Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
ALX Resources (TSXV: AL) announced that it has filed a permit application for an exploration program, including drilling, at its 100%-owned Gibbons Creek uranium project in Saskatchewan, Canada.
In a press release, ALX said that, at present, the company is compiling and integrating geophysical and geochemical data from historical work to identify new target areas at the property. Soil surveys using geochemical techniques are also planned across the highest-priority targets to optimize drill targets.
Gibbons Creek consists of seven mineral claims encompassing 13,864 hectares, located along the northern margin of the Athabasca Basin immediately west of the community of Stony Rapids.
Prospecting in 2013 confirmed the presence of high-grade uranium-bearing boulders
ALX reports that the project shows potential for unconformity-style or deeper, basement-hosted uranium mineralization and that prospecting in 2013 confirmed the presence of high-grade uranium-bearing boulders ranging up to 4.28% U3O8.
“Radon surveys in 2015 by a predecessor company of ALX detected an anomaly approximately 1,200 metres by 500 metres in size with peak radon values ranging between 4.00 picocuries per square metre per second and 10.77 pCi/m2/sec at ten locations, which are among the highest recorded radon values in the Athabasca Basin,” the company said.
