Vancouver, May 2, 2017 – ALX Uranium Corp. (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) announced today the results of a diamond drilling program at the Gorilla Lake property (“Gorilla Lake”, or the “Property”) in the western Athabasca Basin, Saskatchewan. The drilling program consisted of four holes totaling 1,116 metres and was carried out in March 2017.
Three holes (GL17-001 to GL17-003) were drilled in the northern portion of the Property to follow up on basement-hosted uranium mineralization that was previously intersected in historical holes CLU-01 (0.46% U3O8 over 1.5 metres) and CLU-07 (0.17% U3O8 over 7.0 metres) drilled in 2006. The historical uranium mineralization was associated with numerous conductors, as defined by airborne and ground electromagnetic surveys and was coincident with a distinct northeast-trending gravity low highlighted from a ground gravity survey conducted in the winter of 2016. In addition, one hole (GL17-004) tested an airborne electromagnetic anomaly approximately 1,500 metres south of Gorilla Lake coincident within a distinct northeast-southwest striking gravity low. Three of the 2017 drill holes showed narrow intervals containing anomalous values of uranium and other pathfinder elements as well as elevated radioactivity. Geochemical results are shown in Table 1, below.
Table 1. Gorilla Lake 2017 Geochemical Results
|GL17-001||261.0||183.35 to 183.55||0.20||133||41||1||12||65||1,457||Graphitic pelitic gneiss|
|GL17-002||261.0||138.10 to 138.64||0.54||156||39||178||24||47||2,091||Graphitic pelitic gneiss|
|GL17-003||291.0||No significant results|
|GL17-004||291.0||71.78 to 72.00||0.22||117||24||17||10||83||2,043||Altered migmatite|
|72.00 to 72.24||0.24||127||25||13||8||78||2,043||Altered migmatite|
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. Geology of the Cluff Lake area can be “reversed” in comparison to other areas of the Athabasca Basin, i.e., basement rocks are found overlying sandstone, due to the effects of an interpreted meteor impact on the local geology.
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.
National Instrument 43-101 Disclosure
All drill holes were surveyed with a Mount Sopris 2PGA radiometric gamma probe. Core samples for geochemistry were collected systematically through all drill holes. Samples were shipped in sealed containers and submitted to the laboratories of the Saskatchewan Research Council in Saskatoon, Saskatchewan, an ISO/IEC 17025:2005 (CAAN-P-4E) certified laboratory, for geochemical analysis using the Uranium ICP Package. This analytical package is the preferred analytical technique for uranium exploration in the Athabasca Basin. The 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: firstname.lastname@example.org
On Behalf of the Board of Directors of ALX Uranium Corp.
Warren Stanyer, 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 and results 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 Year Ended December 31, 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.