017, ALX signed a definitive agreement with UEX, whereby ALX can earn up to a 75% participating interest from UEX
in Black Lake (for additional details of the earn-in terms, see ALX news release dated July 31, 2017). Black Lake is currently the
subject of a joint venture, in which UEX until recently held a 90.92% interest in the Project, with Orano Canada Inc. (formerly
AREVA Resources Canada Inc.) holding the remaining 9.08% interest. ALX has earned its 40% interest in the Project from UEX by
meeting an initial commitment of $1.0 million in exploration expenditures and issuing 5.0 million common shares of ALX to UEX. ALX
is operator of exploration at Black Lake.
The technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., President and Chief
Geologist of the Company, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National
Instrument 43-101.
About ALX
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective
mineral properties in northern Saskatchewan, Canada. The Company executes well-designed exploration programs using the latest
technologies and has interests in over 200,000 hectares in Saskatchewan, a Province which hosts the richest uranium deposits in the
world, a producing gold mine, and demonstrates potential for base metals deposits. ALX is based in Vancouver, BC, Canada and its
common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN"
and in the United States OTC market under the symbol "ALXEF". Technical reports are available on SEDAR at www.sedar.com for several of the Company's active properties.
For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Manager, Corporate Communications
at PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxuranium.com
On Behalf of the Board of Directors of ALX Uranium Corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
FORWARD LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements
regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include
the Company's plans to undertake additional exploration activities at the Black Lake Project. It is important to note that the
Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements.
Risks and uncertainties include that our projects in Athabasca Basin, including Black Lake, may prove to be unworthy of further
expenditure; economic, competitive, governmental, environmental and technological factors may affect the Company's operations,
markets, products and prices. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's
Management Discussion and Analysis for the Nine Months ended September 30, 2018, which is available under Company's SEDAR profile
at www.sedar.com. Except as required by law, we will
not update these forward looking statement risk factors.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43714
