VANCOUVER, BC--(Marketwired - January 19, 2017) - Logan Resources Ltd. (
The 2017 exploration plan for Gorilla Lake includes a four-hole diamond drilling program totaling approximately 1,000 metres during the winter season. Work will be focused on the northern portion of the Property and is scheduled to commence in mid-February.
The drilling program will follow up on basement-hosted uranium mineralization that was previously intersected on the Property 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, the drill program will test an airborne electromagnetic anomaly approximately 1500 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/images/GorillaLake_2017Targets_LGR-NR-20170119.jpg
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.
The Property is part of ALX's Cluff Lake group of 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 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 EM surveys. In 2006, ESO Uranium Corp., a predecessor company to ALX, drilled 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 metres. Drill hole CLU-07 intersected two zones of uranium mineralization: one zone returned 0.17% U3O8 over 7.0 metres from 153.0 to 160.0 m, including 0.82% U3O8 over 1.0 metre and a second zone contained 0.20% U3O8 over 2.0 m from 175.0 to 177.0 metres. 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 1,700 metres. This structure represents a prime target for further drilling.
The results of a recent ground gravity survey conducted on the Property in the winter of 2016 identified two significant gravity anomalies to the east and west of Gorilla Lake and confirmed a third geophysical anomaly approximately 1,500 metres south of Gorilla Lake as follows:
- Anomaly "A": The area to the east of Gorilla Lake showed a distinct northeast-trending gravity low on the northeast side of the survey area with extremely low residual gravity. This area is coincident with known drill intercepts of uranium mineralization.
- Anomaly "B": The area to the west of Gorilla Lake represented a new anomaly consisting of a large northeast-trending gravity low west of Gorilla Lake.
- Anomaly "C": To the south of Gorilla Lake, gravity work completed over a magnetic button and Ad Tau anomaly showed a distinct northeast-southwest striking gravity low.
NI 43-101 Disclosure
Technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., Vice President, Exploration 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.
About Logan Resources Ltd.
Logan Resources Ltd. (
LOGAN RESOURCES LTD.
On behalf of the Board
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.