VANCOUVER, BC–(Marketwired – February 27, 2017) – Logan Resources Ltd. (TSX VENTURE: LGR) (“Logan” or the “Company”) is pleased to announce that ALX Uranium Corp (TSX VENTURE: AL) (“ALX”) has commenced their diamond drilling program at the Gorilla Lake property (“Gorilla Lake“, or the “Property“) in the western Athabasca Basin, Saskatchewan. Gorilla Lake is located within the Carswell Impact Structure approximately 15 km north of the past-producing Cluff Lake uranium mine, which operated from 1980 to 2002.
ALX has an 80% ownership interest with Logan having a 20% interest carried through feasibility. ALX is the operator of the Gorilla Lake property and as such, will fund 100% of the project-related costs. Logan Resources acquired the Gorilla Lake property in 2004 and in 2005 optioned the property to ESO Uranium Corp., a predecessor company to ALX.
The 2017 drilling program is planned to include four holes totaling approximately 1,000 metres. Work will be focused on the northern portion of the Property and will follow up on basement-hosted uranium mineralization that was previously intersected in historical holes CLU-01 (0.46% U3O8 over 1.5 m) and CLU-07 (0.17% U3O8 over 7.0 m), drilled in 2006. The uranium mineralization is associated with numerous conductors, as defined by airborne and ground electromagnetic (“EM”) surveys and is coincident with a distinct northeast-trending gravity low highlighted from a ground gravity survey conducted in the winter of 2016.
In addition, drilling will test an airborne electromagnetic anomaly approximately 1,500 metres south of Gorilla Lake coincident within a distinct northeast-southwest striking gravity low.
To view a map of the geophysical anomalies and planned 2017 drill target areas, please visit the Logan website at: http://www.loganresources.ca/index.php/projects/gorilla-lake
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. The Property is held 80% by ALX with Logan having a 20% carried interest. ALX is the operator of the Property and funds 100% of the costs associated with the Project.
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.
NI 43-101 Disclosure
Technical information in this news release has been reviewed and approved by Sierd Eriks, P. Geo., President and CEO of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX Uranium Corp.
ALX Uranium Corp. (TSX VENTURE: AL) 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 actively exploring a portfolio of prospective properties in the Athabasca Basin, totaling over 140,000 hectares. For more information on the project portfolio and the company, please visit https://www.alxuranium.com/.
About Logan Resources Ltd.
Logan Resources Ltd. (TSX VENTURE: LGR) is a junior exploration company in the business of acquiring and advancing mineral properties. Logan’s focus is on actively exploring nine gold properties in Nevada and Utah, USA that are under option from Pilot Gold Inc. Logan also has a 20% carried interest in the Gorilla Lake uranium property, and has a 100% interest in the Redford iron ore property on Vancouver Island, Canada. Redford is a former producing iron ore mine. For more information, please visit www.loganresources.ca.
LOGAN RESOURCES LTD.
On behalf of the Board
“Mark Morabito”
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the timing and details of the drill program, (ii) the exploration potential and prospective nature of the properties, (iii) potential uranium mineralization on the properties; and (iv) the potential results of the drill program.
In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource and reserve estimates, gold, uranium and other commodity prices, the timing and amount of future exploration and development expenditures, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s properties in the short and long-term and to acquire new properties, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access infrastructure, risks relating to changes in gold, uranium and other commodity prices and the worldwide demand for and supply of gold, uranium and related products, risks related to increased competition in the market for gold, uranium and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities on the Company’s properties, or to acquire new properties, may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
For further information regarding this news release, please contact:
Jennifer Paterson
Manager of Corporate Development
T: 604-681-8030 x 248
E: [email protected]
www.loganresources.ca
