ALX Uranium Corp. Provides Update on Status of Cluff Lake Properties, Athabasca Basin, Saskatchewan
09 Mayo 2018 - 6:57AM
ALX Uranium Corp. (“ALX” or the “Company”)
(TSXV:AL) (FSE:6LLN) (OTC:ALXEF) announced today changes
in its portfolio of uranium exploration projects located near the
past-producing Cluff Lake uranium mine (“Cluff Lake”) in the
western Athabasca Basin area of northern Saskatchewan, Canada. ALX
holds strategic exploration 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
Orano Canada Inc. (“Orano,” formerly AREVA Resources Canada Inc.).
Gorilla Lake Property
ALX owned an 80% interest in the Gorilla Lake
property (“Gorilla Lake”) since 2008, with Logan Resources Ltd.
(“Logan”) (TSXV:LGR) holding a 20% carried interest. Logan also
held the right to secure a 100% interest in Gorilla Lake if ALX
allowed the property to have less than two years good standing with
the Government of Saskatchewan. In early 2017, ALX drilled
four holes totaling 1,116 metres. After its review and
interpretation of the results of the 2017 drilling program, the
Company made the decision to return the Gorilla Lake claims to
Logan with less than two years of assessment credits remaining.
Under the terms of a recent settlement agreement with Logan, ALX
has agreed to issue 400,000 of its common shares to Logan at a
deemed price of $0.075 per common share to cure the assessment
credit deficiency, subject to the approval of the TSX Venture
Exchange. As a result, ALX now holds no interest in Gorilla
Lake.
Middle Lake Property
ALX has owned an 80% interest in the Middle Lake
property (“Middle Lake”) since 2008, with Affinity Metals Corp.
(TSXV:AFF), through its predecessor companies, holding a 20%
carried interest. Middle Lake originally consisted of a single
claim totaling approximately 2,416 hectares. In late January 2018,
ALX doubled the size of Middle Lake by staking two new claims
located immediately adjacent to Orano’s Cluff Lake mine property.
Middle Lake now consists of three contiguous claims totaling
approximately 4,833 hectares with the claims in good standing to
2030 and 2040.
Bridle Lake Property
ALX owns a 50% interest in the Bridle Lake
property (“Bridle Lake”), which is also 50% owned by Rio Tinto
Canada Uranium Corporation. Bridle Lake consists of two claims
totaling approximately 6,787 hectares, one of which is contiguous
to the Cluff Lake mine property. There is no change to ALX’s
ownership at Bridle Lake and the two claims are in good standing
until 2024.
To view a map of ALX’s Cluff Lake area
properties, please visit the ALX website at:
https://www.alxuranium.com/projects/cluff-lake
NI 43-101 DisclosureThe
technical information in this news release has been reviewed and
approved by Sierd Eriks, P. Geo., President and Chief Geologist,
who is a Qualified Person in accordance with the Canadian
regulatory requirements set out in National Instrument 43-101.
About ALXALX’s mandate is to
provide shareholders with multiple opportunities for discovery by
exploring a portfolio of prospective uranium properties in the
Athabasca Basin of northern Saskatchewan, Canada. The Company
executes well-designed exploration programs using the latest
technologies and has interests in over 200,000 hectares in the
Athabasca Basin, which hosts the richest uranium deposits in the
world. 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 at www.sedar.com for several of the
Company’s active uranium properties.
For more information about the Company, please
visit the ALX corporate website at www.alxuranium.com or contact
Roger Leschuk, Manager, Corporate Communications atPH: 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, CEO and Chairman
FORWARD LOOKING
STATEMENTSStatements in this document which are not purely
historical are forward-looking statements, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. 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 data; that the Company may not be able
to obtain equipment or labour as required; that the Company may not
be able to raise sufficient funds to complete intended exploration
and development; that exploration permit applications may not be
obtained in a timely manner; that weather, logistical problems or
hazards may inhibit exploration; that equipment may not work as
well as expected; that the collection and analysis of data may not
be possible due to factors beyond the Company’s control; that
positive results of exploration in any particular location are not
necessarily indicative of property-wide potential; that the Company
may not complete exploration programs in a timely manner, or at
all; that market prices for uranium may not justify further
exploration; and that despite encouraging results 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.
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