Vancouver, March 30th , 2016 – ALX Uranium Corp. (“ALX” or the “Company”) (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce that it has completed an extension to geophysical surveys carried out in February 2016 at its Gorilla Lake Property (the “Property”) located within the Carswell Impact Structure in the western Athabasca Basin, Saskatchewan.
The Gorilla Lake Property encompasses 7,552 ha (18,661 acres) and is located approximately 10 km north of the past-producing Cluff Lake uranium mine which operated from 1980 to 2002. Significant basement-hosted uranium mineralization was previously intersected on the Property, including 0.46% U3O8 over 1.5 m in historic hole CLU‑01 and 0.17% U3O8 over 7.0 m in historic hole CLU-07.
Initial work consisting of a ground gravity survey totalling 434 stations was completed in February 2016 to cover two targets:
1. the untested northeast and southwest strike extensions of the main northeast-striking conductive trend at Gorilla Lake, where the Company intersected basement-hosted uranium in 2006, and
2. a coincident airborne electromagnetic Ad Tau and magnetic “button” anomaly approximately 1500 metres south of Gorilla Lake.
The initial results around Gorilla Lake showed a distinct northeast-trending gravity low on the northeast side of the survey area with extremely low residual gravity values down to -0.85 mGals–Link: http://www.alxuranium.com/projects/cluff-lake (Image 2). However, this gravity low exactly overlies a creek flowing out of Gorilla Lake, so it may be related to a topographic feature. A second well defined gravity anomaly is a low on the west side of Gorilla Lake along the northwest edge of the survey area which was open to the west. In addition, gravity work completed over the magnetic button and Ad Tau anomaly showed a distinct northeast-southwest striking gravity low, though not as pronounced as the ones in the north, coincides exactly with the magnetic button.
In March 2016, further gravity work was carried out to extend the grid to the west to cover the open gravity anomaly west of Gorilla Lake. A total of 178 additional gravity stations were measured. The results show a large northeast-trending gravity low west of Gorilla Lake.
The data are currently under review for final interpretation and reporting. The gravity lows west of Gorilla Lake and over the magnetic button are both prime targets for drilling. Further ground electromagnetic geophysical surveys are recommended prior to drilling to determine the exact nature of the conductive trends in both areas.
NI 43-101 Disclosure
Technical information in this news release has been reviewed and/or prepared by Sierd Eriks, P.Geo., VP Exploration who is a qualified person, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About the Gorilla Lake Property
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 part of the Cluff Lake properties which adjoin 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 predecessors of AREVA Resources Canada Inc.
The exploration potential of the Gorilla Lake Property is well established from nearly five decades of exploration in the region. Important attributes for uranium potential include strong structural zones with known uranium mineralization and clay alteration in drill holes and numerous conductors, as defined by airborne and ground electromagnetic (EM) surveys. In 2006, ALX (“ESO”) drilling encountered extensions to known mineralization intersected by Amok in 1979 (0.85% U3O8 over 2.5 m in hole CAR-425) in two of the six holes drilled. Drill hole CLU‑01 intersected 0.46% U3O8 over 1.5 m from 174.0 to 174.5 m. Drill hole CLU-07 intersected two zones of uranium mineralization: one zone returned 0.17% U3O8 over 7.0 m from 153.0 to 160.0 m, including 0.82% U3O8 over 1.0 m and a second zone contained 0.20% U3O8 over 2.0 m from 175.0 to 177.0 m. These step-out holes confirmed the presence of uranium in the area of previous hole CAR-425. The uranium mineralization intersected in drill holes CLU-01 and CLU-07 is associated with a virtually untested structure extending over at least 700 metres. This structure represents a prime target for further drilling.
About ALX Uranium Corp.
ALX Uranium Corp. was formed as the result of a business combination between Lakeland Resources Inc. and Alpha Exploration Inc. ALX is based in Vancouver 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 OTCQX under the symbol “ALXEF”. ALX is actively exploring a portfolio of early-stage properties. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties. ALX continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
For more information, please visit the corporate website at www.alxuranium.com or contact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222 or email: email@example.com
On Behalf of the Board of Directors
ALX Uranium Corp.
President, CEO and Director
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 references to ground surveys to be carried out prior to drilling; drilling of targets in the future and that the referenced gravity low west of Gorilla Lake is under review for final interpretation and reporting. It is important to note that actual outcomes and the Company's actual 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 data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data 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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