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May. 02, 2017 10:59AM PST
ALX Uranium Corp. ( 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 …
ALX Uranium Corp. ( 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.
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.
About ALX
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: rleschuk@alxuranium.com
On Behalf of the Board of Directors of ALX Uranium Corp.
“Warren Stanyer”
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.
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Source: fscwire.com
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Investor Insight
Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.
The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
- Bullish Market Fundamentals: Generation Uranium is well-positioned to meet the growing global demand for carbon-free nuclear power, supported by a projected supply deficit and increased interest from major tech companies seeking clean energy.
Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.
The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
