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 5 claims totaling 17,393 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 uranium deposit and Dufferin uranium zone to the east. A high-sensitivity airborne radiometric survey flown by ALX in 2018 identified several areas of anomalous radioactivity, including certain spot anomalies that could represent the presence of radioactive boulders. Prospecting is being carried out to locate the radioactive anomalies using the ground coordinates provided by the 2018 airborne survey. In addition, Argo was the subject of airborne and ground geophysical surveys in the mid-2000s, which ALX re-interpreted in 2018 using new geophysical modeling programs that were not available at the time of the historical surveys. A new basement conductor was discovered through the modeling process and the anomalous radioactivity defined by the 2018 airborne survey shows that the strike area of the new conductor could represent a potential source area for uranium mineralization.

Argo straddles the southern margin of the Athabasca Basin, where sandstone thickness is less than 250 metres, which is an ideal setting for locating radioactive boulders that may have been moved by glaciers from a near-surface source. In the Athabasca Basin, “boulder hunting” has led to the discovery of large uranium deposits, including the Midwest deposit and the Triple R deposit at Patterson Lake. In 2009, the joint venture of ESO Uranium Corp. (later Alpha Minerals Inc., a predecessor company of ALX) and Fission Energy Corp. employed the same Special Projects Inc. (“SPI”) airborne high-definition radiometric survey at Patterson Lake. The SPI system uses a powerful sensing crystal that is more effective in the detection of buried radioactive boulders than the hand-held scintillometers used by prospectors in the 1970s and 1980s. The SPI airborne survey at Patterson Lake successfully detected numerous buried, high-grade uraniferous boulders with uranium values ranging up to 25.7% U3O8, which were subsequently excavated and provided an important vector to the discovery the mineralized PLG-3B conductor at the Triple R deposit in November 2012.

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.

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.

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.

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.

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.

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.