00:05:42 EST Mon 18 Jan 2021
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Denison Mines Corp
Symbol DML
Shares Issued 559,183,209
Close 2018-03-28 C$ 0.56
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ALX Uranium operator Denison suspends drilling at Hook

2018-03-29 08:45 ET - News Release

See News Release (C-AL) ALX Uranium Corp

Mr. Warren Stanyer of ALX reports

ALX URANIUM CORP. ANNOUNCES INITIAL RESULTS FROM THE DRILLING PROGRAM AT THE HOOK-CARTER PROJECT, ATHABASCA BASIN, SASKATCHEWAN

ALX Uranium Corp. has provided initial results from the Hook-Carter uranium project drilling program which began in mid-February, 2018 (see ALX news release dated Feb. 13, 2018). The drilling program is being operated by Denison Mines Corp. and was originally estimated to include 10,000 metres of diamond drilling.

To date, four holes totalling 2,656.7 metres have been completed and a fifth hole was lost at 405 metres due to unstable ground conditions. The drill holes completed so far have each exhibited hallmarks of a widespread alteration system, with features such as intense desilification of the sandstone with significant core loss associated as well as altered and faulted graphitic metasediments, pervasive bleaching, strong local silicification and hematization, and smoky quartz observed in the basement rocks. Elevated radioactivity was noted in two holes ranging up to 184 counts per second measured on a Mount Sopris 2GHF-1000 triple gamma downhole probe. Analytical results are pending.

Due to the early onset of warm weather conditions the drilling program has been temporarily suspended, with operations set to resume in May, 2018. The hiatus in operations will be utilized to conduct a detailed interpretation of geochemical, spectral clay and structural data in order to assist prioritization of targets.

"Interpretation of the preliminary drill results indicate that we have confirmed the footprint of the Patterson Lake corridor at Hook-Carter," said Sierd Eriks, president and chief geologist of ALX. "Denison will continue to explore this highly prospective trend with a helicopter-assisted program later in the 2018 spring season."

About Hook-Carter

Exploration at Hook-Carter is operated by Denison Mines. The project is owned 80 per cent by Denison and 20 per cent by ALX, and is located along the prolific Patterson Lake corridor -- host to the Triple R uranium deposit (Fission Uranium Corp.), the Arrow uranium deposit, Harpoon, Bow and South Arrow uranium discoveries (NexGen Energy Ltd.), and the Spitfire, Hornet and Dragon uranium discoveries (a joint venture of Purepoint Uranium Group Inc., Cameco Corp. and Orano Canada Inc.). Denison has agreed to finance the first $12.0-million of expenditures at Hook-Carter (see ALX news releases dated Oct. 13, 2016, and Nov. 7, 2016).

ALX believes Hook-Carter is significantly underexplored, with only five historical drill holes located along the 15 kilometres of interpreted strike length of the Patterson Lake corridor that lies within the project.

Technical information in this news release has been reviewed and approved by Sierd Eriks, PGeo, president and chief geologist of the company, who is a qualified person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101.

About ALX Uranium Corp.

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective uranium properties in the Athabasca basin of Northern Saskatchewan, Canada. The company executes well-designed exploration programs using the latest technologies and has interests in over 200,000 hectares in the Athabasca basin, which hosts the richest uranium deposits in the world. ALX is based in Vancouver, B.C., 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 for several of the company's active properties.

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