New Projects

On November 15, 2017, ALX announced that through staking, it acquired an additional 72 claims prospective for uranium totaling approximately 58,763 hectares (145,200 acres) in the Athabasca Basin area of Saskatchewan, Canada. The newly-acquired claims were staked during recent re-openings of lapsed claims held by the Government of Saskatchewan in October and November 2017. Eight new uranium projects are 100% owned by ALX and are not subject to any royalties to underlying vendors.

Argo Project

The Argo project (“Argo”) consists of 3 claims totaling 16,377 hectares in the southwestern Athabasca Basin and cover a prospective area between the Company’s Kelic Lake Project to the west and Cameco Corporation’s Centennial Zone and Dufferin Zone to the east. Argo was the subject of airborne and ground geophysical surveys in the mid-2000s which ALX is currently re-interpreting using new geophysical modeling programs that were not available at the time of the historical surveys. ALX intends to select new target areas following its receipt of the updated interpretations and plans additional ground geophysical surveys to define drill targets Argo is located at the southern margin of the Athabasca Basin, where sandstone thickness is less than 250 metres at most of the target zones.

Electra Project

The Electra project (“Electra”) consists of 6 claims totaling 4,724 hectares located approximately 20 kilometres west of the past-producing Key Lake uranium mine (“Key Lake”). Historical HLEM (horizontal loop electromagnetic) surveys at Electra were shallow-penetrating. ALX plans to employ deep-penetrating airborne surveys to better detect conductors at depth that would have eluded previous exploration methods, leading to follow-up ground geophysical surveys and drill testing. The Electra project is located approximately 2 kilometres south of the southern margin of the Athabasca Basin sandstone, so a deeper, basement-hosted unconformity style mineralization will be targeted. The project is in the same geological “Wollaston-Mudjatik-Transition-Zone” (WMTZ) as other recent basement-hosted uranium discoveries such as the Gryphon Zone and Millennium deposit.

Apollo Project

The Apollo project (“Apollo”) consists of 3 claims totaling 3,630 hectares located approximately 80 kilometres south of Key Lake along the Key Lake road. Apollo hosts a series of basement conductors discovered in historical airborne and ground geophysical exploration. Uranium mineralization was intersected in historical drill holes ranging up to 0.154% U3O8 over 0.4 metres within a breccia zone hosted by graphitic pelitic rocks. Historical rock samples returned uranium values of up to 1.82% U3O8. ALX plans a geological review of historical data to identify cross-cutting fault structures that may have provided geological traps for uranium mineralization. Target areas chosen from the review will be the subject of ground geophysical surveys prior to drill testing.

Vulcan Project

The Vulcan project (“Vulcan”) consists of 4 claims totaling 2,126 hectares located in the prolific eastern Athabasca Basin. Vulcan is immediately on strike to Denison Mines and Cameco Corporation’s Park Creek joint venture project. Recent exploration has confirmed the presence of the Bird Lake Fault zone, which locally has caused over 20 metres of vertical off-set of the sub-Athabasca unconformity. Vulcan hosts an untested airborne electromagnetic anomaly.

Echo Project

The Echo project (“Echo”) consists of 9 claims totaling 4,066 hectares located in the prolific eastern Athabasca Basin. Echo is host to a 6-kilometre long electromagnetic anomaly which has been defined by several past operators with different modern airborne electromagnetic surveys but received very little ground follow up exploration. A 2007 drill hole by Denison Mines Corp. in the centre of the anomaly encountered highly de-silicified sandstone, and the hole was abandoned only a few metres into the basement rocks. This alteration of the sandstone is uncommon in the Echo area, and is interpreted as being indicative of alteration processes possibly associated with uranium mineralization. ALX is re-interpreting the electromagnetic anomaly and believes that the most prospective target has not yet been tested.

Sabre Project

The Sabre project (“Sabre”) consists of 8 claims totaling 11,019 hectares located in the northeastern margin of the Athabasca Basin. Historical airborne electromagnetic and ground electromagnetic and DC-resistivity surveys have defined several conductors which have received very little follow up work. Depths to the sub-Athabasca Basin sandstone is expected to be relatively shallow, at less than 250 metres.

Luna Project

The Luna project (“Luna”) consists of 1 claim totaling 5,775 hectares located in the northeastern margin of the Athabasca Basin. Historical airborne electromagnetic surveys have defined several conductors, which have received very little follow-up work. Historical lake-sediment surveys anomalous in uranium, nickel and cobalt highlight the potential of this untested project. Luna straddles the margin of the Athabasca Basin.

Atlas Project

The Atlas project (“Atlas”) consists of 2 claims totaling 740 hectares located approximately 40 kilometres east of Key Lake. Atlas is immediately adjacent to the Way Lake project of Skyharbour Resources Ltd., which includes the Fraser Lake B uranium-thorium-rare-earth-element Zone. ALX plans a geological review for Atlas in order to define the source of a cluster of historically identified uranium-enriched boulders with up to 4.0% U3O8.

The results reported herein are historical in nature and while ALX has not completed sufficient work to confirm the foregoing results, the Company considers the historical information to be both relevant and reliable.

The technical information in this news release has been reviewed by Neil McCallum, P.Geo., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101.