ALX Uranium (AL.V) (formerly ‘Lakeland Resources’) has announced it has entered into an agreement with Cameco (CCO.TO, CCJ) whereby the latter will purchase some claims owned by ALX Uranium in the Patterson Lake Camp in Canada’s Athabasca Basin, one of the most prolific Uranium districts in the world.
The claims that are being sold are located on strike with ALX’ Hook-Carter claims, which is located in the Patterson Lake corridor where both Fission Uranium (FCU.TO) and NexGen Energy (NXE.V) have their large uranium projects. ALX Uranium will receive a one-time payment of C$170,000 as well as a Net Refining Returns Royalty of 1% or 2% which could be reduced by Cameco after making another cash payment.
The company has also provided an update on its Gibbons Creek property where it completed a 7-hole drill program consisting of in excess of 1,000 meters of drilling. Unfortunately no significant radioactivity was intersected despite having encountered ‘strongly anomalous geochemical pathfinders’ within the sandstone and basement rock. The company’s geologists are now compiling all data and will very likely design another exploration program to follow up on these results.