Newnham Lake

The Newnham Lake project consists of 14 claims totaling 16,940 hectares, where ALX owns a 100% stake in the claims that make up the property, with two claims subject to an expenditure requirement with an underlying vendor. Newnham Lake straddles the northeastern margin of the Athabasca Basin and is underlain by a series of graphitic metapelites where several faults zones have been identified along strike and cross-cutting the basement rocks. The depth to the unconformity in the Athabasca Basin on the Newnham Lake property is a maximum of 100 metres. Limited work was done exploring deeper basement style mineralization despite extensive alteration, anomalous geochemistry and favorable rock types, most holes continued less than 25 metres past the sub-Athabasca unconformity. The exploration in the area of the Newnham Lake property was largely prior to the understanding of the importance of basement-hosted uranium deposits.

On November 9, 2021, ALX announced a transaction with Okapi Resources Ltd. ("Okapi") of Perth, Australia, where Okapi can purchase ALX's interest in Newnham Lake 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.

• 2018 drill hole NL18-001 intersected 0.035% U₃O₈ over 5.7 metres including 0.118% U₃O₈ over 0.5 metres.
• Historic DDH 66 encountered a 20 cm interval of 0.20% U₃O₈ along with high Ni, As and Pb immediately below the sub-Athabasca unconformity.
• DDH-104 encountered 20 cm of 0.13% U₃O₈ in basement metapelite.
• DDH-37 encountered 2 cm of sooty pitchblende in the Athabasca sandstone immediately above the unconformity. A 1.0 metre sample graded 389 ppm U₃O₈.
• 25 kilometre-long folded and faulted conductive basement rock trend.
• Several areas have not been drill tested.
• Shallow depth to basement.

• Approximately 47 km southeast of the Nisto Uranium Zone.
• Approximately 55 km north of the La Rocque Lake Uranium Zone.

2015

Lakeland Resources (predecessor to ALX) commissioned RadonEx Ltd to complete a land based radon flux survey and Dahrouge Geological Consulting Ltd. to complete a ground gravity survey.A 100 X 750 metres radon anomaly was identified that was associated with a gravity low and north-south trending fault which crosscuts a known conductor.

2017

ALX contracted Discovery Int’l Geophysics Inc. to complete a ground based IP/Resistivity survey covering 100.25 line kilometres.The results of the resistivity survey will be incorporated into the exploration database to evaluate drill targets on the property.

2018

The 2018 drilling program at Newnham Lake consisted of three drill holes totaling approximately 1,164 metres. Uranium mineralization over significant widths as well as intense faulting and strong hydrothermal alteration deep in the basement were encountered during this drilling program. Highlights include:

• Drill hole NL18-001 intersected a 5.7 metre interval that averaged 0.035% U₃O₈ from 100.8 to 106.5 metres including 0.118% U₃O₈ over 0.5 metres through a 6.0 metre zone of elevated radioactivity.
• Drill hole NL18-003 intersected as large fault zone approximately 62 metres wide with brecciation, fracturing and evidence of strong hydrothermal alteration deep in the basement rocks.