ALX Uranium Corp. Announces Staking of Flying Vee Project in Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2019) - ALX Uranium Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce it has staked claims prospective for nickel, copper and cobalt mineralization totaling approximately 27,056 hectares (66,857 acres) at its 100%-owned Flying Vee Project ("Flying Vee", or the "Project") located outside the Athabasca Basin near Stony Rapids, Saskatchewan. ALX first staked five claims at Flying Vee in 2018 covering the historical Reeve Lake nickel showing, and recently acquired an additional eight claims in late April 2019 when a staking rush was triggered in the area by an emerging battery metals company, Kobold Metals.
To view a map of the Flying Vee claims, historical mineral showings at the Project, and the recent staking activity in the region, click here
About the Flying Vee Project
Flying Vee is located approximately 25 kilometres (15 miles) north of Stony Rapids within the Tantato Domain, otherwise known as the East Athabasca mylonite triangle, which forms a segment of the Snowbird tectonic zone. Numerous mineral showings are found within and near the Project, including the on-property Reeve Lake nickel showing, and the off-property Axis Lake nickel-copper deposit ("Axis Lake") located approximately 5 kilometres (3 miles) to the south. Axis Lake is the subject of a non-compliant NationaI Instrument 43-101 ("NI 43-101") geological resource of 3,400,000 tons of 0.6% nickel and 0.6% copper, which was published in a technical report dated April 15, 2007 (Vivian and Lo, 2007).1
1This historical estimate uses categories that are not consistent with NI 43-101 and cannot be readily compared to NI 43-101 categories. A qualified person has not done sufficient work to classify the estimate as a current resource and ALX is not treating the estimate as a current resource estimate. The estimate is relevant to guiding the Company's exploration plans and provides geological information regarding the type of mineralization that could be present in the Flying Vee area.
Two main periods of historical exploration by several exploration companies occurred at the Project from 1956 to 1988 and from 2007 to 2009, consisting of prospecting and mapping, trenching, airborne and ground geophysical surveys, and diamond drilling. Several trenches were completed between 1957 and 1962 in the eastern part of the Reeve Lake showing area south of Nickel Lake that outlined norite-hosted nickel-copper mineralization at surface. Thirteen shallow diamond drill holes were completed in 1964 with the best result in drillhole #3, which returned up to 0.89% nickel and 0.32% copper over 3.66 metres from 10.67 to 14.33 metres.
In 1968, a gossan zone was discovered at Day Lake within the current Project area, which hosted disseminated pyrite and arsenopyrite mineralization that returned 0.14 oz/ton (4.80 grams/tonne) gold over 1.5 metres, including a selected grab sample assaying 0.81 ounces/ton (27.77 grams/tonne) gold. Diamond drilling was carried out in the Day Lake area in 1988, intersecting anomalous gold and silver mineralization.
Airborne geophysical surveys completed by Strongbow Exploration Inc. ("Strongbow") in 2007 detected a favorable conductive zone with a coincident magnetic anomaly at Nickel Lake. In 2008, Strongbow tested the Nickel Lake anomaly with drill hole NL08-001, intersecting semi-massive pyrrhotite along with chalcopyrite and rare pentlandite that returned 1.89% nickel, 0.96% copper, and 0.11% cobalt over a 0.8 metre interval from 80.15 to 80.95 metres.
In 2018, ALX's review of historical exploration on the Reeve Lake showing identified multiple opportunities for future exploration. With the Project now expanded, modern airborne geophysical surveys are considered to be the first step for exploration at Flying Vee, consisting of helicopter-borne electromagnetic, gravity and radiometric surveys. After completion of the airborne surveys, a prospecting and geological mapping program is recommended to fully investigate historical showings and any new areas of interest. Follow-up ground geophysical surveys would further define drill targets at the Project.
The technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., President and Chief Geologist of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in NI 43-101. Readers are cautioned that the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists in the years discussed. Historical grab sample values discussed were hand-selected and are not indicative of the nature and grade of mineralization over a wide area.
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 economic 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: 1.866.629.8368, or by email: firstname.lastname@example.org
On Behalf of the Board of Directors of ALX Uranium Corp.
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 for example include and are not limited to the acquisition of the Flying Vee Project, and the anticipated benefits of future planned exploration programs. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended acquisitions, exploration or development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 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.
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