ALX Uranium Corp. Announces Commencement of Drilling Program at Gorilla Lake Property, Athabasca Basin, Saskatchewan
Vancouver, February 27th, 2017 – ALX Uranium Corp. (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce that a diamond drilling program has commenced at the Gorilla Lake property (“Gorilla Lake”, or the “Property”) in the western Athabasca Basin, Saskatchewan. Gorilla Lake is located within the Carswell Impact Structure approximately 15 km north of the past-producing Cluff Lake uranium mine, which operated from 1980 to 2002.
The 2017 drilling program is planned to include four holes totaling approximately 1,000 metres. Work will be focused on the northern portion of the Property and will follow up on basement-hosted uranium mineralization that was previously intersected 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, drilling will test an airborne electromagnetic anomaly approximately 1,500 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. (TSXV: LGR) having a 20% carried interest. ALX is the operator of the Property.
Gorilla Lake is one of ALX’s Cluff Lake group of three contiguous 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 predecessor companies of AREVA Resources Canada Inc.
NI 43-101 Disclosure
Technical information in this news release has been reviewed and approved by Sierd Eriks, P. Geo., President and CEO of the Company, 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, totaling over 140,000 hectares. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties.
For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Vice President, Corporate Development at Ph: 604.629.0293 or Toll-Free: 1.866.629.8368, or by email: email@example.com
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, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for the Nine Months Ended September 30, 2016, which is available under Company’s SEDAR profile at www.sedar.com
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.