ALX Resources Corp (OTCMKTS:ALXEF) dropped 12% after announcing the finishing of a diamond drilling project at the Gibbons Creek Uranium Project situated towards the northern Athabasca Basin adjacent to Stony Rapids in Saskatchewan.
Market Reaction
On Wednesday, ALXEF stock moved down 12.07% to $0.0386 with more than 282K shares, compared to its average volume of 109K shares. The stock moved within a range of $0.0386 – 0.0474 after opening trade at $0.0439.
ALX Resources Corp. Completes Drilling at Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
The company completed the drilling of the three holes for 1,240.3 meters on previously untested conductive resources. In March, the company prepared drill pads and winter trails on three target locations alongside the geophysical conductors of Eclipse Conductor and the Zinger Conductor.
The company detected the two conductors in historic airborne surveys, which were computer modeled by a geophysical consultant to create fresh drill targets. The Zinger Conductor along a 4.7 Km stretch was the first to be detected through a 2005 MEGATEM survey confirmed by then company’s 2017 ZTEM survey. A 2005 MEGATEM survey originally demarcated the Eclipse Conductor, but the electromagnetic impacts of an encroaching electricity line obscured its full strike length. The company’s Maxwell modeling resulted in the identification of a uranium target. So ALXEF is worth watching.
Traders Review
ALXEF stock is trading below the 20-Day and 50-Day Moving averages of $0.05 and $0.05 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.06.
