Gibbons Creek

The Gibbons Creek Project (“Gibbons Creek”) consists of 7 claims owned 100% by ALX totaling 13,864 hectares that straddle the northern margin of the Athabasca Basin. The property is less than 2.0 kilometres from the community of Stony Rapids, SK and Provincial Highway 905. Gibbons Creek is prospective for uranium mineralization and hosts a significant gold and platinum group elements (“PGEs”) showing.

Gibbons Creek is situated within the Snowbird Tectonic Zone, a major regional geological structure, and includes several parallel northeast-trending fault zones, as well as cross-cutting structures.

• Prospecting in 2013 by Lakeland Resources Inc.(“Lakeland”), a predecessor company of ALX, confirmed the presence of high-grade uranium boulders ranging up to 4.28% U₃O₈;
• Lakeland's drill hole GC15-03 intersected 0.13% U₃O₈ over 0.23 metres;
• Radon surveys in 2015 detected an anomaly approximately 1,200 metres by 500 metres in size with peak radon values ranging between 4.00 picocuries per square metre per second (“pCi/m²/sec”) and 10.77 pCi/m²/sec at ten locations, which are among the highest recorded radon values in the Athabasca Basin;
• An airborne ZTEM survey contracted by ALX in 2017 outlined conductors that remain to be tested by drilling;
• The Star Gold and PGE Showing (“Star Gold”) at Gibbons Creek is located on the southern shore of the Fond du Lac River, about 1.0 kilometer west of Stony Rapids was discovered by Lakeland - initial sampling in 2013 returned gold and PGE values from regolith and outcrop ranging up to 5.7 g/t gold, 389 ppb palladium, and 358 ppb platinum (Sample #79447, Sample #98942, Lakeland, 2013-2014).

On June 10, 2021, ALX announced that it had received an exploration permit for Gibbons Creek. The exploration permit, good to October 2022, allows for a 5,000-metre drilling program in up to 20 holes along with ground-based geophysics, prospecting and geochemical sampling. Access to the property is year-round, thereby creating a flexibility for either summer or winter exploration programs.

ALX reviewed its extensive archive of geophysical and geochemical data from historical work to identify new target areas at Gibbons Creek. Several geophysical conductors at the Project identified by airborne and ground geophysics have not yet been drill tested. ALX plans to carry out a Spatiotemporal Geochemical Hydrocarbons (“SGH”) soil geochemistry survey over the untested conductors to determine the most prospective areas for drilling. SGH is an analytical method developed by Actlabs of Ancaster, Ontario that is designed to detect subtle geochemical anomalies emanating from a buried source. Work is anticipated to begin in the Third Quarter of 2021 following engagement with First Nations and other local communities.

In July 2020, ALX carried out a low social impact prospecting and sampling program in three project areas near Stony Rapids. ALX used a portable “back-pack” diamond drill capable of drilling 1.4 inch (3.6 cm) BQ diameter core in order to sample fresh rock below the oxidized gossans present on the three properties, including at the Star Gold.

During the prospecting program, ALX collected grab samples from outcrop that ranged up to 3579 ppb gold (3.58 grams/tonne gold).

Highlights of Gibbons Creek July 2020 Rock Sampling

Star Gold became the subject of geological mapping in 2016 by the Saskatchewan Geological Survey, specifically to investigate the occurrence of gold and PGE in an unexpected locale. ALX believes that Star Gold may be part of an unrecognized regional mineralized system that is interpreted to lie within a significant northwest-trending fault zone extending onto ALX's Firebird Nickel property, and surface lineaments observed in satellite imagery appear to extend northwest towards the JJ Gold Showing. Additional mapping and sampling is recommended at Star Gold to better define the mineralized zone identified to date.

The technical information on this web page has been reviewed and approved by Sierd Eriks, P.Geo., President and Chief Geologist of ALX, who is a Qualified Person 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 geoscientists in the years discussed.

Drill core and grab samples described on this web page were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK. Samples were analyzed using a 4-acid digestion with Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Gold, platinum and palladium were analyzed by fire assay techniques.

• Nisto Mine: Located approximately 30 kilometres east from the centre of Gibbons Creek. Mining first occurred at the Nisto Mine in 1950-51. In 1959, Haymac Mines restarted mining and shipped 500 tons of high-graded ore to the Lorado Mill at Uranium City, SK. One shipment of 106 tons of ore graded 1.6% U₃O₈ (Source: Saskatchewan Mineral Deposits Index, Mineral Property #1621).

• Black Lake Uranium Project (“Black Lake”): Located adjacent to Gibbons Creek. Owned 40% by ALX, with UEX Corporation (“UEX”) holding a 51.426% interest and Orano Canada Inc. holding an 8.574% interest. Following the discovery of uranium mineralization in 1998 by Uranerz Exploration and Mining, UEX intersected 0.69% U₃O₈ over 4.4 metres in 2004 drill hole BL-18, which led to over a decade of follow-up exploration, including 142 additional drill holes. Multiple mineralized intersections were encountered at Black Lake along a graphitic fault system since the uranium discovery in hole BL-18.

• Fond du Lac Uranium Deposit: Located approximately 70 kilometres west of the Project near the south shore of Lake Athabasca. The Fond du Lac uranium deposit was discovered in 1970 by Camok Ltd., a predecessor company of Orano Canada Ltd. after tracing radioactive boulders to their source area and grid drilling. A shallow, historical resource was calculated in 1970 by Camok Ltd. of 990,000 pounds (450,000 kilograms) at an average grade of 0.25% of U₃O₈ but was never advanced further (Source: Saskatchewan Mineral Deposits Index, Mineral Property #1572. This historical resource is not compliant with the standards of National Instrument 43-101, has not been verified by ALX’s Qualified Person and is included for information purposes only.)

2013

• Prospecting, DC-Resistivity and Radon survey
• Prospecting confirmed high-grade uranium boulders up to 4.28% U₃O₈
• A land-based radon survey identified one of the highest reported RadonEx values recorded to date for the Athabasca Basin at 9.93 pCi/m2/sec
• 38 kilometres of DC-Resistivity surveys identify a robust resistivity-low trend

2014

• Surface sampling on the northern portion of the property
• A total of 73 rock samples and 124 soil samples were collected from in and around an uplifted basement block in the northeastern portion of the property, immediately north of the margin of the Athabasca Basin. Anomalous concentrations of gold (up to 5.7 g/t Au), platinum group elements (0.75 g/t PGE’s), rare earth elements (up to 6.9% TREO) and highly anomalous uranium; suggest the presence of a robust hydrothermal system.

2015

• Lakeland (a predecessor of ALX Uranium Corp.) completed a drilling program totaling 2,550 metres (14 holes) in March 2015 and followed up with an additional 1,005 metres (7 holes) in December 2015. A ground gravity survey was completed in February 2015 and extended in October 2015 to expand encouraging results.
• The gravity survey identified a saddle-like depression centered within a gravity high located directly beneath the central portions of a radon anomaly.
• Drill hole GC15-03 intersected 0.13% U₃O₈ over 0.23 metres, within a 1.1 metre interval of 333.8 ppm Uranium immediately below the sub-Athabasca unconformity.
• Drill hole GC15-06 encountered strongly altered basement lithologies including strongly hematized quartz-carbonate-chlorite alteration and brecciation. Anomalous geochemical pathfinders (U, B, Ni, Co, Cu) were also present.
• Drill hole GC15-12 intersected anomalous uranium (297 ppm), nickel (793 ppm), copper (230 ppm) and boron (800 ppm).
• Spectroscopic analysis of core samples from ALX’s 2015 drilling detected clay alteration products such as illite and sudoite (a unique form of chlorite associated with uranium mineralization) in the sandstone at or near the unconformity, which suggests that hydrothermal alteration has occurred in the vicinity of the drill hole.

2017

• Geotech Ltd. performed a 1,044 line kilometre airborne Z-Axis Tipper Electromagnetic (ZTEM™) survey over the most prospective areas of the Gibbons Creek project and the adjacent Black Lake project.