Projects

Javelin – McKenzie Lake Uranium Projects

On September 23, 2021, ALX announced the acquisition by staking of the Javelin Uranium Project (“Javelin”, or the “Project”) in northern Saskatchewan. Javelin consists of nine mineral claims encompassing 23,652 hectares (61,073 acres), located near the eastern margin of the Athabasca Basin about 65 kilometres (40 miles) southeast of the McArthur River Uranium Mine. The Javelin claims are 100% owned by ALX with no underlying royalties.

Javelin was acquired during a staking rush that began in mid-September, 2021. ALX acted quickly to acquire several projects in environments considered favorable for uranium mineralization around the Athabasca Basin, before staking activity peaked.

Recently, high-grade uranium mineralization has been sampled near Javelin just outside the Athabasca Basin sandstone, on surface by Valor Resources Limited and in an exploratory drillhole carried out by 92 Energy Ltd.’s on its Gemini Project. Baseload Energy Corp. has also reported a radioactive interval on its Hook Project, which is located adjacent to Javelin.

2021-2022 Exploration Plans

ALX has contracted a first-pass, high-resolution airborne radiometric survey at Javelin, which includes a coincident airborne electromagnetic survey. The airborne radiometric survey method employed by ALX is the same system used to detect buried uranium-bearing boulders at Patterson Lake in 2011, which contributed to the discovery of the Triple R uranium deposit in November 2012.

On September 30, 2021, ALX announced the acquisition of the McKenzie Lake Uranium Project (“McKenzie Lake”) located near Javelin. McKenzie Lake consists of four mineral claims purchased from an arm’s length vendor group, and a fifth mineral claim staked by the Company, giving the project a total area of 6,916 hectares (17,089 acres). McKenzie Lake is located near the eastern margin of the Athabasca Basin approximately 20 kilometres (12.5 miles) north of Javelin.

Two recent discoveries of note have been reported from the Javelin-McKenzie Lake area, immediately to the southwest of the ALX’s McKenzie Lake claims.The first is a discovery by 92 Energy Ltd. at their Gemini Project, where strongly anomalous basement-hosted uranium mineralization was intersected in drill hole GEM-004. More recently, and in close proximity to the discovery of 92 Energy Ltd., Baseload Energy Corp. reported the intersection of a broad zone of anomalous radioactivity in their 2021 drill hole HK21-07.

ALX staked several other new claims in the Javelin-McKenzie Lake area in September 2021, which will be announced once mineral tenure is formally granted by the Government of Saskatchewan.

Details of the McKenzie Lake Transaction

ALX has agreed to pay a vendor group (the “Vendors”) $7,500 cash and 250,000 common shares of ALX for a 100% interest in four of the McKenzie Lake claims (the “Purchased Claims”) totaling 2,458.6 hectares. ALX staked a fifth claim totaling 4,457.6 hectares, which brings the total Project area to 6,916 hectares (17,089 acres). The Vendor will retain a 2.0% net smelter returns royalty, 1.0% of which can be purchased by ALX at any time for $1.0 million. The acquisition of the Purchased Claims is subject to acceptance by the TSX Venture Exchange.
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