ALX Uranium

A Premier Uranium Explorer in Canada’s Athabasca Basin

This profile is part of a paid investor education campaign.*

Overview

ALX Uranium Corp. (TSXV:AL; FSE:6LLN; OTC: ALXEF) has built a strong portfolio of prospective uranium properties totaling over 200,000 hectares in the world’s richest uranium district, Saskatchewan’s Athabasca Basin. The company is actively exploring on its projects with a focus on integrating modern exploration techniques with historical data to identify high-priority drill targets.

The Hook-Carter Project is the cornerstone of ALX’s portfolio and is on trend with some of the most notable uranium discoveries in the region, including the Triple R deposit at Patterson Lake South (PLS). In 2016, the company sold an 80 percent interest in the property to Denison Mines Corp. for 7.5 million common shares of Denison, and Denison has agreed to fund the first $12 million in exploration expenditures.

Having carried out an initial exploration program in 2017, Denison will be conducting a revised drill program in 2018 of approximately  6,000 meters in up to 10 holes.

In addition to its Hook-Carter project, ALX planned work for three of its other Athabasca Basin properties over the course of 2018. This included a 1,160 meter drill program at the Newnham Lake property, a 4,000-line-kilometer low-level airborne radiometric and magnetic survey over the Lazy Edward Bay property, and a ground electromagnetic geophysical survey on the Perch property. A series of geophysical, geochemical, gravity and radon work has already been completed at these properties, leading to better target definition for planned drill programs.

ALX Uranium is led by an impressive management and technical team with a wealth of experience in the uranium mining industry, specifically the Athabasca Basin.

  • Warren Stanyer, Chairman and CEO — corporate level and director positions in several uranium companies; Alpha Minerals Director during the PLS uranium discovery in 2012, which led to the takeover of Alpha by Fission Uranium Corp. in 2013.
  • Sierd Eriks, President and Chief Geologist — long track-record of success in the Athabasca Basin; directing programs that led to established mineral resources for three uranium deposits.
  • Charles Roy, Chairman Technical Committee — four decades-long uranium mining career including 33 years with the world’s leading major uranium mining company, Cameco Corporation; expertise specifically focused on the unconformity model and the Athabasca Basin.

Investment Highlights

  • One of the strongest portfolios of uranium properties in the Athabasca Basin; drillready projects and targets on trend with existing discoveries.
  • Large land package in a district with wellestablished infrastructure and low geopolitical risk.
  • Led by a professional team with extensive technical and field experience in the Athabasca Basin.
  • Exploration philosophy integrates modern techniques with historical database.
  • Exploration underway at Hook-Carter Project (20 percent ALX/80 percent Denison); Denison committed to $12.0 million in exploration expenditures.
  • Exploration in 2018 underway or completed at Newnham Lake, Lazy Edward Bay and Perch properties.

Strong Portfolio of Uranium Projects in Canada’s Athabasca Basin

Projects with drillready targets on trend with existing discoveries in the world’s most prolific uranium district.

ALX Uranium - A Premier Uranium Explorer in Canada’s Athabasca Basin

Hook-Carter: On Trend and On Target

The Hook-Carter uranium project covers 20,522 hectares in the emerging PLS district located in the southwestern portion of Saskatchewan’s Athabasca Basin. The property lies at the northern end of three important structural conductor trends: Patterson Lake, Derkson and Carter.

The Patterson Lake trend hosts three of the Athabasca region’s most notable recent discoveries, which are within 8 to 20 kilometers of Hook-Carter:

  • Triple R Deposits: 87.8 million pounds at 1.82 percent U308 (Indicated), and 52.9 million pounds at 1.80 percent U308 (Inferred); Fission Uranium Corp.
  • Arrow Deposit: 179.5 million pounds at 6.88 percent U308 (Indicated), and 122.1 million pounds at 1.30 percent U308 (Inferred); NexGen Energy
  • Spitfire Zone: Hole HK1653 10 meters at 10.30 percent U308; Joint Venture between Purepoint Uranium/Cameco/Orano (formerly AREVA)

The three discoveries are located at crosscutting structural trends along the northeast-southwest corridor, two of which host known uranium deposits. The residual total magnetic field map below shows that similar magnetic disruptions occur on the Hook-Carter property.

ALX Uranium - A Premier Uranium Explorer in Canada’s Athabasca Basin

Between 250 and 700 meters of sandstone cover overlies the basement rocks that define the structural trends present at Hook-Carter, indicating the potential for both basement-hosted and unconformity-hosted uranium mineralization. The results of historical exploration work at Hook-Carter—including boulder and lake sediment sampling, airborne and ground electromagnetic (EM) surveys, and drilling—further indicate the presence of uranium mineralization on the property (see Hook-Carter Technical Summary).

Historically at Hook-Carter, only five holes were drilled along the Patterson Lake Corridor and three holes on the Derkson Corridor prior to 2013. These holes were shallow with few of them drilled more than 100 meters past the sandstone unconformity, leaving the basement unexplored.

A 2014 interpretation report completed by Condor Consulting reviewed recent airborne EM and magnetic geophysical surveys conducted on the property by CGG Aviation and identified several high-priority target areas at Hook-Carter. In 2016, Peridot Geoscience completed an interpretation report that identified several geochemical and radiometric anomalies coincident with the targets described in the earlier Condor report. 

ALX Uranium - A Premier Uranium Explorer in Canada’s Athabasca Basin

As the operator of the property, Denison has agreed to fund the first $12 million in exploration costs. Following initial exploration work that was conducted in 2017, the company launched a drill program, originally planned at 10,000 meters in 17 holes along the Patterson Lake Corridor, in February 2018. Initial results from four completed holes have exhibited characteristics of a wide-spread alteration system. The features from this system include intense desilification of the sandstone as well as altered and faulted graphitic metasediments. Two holes also presented elevated radioactivity values of up to 184 counts per second. Further drilling is presently ongoing.

Newnham Lake: Basement-hosted uranium style targets

The wholly-owned Newnham Lake uranium project covers 18,524 hectares at the northern margin of the Athabasca Basin. The geology of the property is prospective for uranium mineralization with a folded 25-kilometer strike length of conductive basement rocks present under a shallow sandstone cover of less than 100 meters in depth.

Historical exploration conducted in the 1980s by Saskatchewan Mining and Development Corporation encountered anomalous uranium in lake sediments and drill holes.

A suite of modern airborne and ground geophysical work (ZTEM, VTEM, gravity and magnetic surveys) was completed on the property by the previous operator. ALX is re-interpreting and integrating the results of the historical surveys to search for deeper mineralization than was historically encountered, where most drill holes were stopped shallow. A 3D IP/resistivity survey was completed in 2017 as a complement to the current geophysical compilation prior to drilling the best targets.

ALX Uranium - A Premier Uranium Explorer in Canada’s Athabasca Basin
Recent reinterpretation of historical data along with modern exploration techniques suggests basement-hosted uranium style targets are present on the property

The 2017 exploration program was focused on defining basement-hosted uranium targets up to 700 meters below unconformity. This has led to the completion of a drilling program in 2018, which covered 1,160 meters in three holes.

Black Lake Property

In September 2017, ALX signed an option agreement with UEX Corporation (TSX:UEX) whereby ALX can earn up to a 75 percent participating interest in the Black Lake project in the northeastern Athabasca Basin. The Black Lake project consists of 12 mineral claims that total 30,381 hectares near Stony Rapids, Saskatchewan with all-weather access and nearby infrastructure. It also sits adjacent to ALX’s Gibbons Creek project.

In 2004, UEX intersected significant uranium mineralization with results of 0.69 percent U3O8 over 4.4 meters, including 1.09 percent U3O8 over 1.5 meters. This sparked UEX and other companies to conduct further work in the northern Athabasca Basin.

“Black Lake is an attractive project with great potential,” said Eriks. “ALX has the advantage of using a large, modern data archive to assist its process of developing new drill targets on underexplored areas of the Project.”

Since the agreement, ALX conducted drilling in 2017, which covered 2,830 meters across five holes. During the drilling, the company intersected pitchblende veinlets in drill core. Work plans for 2018 are pending while the company identifies further targets on the property.

Lazy Edward Bay: Defined targets for exploration

The wholly-owned Lazy Edward Bay uranium project covers 23,241 hectares along the southern margin of the Athabasca Basin. The property is located 55 kilometers west of the Key Lake uranium deposit and 55 kilometers east of the Centennial uranium deposit. Lazy Edward hosts a shallow sandstone cover of less than 200 meters in depth and at least eight underexplored conductive trends.

Recent airborne EM and gravity, ground EM and radoninwater surveys along with geochemical interpretation have led to defined targets for a future drill campaign on the property.

The anticipated work plan for the project will include a low-level airborne radiometric and magnetic survey of approximately 4,000 kilometers.

Perch Project

The wholly-owned Perch project measures 4,896 hectares and hosts over six kilometers of conductors. The property is located on the northeastern margin of the Athabasca Basin with a maximum unconformity depth of 100 meters. The property also sits approximately 41 kilometers east of the Nisto uranium deposit and 140 kilometers east of the Fond Du Lac uranium deposit.

While limited exploration has been conducted on the property, historical results include values from two drill holes of 30 centimeters of 422 ppm uranium and 60 centimeters of 427 ppm uranium. The drilling also encountered anomalous values of copper, nickel and zinc. ALX completed a ground gravity survey on the Perch property in 2016 and an HLEM geophysical survey in 2018. 

Board of Directors and Management

Warren Stanyer — Chairman & CEO

Warren Stanyer has over twenty-one years of experience in the mineral exploration industry, focused mostly on uranium in the Athabasca Basin. Warren held the positions of Corporate Secretary and Vice President, Corporate Development in Pioneer Metals (prior to its acquisition by Barrick Gold in 2006), and in UEX Corporation. In 2007, he began consulting for Northern Continental Resources, a junior exploration company focused on uranium in the Athabasca Basin. He was appointed President and CEO in 2008, and in 2009 he steered the successful sale of the company to Hathor Exploration Limited. Warren has also held executive-level and director positions at Guyana Frontier Mining Corp., Alpha Minerals Inc. (during the Patterson Lake uranium discovery in 2012), and Fission Uranium Corp. Currently, Warren serves as President, CEO and a Director of Nevada Sunrise Gold Corporation and as Director of Eureka Resources Inc. He is also a Director of New Moon Minerals Corporation, a private mineral exploration company.

Sierd Eriks, P. Geo., B.A (Geology) — President and Chief Geologist

Sierd Eriks has worked in mineral exploration for over thirty-eight years with a focus on uranium exploration for the past two decades. From 1979 to 1998, Sierd gained geological and managerial experience with major mining companies, including Saskatchewan Mining and Development Corporation (now Cameco Corporation), Falconbridge Limited, Noranda Exploration Co. Ltd. and Cogema Resources Inc. (now Orano Canada Inc.) in base metals, gold, platinum group metals, and uranium exploration. In 1999, he became a consulting geologist and worked on numerous uranium exploration programs in the Athabasca Basin. Prior to joining ALX, Sierd was Vice-President, Exploration with UEX Corporation from 2007 to 2014. In this position, Sierd managed projects with annual exploration budgets of up to $29.0 million and directed drilling programs leading to the establishment of mineral resources for three uranium deposits in the eastern Athabasca Basin in northern Saskatchewan.

Jody Dahrouge, B.Sc., Sp.C., P. Geo. — Director

Jody Dahrouge is a professional geologist with over 25 years of experience in Canada and internationally, and has a successful background in uranium exploration and project generation within the Athabasca Basin. Since 1998, Jody has been the president of Dahrouge Geological Consulting Ltd., a geological services company that provides consulting services to a broad range of public and private exploration and mining companies. He is a professional geologist (Alberta) and holds Bachelor of Science degrees in geology and computing science, both from the University of Alberta. Until September 2007, Dahrouge was President and COO of Fission Energy Corp., and played a key role in the acquisition of several of Fission’s key exploration properties, including Waterbury Lake, Patterson Lake and Patterson Lake South (PLS). Two very significant uranium occurrences were eventually discovered at those projects, including the J-Zone at Waterbury Lake, and the Triple R uranium deposit at PLS.

Dr. Howard Haugom, BA, MA, Ph.D — Director

Mr. Haugom is co-owner of Quilts Etc., a national retail chain and a partner at Burkehill Uranium Corp, a Vancouver-based private equity firm. He has taught extensively at Simon Fraser University, worked for both the private (Canadian Pacific) and public sectors (BC Treasury Board) as an Economist, and has been a consultant to the gold resource sector. Mr. Haugom received Economic degrees (specializing in international trade/finance and Resource Economics from the University of Victoria – BA and MA, 1984) and a PhD (1991) from Simon Fraser University.

David Miller, B.S., Reg Prof Geo WY — Director

David Miller is a businessman, professional economic geologist, and an elected member of the Wyoming Legislature. He served as the Chief Executive Officer of Strathmore Minerals Corp. prior to its merger with Energy Fuels in 2013. His primary professional focus has been on mineral exploration, development and mining, and his career has spanned over 40 years with a chain of companies that started with Utah International in the United States, which evolved into Orano, the French nuclear power conglomerate. In addition, he has consulted for the IAEA (International Atomic Energy Commission) in Austria and China.

He is a recognized expert in the nuclear and energy field and has been featured in recent years in the New York Times, BBC, CNBC, CNN, Business News Network, Wall Street Journal, Globe and Mail, and Barron’s. He is also author of “Investing in the Great Uranium Bull Market”. He is an eight-term member of the Wyoming Legislature and currently serves as Majority Floor Leader of the Wyoming House of Representatives. He graduated from the University of Missouri with a degree in Geology. He is a Registered Professional Geologist in Wyoming, a Registered Member of the Society for Mining, Metallurgy & Exploration and is a Fellow in the Society of Economic Geologists. His professional career has taken him worldwide, working with companies in Japan and South Korea, evaluating projects from Laos to Mongolia, Bolivia to Alaska, and in Canada. His expertise in commodities includes fissionable materials, precious and base metals, fossil fuels and lithium.

Jean-Jacques Gautrot — Director

Jean-Jacques Gautrot of Paris, France, is a former Chairman of the World Nuclear Association, and serves as an Ambassador of the World Nuclear Association to promote the nuclear industry worldwide.

He graduated from Ecole des Arts et Métiers and Ecole des Pétroles et Moteurs, and he began his career in TECHNIP, an engineering company in 1968. In 1979, he joined SAINT-GOBAIN Group, as Chief Executive Director of a mechanical company acting in the petroleum and nuclear industries. From 1984 to 1989, he acted as Site Director for SGN (COGEMA Group) La Hague supervising the construction and commissioning of uranium reprocessing facilities. He served as Chairman and Chief Executive of Delattre Levivier, a specialized subsidiary of LYONNAISE DES EAUX Group dedicated to maintenance services for industrial facilities (petroleum/chemistry, nuclear, and space) from 1989 to 1996.

He joined COGEMA (now Orano) in 1997 and in April 1998 was appointed Senior Director of the Business and Programmes Division, Nuclear Fuels and Recycling Branch. His main assignments included development related to nuclear back-end fuel cycle services. In June 2000, he was appointed Vice-President for the Commercial and International Development division of COGEMA. In January 2002, he was in charge of the Enrichment Sector as Vice-President and Chairman of the Executive Board of EURODIF, and was a member of the Executive Committee of COGEMA.

Jean-Jacques acted as Senior Vice President of AREVA (now Orano) in charge of Marketing and International Affairs from January 2003 to September 2008, and later served as Chairman and CEO for AREVA United Kingdom from 2008 to 2011. He was Senior Advisor to the CEO of AREVA from 2008 to 2016.

Since 2014, he has acted as President of JJ GAUTROT Consulting S.A.

Roger Leschuk, CIM, FCSI — Manager, Corporate Communications

Mr. Leschuk has the designation of Chartered Investment Manager, CIM, and has more than 20 years experience in the Financial Services and Investment Industry. Mr. Leschuk successfully managed client accounts on a full range of financial services which included stocks, mutual funds, tax sheltered investments, lines of credit and mortgages for over 15 years. Mr. Leschuk is also a member of the Fellow of the Canadian Securities Institute, FCSI.

Patrick Groening CPA, CA — CFO

Mr. Groening’s previous roles with public companies include serving as CFO for both Strathmore Minerals Corp. and Fission Energy Corp. for more than nine years combined. He filled the same role for Jalna Minerals Ltd., Sernova Corp., and Papuan Precious Metals Corp, and dual roles of CFO and Corporate Secretary For Wolf Capital Corp. and Pacific Asia China Energy Inc.

Christina Boddy — Corporate Secretary

Ms. Boddy is a member of the Canadian Society of Corporate Secretaries and has acted as Corporate Secretary for a number of public companies in recent years, including Levon Resources Ltd. (TSX:LVN), Nevada Sunrise Gold Corporation (TSXV:NEV), Aton Resources Inc. (TSXV:AAN), and Resinco Capital Partners Inc. (TSXV:RIN). Ms.Boddy acts as a consultant to public and private companies through Rhodanthe Corporate Services, a B.C.-based private company.

Charles Roy, P.Eng., P.Geo. — Chairman, Technical Committee

Charles Roy brings a rare depth of experience and success in uranium exploration from a career largely with the world’s leading major uranium mining company, Cameco Corporation. Between 1982 and 1989, Charles was employed by the Mining Engineering and Geological Consulting firm of David S. Robertson and Associates. His work included fluorspar exploration in Newfoundland, uranium exploration in northern Michigan, USA and a uranium and coal evaluation study for the Kingdom of Lesotho, southern Africa. He joined the Saskatchewan Mining Development Corporation (SMDC, now Cameco) in 1979 as a Project Geologist in Uranium City, thus beginning a career with Cameco that spanned some 33 years. Between 1994 and 2012, Charles managed and supervised both greenfield and brownfield uranium exploration programs in the Athabasca Basin. The last two years spent with Cameco, he was Director of Exploration Agreements and worked closely with Corporate Development and Legal Departments to negotiate new exploration opportunities for Cameco and help to consolidate and streamline the worldwide exploration portfolio.

Charles Roy has evaluated uranium opportunities worldwide but his expertise and knowledge is most specifically focused on the unconformity model and the Athabasca Basin. During his time at Cameco, he over saw district exploration budgets of up to $35 million, and was involved with exploration teams responsible for the discovery and delineation of seven significant uranium deposits, including Millennium most recently.

Ken Wasyliuk, BSc — Advisor, Technical Committee

Ken Wasyliuk has worked in mineral exploration for over 30 years with a focus on geochemistry and clay mineralogy in uranium exploration for the past two decades. He graduated from the University of Saskatchewan in 1987 with a BSc (honours) in geology. From 1988 to 2004, he was employed by Cameco Corp. as a geoscientist in gold and uranium exploration. During his career, Ken became an expert on geochemical and clay alteration patterns associated with uranium deposits in the Athabasca basin, and assisted in the development of proprietary analytical programs in the field of infrared spectroscopy. In 2003, he completed his master of science degree on clay mineralogy in the Athabasca basin. He later served as chief geochemist at JNR Resources Inc. until its acquisition by Denison Mines Corp. in January, 2013. Mr. Wasyliuk operates his own geological consulting company and has participated in exploration on many of the premier uranium deposits found in the Athabasca basin. At present, Ken is the uranium site research associate at the University of Saskatchewan for the CMIC (Canadian Mining Innovation Council) Footprints research project.


 

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