On September 16, 2021, ALX announced that it has acquired by staking the Sabre Uranium Project (“Sabre”, or the “Project”) in northern Saskatchewan. Sabre consists of 16 mineral claims encompassing 16,041 hectares (38,659 acres), located along the northern margin of the Athabasca Basin near Richards Lake, SK, approximately 60 kilometres (40 miles) west of the community of Stony Rapids, SK.

Highlights of the Sabre Uranium Project

  • Sabre is underexplored, with only three known drill holes completed within the Project area - no known exploration has been carried out within Sabre’s boundaries since 2008;
  • Historical prospecting discovered uranium-bearing sandstone boulders and outcrop with up to 375 parts per million (“ppm”) uranium;
  • Spectroscopic analysis by UEX Corporation in 2006 of core samples from drill hole MNL-02 identified intense dravite alteration in the sandstone column with up to 2,059 ppm Boron in a selective sample, indicating significant hydrothermal activity in the area of the drill hole;
  • Relatively shallow depths to the Athabasca sandstone unconformity (estimated to range from 210 to 320 metres), with potential for unconformity-style or deeper, basement-hosted uranium mineralization; and
  • Sabre has good access to the infrastructure provided at Stony Rapids, which includes the all-weather Highway 905, a commercial airport, equipment rentals and supplies, as well as readily available accommodation for exploration workers and a local labour pool.

Radioactive uranium-bearing outcrop in historical trench at Sabre (Marline Oil, 1979)

Close-up of radioactive sandstone in outcrop at Sabre (Marline Oil, 1979)

Radioactive uranium-bearing boulder found at Sabre on the shore of Richards Lake (Marline Oil, 1979)

About Sabre

Sabre is located along the northern margin of the Athabasca Basin, a dominantly sandstone-infilled basin which unconformably overlies crystalline basement rocks of the Tantato Domain of the Canadian Shield in northern Saskatchewan. The Athabasca Basin area is a fertile uranium district that hosts the world’s highest-grade uranium mines, with over 900 million pounds of U3O8 produced since mining began in at the Nicholson Mine in 1949.

The Project is situated within the Snowbird Tectonic Zone (“STZ”), a major regional geological structure, and includes several parallel northeast-trending fault zones, as well as cross-cutting structures. Numerous historical uranium showings are found within the STZ, such as the Nisto Mine, Black Lake, and the Fond du Lac Uranium Deposit. The Fond du Lac Uranium Deposit, located approximately 15 kilometres west of the centre of Sabre, 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 of 990,000 pounds of U3O8 (450,000 kilograms) at an average grade of 0.25% but was never advanced further (Source: Saskatchewan Mineral Deposits Index, Mineral Property #1572. This historical resource is not necessarily indicative of the mineralization present at Sabre, nor is compliant with the standards of National Instrument 43-101 and has not been verified by ALX’s Qualified Person. It is included for information purposes only.) Uranium mineralization at the Fond du Lac deposit is described as a “high-grade” central core (>0.06% and up to 5% U3O8) and a diffuse “low-grade” aureole with 0.02% to 0.06% U3O8 (Homeniuk, Clark and Bonnar, 1982).

In 1978, radioactive sandstone boulders were discovered at Sabre by Marline Oil, which led to additional prospecting, ground geophysics, rock sampling, and biogeochemical sampling over the three exploration years, but no drill holes were completed1. In 2006, UEX Corporation targeted an airborne conductor with drill hole MNL-02, which intersected intense dravite alteration in the sandstone column2. Dravite is commonly associated with hydrothermal alteration in the Athabasca Basin and can be found in close proximity to unconformity-type uranium mineralization.

1 Saskatchewan Mineral Assessment Database, Marline Oil Corporation, Report Nos. 74O3-005, -006, 007 and -008

2 Saskatchewan Mineral Assessment Database, UEX Corporation, Report Nos. 74O01-0037, and -0038

2021-2022 Exploration Plans

ALX is compiling and integrating geophysical and geochemical data from historical work to identify new target areas at Sabre. ALX believes that historical geophysical conductors at Sabre were not well-resolved with the exploration technology available up to the mid-2000s. A site visit to verify uranium-bearing boulders and outcrop is planned in 2021 to better understand the relationship between the surface expression of uranium-bearing boulders and outcrop and the significant fault structures present at the Project. Additional work may include airborne radiometric surveys, airborne electromagnetic surveys and Spatiotemporal Geochemical Hydrocarbon (“SGH”) soil surveys across the highest-priority areas, to optimize potential drill targets.