Lazy Edward Bay

The Lazy Edward Bay Project is made up of 42 claims owned 100% by ALX totaling 11,263.15 hectares (27,831.24 acres) and straddles the southern margin of the Athabasca Basin sandstone formation. The property is located east of the Cable Bay Shear Zone, a crustal-scale, regional litho-tectonic domain boundary and lies within the western Mudjatik geological domain.

On November 9, 2021, ALX announced a transaction with Okapi Resources Ltd. ("Okapi") of Perth, Australia, where Okapi can purchase ALX's interest in Lazy Edward Bay as part of a six-property transaction. Okapi is engaged in a 60-day due diligence period on the six properties that began on November 4, 2021.

• Historical drill hole LE-50 intersected moderately chloritized, sericitized, and weakly hematized migmatitic, graphitic pelitic rock returning 770 ppm uranium with anomalous boron, nickel and other pathfinder elements.
• Several geophysical conductive trends at Lazy Edward Bay have had little or no drill testing.

• 55 km (approx.) west of the Key Lake Mill and historic uranium deposit.
• 55 km (approx.) east of the Centennial uranium deposit.

2014-2016

ALX’s predecessor company, Lakeland Resources, completed an exploration program consisting of prospecting, radon testing and conventional soil sampling on the Bay Trend. Prospecting and sampling was also conducted on the Liberty, Ponderosa and Jack Trends. On the Bay Trend, conventional soil surveys, prospecting and a RadonEX survey identified strong radon anomalies associated with conductive zones. Exploration on the Liberty Trend identified strongly radioactive boulders, and radioactive springs and muds at surface.

2017

In the winter of 2017 a radon-in-water survey was completed as an extension to previous radon surveys over the area of historical drill hole LE-050. An anomalous trend in the radon was noted that corresponds to previously delineated EM conductors from ground and airborne survey in the area.

2018

ALX contracted Special Projects Inc. (“SPI”) to perform a low-level airborne radiometric and magnetic survey of approximately 4,450 line kilometres over the Property. This airborne survey is effective in the detection of radioactive boulders in the shallow sub-surface that may not have been located by historical ground prospecting. The SPI survey method uses a high-resolution system that successfully detected responses from buried, high-grade uraniferous boulders at Patterson Lake in 2009, which provided an important vector to the discovery of the mineralized PLG-3B conductor at the Triple R deposit in November 2012.