ALX Uranium Corp. Announces 2017 Exploration Plans for Gorilla Lake Property, Athabasca Basin, Saskatchewan
Vancouver, January 19th, 2017 – ALX Uranium Corp. (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce its 2017 uranium exploration plans on the Gorilla Lake property (“Gorilla Lake”, or the “Property”). Gorilla Lake is located within the Carswell Impact Structure in the western Athabasca Basin, Saskatchewan approximately 15 km north of the past-producing Cluff Lake uranium mine which operated from 1980 to 2002.
The 2017 exploration plan for Gorilla Lake includes a four-hole diamond drilling program totaling approximately 1,000 metres during the winter season. Work will be focused on the northern portion of the Property and is scheduled to commence in mid-February.
The drilling program will follow up on basement-hosted uranium mineralization that was previously intersected on the Property in historical holes CLU‑01 (0.46% U3O8 over 1.5 m) and CLU-07 (0.17% U3O8 over 7.0 m) drilled in 2006. The uranium mineralization is associated with numerous conductors, as defined by airborne and ground electromagnetic (“EM”) surveys and is coincident with a distinct northeast-trending gravity low highlighted from a ground gravity survey conducted in the winter of 2016.
In addition, the drill program will test an airborne electromagnetic anomaly approximately 1500 metres south of Gorilla Lake coincident within a distinct northeast-southwest striking gravity low.
About Gorilla Lake
The Gorilla Lake property consists of two contiguous mineral claims totaling 7,552 ha (18,661 acres) within the Carswell Impact Structure in the western portion of the Athabasca Basin, northern Saskatchewan. The Property is held 80% by ALX with Logan Resources Ltd. having a 20% carried interest. ALX is the operator of the Property.
The Property is part of ALX’s Cluff Lake group of properties adjoining the former Cluff Lake mine site, where over 62 million pounds of U3O8 were extracted during a 22-year operating life through a combination of three open pit mines and four underground mines by predecessors of AREVA Resources Canada Inc.
The exploration potential of the Gorilla Lake property is well established from nearly five decades of exploration in the region. Important attributes for uranium potential include strong structural zones with known uranium mineralization and clay alteration in drill holes and numerous conductors, as defined by airborne and ground EM surveys. In 2006, ESO Uranium Corp., a predecessor company to ALX, drilled extensions to known mineralization intersected by Amok in 1979 (0.85% U3O8 over 2.5 m in hole CAR-425) in two of the six holes drilled. Drill hole CLU‑01 intersected 0.46% U3O8 over 1.5 m from 174.0 to 174.5 metres. Drill hole CLU‑07 intersected two zones of uranium mineralization: one zone returned 0.17% U3O8 over 7.0 metres from 153.0 to 160.0 m, including 0.82% U3O8 over 1.0 metre and a second zone contained 0.20% U3O8 over 2.0 m from 175.0 to 177.0 metres. These step-out holes confirmed the presence of uranium in the area of previous hole CAR-425. The uranium mineralization intersected in drill holes CLU-01 and CLU-07 is associated with a virtually untested structure extending over at least 1,700 metres. This structure represents a prime target for further drilling.
The results of a recent ground gravity survey conducted on the Property in the winter of 2016 identified two significant gravity anomalies to the east and west of Gorilla Lake and confirmed a third geophysical anomaly approximately 1,500 metres south of Gorilla Lake as follows:
- Anomaly “A”: The area to the east of Gorilla Lake showed a distinct northeast-trending gravity low on the northeast side of the survey area with extremely low residual gravity. This area is coincident with known drill intercepts of uranium mineralization.
- Anomaly “B”: The area to the west of Gorilla Lake represented a new anomaly consisting of a large northeast-trending gravity low west of Gorilla Lake.
- Anomaly “C”: To the south of Gorilla Lake, gravity work completed over a magnetic button and Ad Tau anomaly showed a distinct northeast-southwest striking gravity low.
NI 43-101 Disclosure
Technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., Vice President, Exploration who is a Qualified Person, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
ALX is a junior uranium exploration company formed in 2015 as the result of a business combination between Lakeland Resources Inc. and Alpha Exploration Inc. 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 under the symbol “ALXEF”. ALX is actively exploring a portfolio of prospective properties in the Athabasca Basin, which total approximately 145,000 hectares. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties.
On Behalf of the Board of Directors of ALX Uranium Corp.
Director 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 Company’s 2017 exploration plans for the Gorilla Lake property, and that additional uranium mineralization may be present on the property based on historical exploration results. It is important to note that the Company’s actual outcomes and exploration 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 historical or current exploration data; that we may not be able to obtain 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 exploration applications for drilling and other activities may be delayed or denied; that weather, logistical problems or hazards may prevent us from completing our planned exploration activities; that equipment may not work as well as expected; that accurate analysis of data may not be possible; that results which we or others have found in any particular location are not necessarily indicative of results on larger areas of our properties; that we may not complete exploration programs in a timely manner or at all; that market prices for uranium or other minerals may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
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.