BLACK LAKE URANIUM PROJECT

Project Snapshot

Ownership:

ALX earned a 40% interest from UEX Corp after issuing 5 million common
shares of ALX to UEX and spending $1 million in exploration expenditures.
An option to earn up to a 75% interest in the project expired in 2021.

Size:

12 claims covering 30,381ha

Location:

NE Athabasca Basin ~15 km south of the Hamlet of Stoney Rapids. Adjoins ALX’s Gibbons Creek Project. All-weather road and a nearby commercial airport provides year-round access.

Black Lake Property Location and Claim Map
Black Lake Property Location and Claim Map

Regional Significance

  • The historic Nisto Mine, which produced ~96 tonnes grading 1.38% U3O8 in the 1950s is located on the northwest side of the Black Lake fault near the property. The property overlays the Platt Creek Fault, which runs parallel to the regionally significant Black Creek Fault. The project is within driving distance of Orano Canada’s McClean Lake uranium mill.

  • Historical drilling by UEX Corp identified unconformity-style mineralization along a strike length of 1.7 km on the northern part of the property adjacent to the Eastern Fault, which runs parallel to the Black Lake Fault.

Table 1. Black Lake Historical Mineralized Uranium Intersections

Outlook and Planned Exploration

  • No work undertaken since 2017.
  • An independent geological review of the property commissioned by ALX on all exploration completed to date concluded that target areas remain highly prospective for follow-up drilling.

Exploration Summary 2017-2019

  • In 2017 ALX completed an airborne ZTEM™ survey over the northern half of the property to complement a historical ZTEM™ survey flown in 2008 over the deeper, southern half of the property. The results provided important details of the multiple conductive structures at Black Lake to better define targets, which were followed up with a five hole drill program comprising 2,830m.

  • Drill Holes, BL-155 and BL-156 intersected narrow intervals of uranium mineralization. BL-155 returned 0.06% U3O8 over 0.15m from 316.69m to 316.84m and BL-156 intersected 0.03% U3O8 over 0.07m from 272.77m to 272.84m. Pitchblende veinlets and uranium pathfinder elements including nickel (up to 401 ppm), copper (up to 1,420 ppm), cobalt (up to 81 ppm) and boron (up to 195 ppm) were observed in the drill core.

  • In 2019, the Company completed a winter ground radon and helium survey at Black Lake. C.O. Geosciences Inc. of St-Lazare, Quebec developed for ALX a new technique of augering into frozen swamps to collect sediment samples for analysis. Approximately 160 radon and helium samples were collected and analyzed in the northernmost area of the property.

National Instrument 43-101 Disclosure
The technical information on this web page has been reviewed and approved by Sierd Eriks, P.Geo., Technical Advisor to ALX, and/or Jody Dahrouge, P.Geo., a Director of ALX, who are Qualified Persons in accordance with the Canadian regulatory requirements set out in NI 43-101. Readers are cautioned that some of the technical information described on this web page is historical in nature; however, the historical information is deemed credible and was produced by professional geologists/geoscientists in the years discussed.

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