October 5, 2017
ALX Uranium Corp. Announces Drilling Program Underway at Black Lake Uranium Project, Athabasca Basin, Saskatchewan
Vancouver, October 5, 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
Black Lake Uranium Project (“Black Lake”, or the “Project”) located in the
northern Athabasca Basin near Stony Rapids, Saskatchewan, Canada.
The 2017 drilling program is planned to include up to six holes totaling
approximately 2,500 metres to test new target areas that have been
developed in the northern portion of Black Lake. ALX believes that
potential for uranium mineralization may exist “down-dip” along the known
conductive structures in the basement rocks which remain untested. Previous
exploration focused on the “up-dip” expression of uranium mineralization at
the unconformity between the overlying sandstone and the basement rocks. To
view a map of the 2017 drill targets, please click here:
In September 2017, Geotech Ltd. of Ontario, Canada completed an airborne
ZTEM™ (Z-Axis Tipper Electromagnetic) System survey over the northern half
of the Project, which was designed to integrate with a historical ZTEM
survey flown in 2008 over the deeper, southern half of the property. The
2017 survey consisted of approximately 724.5 line kilometres flown at 200
and 300 metre spacings. Final processing of the data is currently being
carried out. ALX believes the results of this ZTEM survey will provide
important details of the multiple conductive structures at Black Lake to
better define targets for the 2017 drilling program and future work.
About Black Lake
ALX recently signed a definitive agreement with UEX Corporation (TSX: UEX)
(“UEX”), whereby ALX can earn up to a 75% participating interest from UEX
in the Black Lake Project. Black Lake is currently the subject of a joint
venture, in which UEX holds a 90.92% interest in the Project, with AREVA
Resources Canada Inc. (“AREVA”) holding the remaining 9.08% interest. AREVA
has provided its consent to ALX earning a participating interest from UEX
under the terms of the existing joint venture agreement. ALX is operator of
exploration at Black Lake.
Black Lake consists of 12 claims totaling 30,381 hectares with all-weather
road access and nearby infrastructure, including a commercial airport. The
Project lies adjacent to ALX’s Gibbons Creek project. In 2004, UEX
intersected a significant intersection of uranium mineralization in drill
hole BL-18 (
0.69% U3O8 over 4.4 metres, including 1.09% U3O8 over 1.5 metres
) which sparked an extensive amount of exploration work in the northern
Athabasca Basin by UEX and other uranium exploration companies. Several
other mineralized holes were drilled at the Project over the next ten
years, but despite the series of uranium occurrences, no new uranium
deposit was discovered.
Uranium mineralization was first encountered at Black Lake in 1998 in hole
BL-02, drilled by Uranerz Exploration and Mining (“Uranerz”). Uranerz was
purchased by Cameco Corporation (“Cameco”) that same year. In 1999,
following Cameco’s sale to AREVA of certain assets it acquired from the
Uranerz purchase, the Project became a 50-50 joint venture between Cameco
and AREVA. UEX acquired its initial 50% interest in Black Lake as part of
its acquisition from Cameco in 2002 of a group of Athabasca Basin uranium
properties included in UEX’s “going public” transaction.
Black Lake hosts a 24 kilometre-long conductive system and is staked over
the Platt Creek Fault, a major NNE-trending fault parallel to the Black
Lake Fault. Previous drilling in the northern part of Black Lake
encountered uranium mineralization at the unconformity between the
overlying Athabasca sandstone and underlying basement rocks at downhole
depths between 274.10 metres and 340.75 metres. Historical exploration has
also demonstrated the potential for a polymetallic mineralizing system in
relatively shallow sandstone cover that ranges from 225 to 300 metres. A
predecessor company of UEX re-sampled historical drill hole RL‑4B drilled
by Eldorado Uranium in 1980, which returned values of 171.6 parts per
million (“ppm”) uranium, 0.207% cobalt and 256 ppm nickel over 0.75 metres
from 251.00 to 251.75 metres in basement rocks, approximately 25 metres
below the unconformity.
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’s mandate is to provide shareholders with multiple opportunities for
discovery and value creation by building and optimizing a portfolio of
prospective uranium exploration properties through staking, joint ventures,
acquisitions and divestitures. The Company executes well-designed
exploration programs using the latest technologies and has interests in
over 130,000 hectares in Saskatchewan’s Athabasca Basin. 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 market under the symbol “ALXEF”.
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, Manager, Corporate Communications 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 include the Company’s plans to
undertake exploration activities at the Black Lake Project. It is
important to note that the Company’s actual business outcomes and
exploration results could differ materially from those in such
forward-looking statements. Risks and uncertainties include that our
projects in Athabasca Basin, including Black Lake, may prove to be
unworthy of further expenditure; economic, competitive, governmental,
environmental and technological factors may affect the Company’s
operations, markets, products and prices. Additional risk
factors are discussed in the section entitled “Risk Factors” in the
Company’s Management Discussion and Analysis for the Six Months ended
June 30, 2017, which is available under Company’s SEDAR profile at
. Except as required by law, we will not update these forward looking
statement risk factors.
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.
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