CARPENTER LAKE URANIUM JV

Highlights

• Proximity to Uranium Discoveries, Deposits, Mills and Mines
  • 95 km (approx.) west of the past-producing Key Lake uranium mine.
  • 70 km (approx.) west of the active Key Lake Mill which is serviced by HWY 914.
  • 45 km (approx.) southeast of the Centennial deposit on the Virgin River shear zone.
• 16,872 hectares (41,692 acres)
• 8 contiguous claims (mineral dispositions: MC00003832 to MC00003839)
• A 40% / 60% Joint Venture with ALX Uranium Inc. (TSX.V: ALX) (60% ALX – 40% NX)

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Overview and Exploration to Date

Carpenter Lake is located in the southern margin of the Athabasca Basin in north-central Saskatchewan.

The uranium exploration potential of the Carpenter Lake property is underscored by the numerous uranium anomalies in historical lake sediment samples, reinforced further by airborne radiometric anomalies both along and west of the of the Cable Bay Shear Zone (CBSZ). The corridor of well-defined conductors along the CBSZ further highlights the potential for uranium mineralization along the regional structure, in particular where there is evidence for cross-cutting structures. The presence of conductive graphitic pelites as defined by airborne and ground electromagnetic surveys is confirmed by historic diamond drilling immediately north of the property.

In light of the vast improvement in the understanding of both the regional geology and tectonic history of northern Saskatchewan in the past 20 years, and the importance of structure in the formation of unconformity-type uranium deposits, the overall uranium potential of the Carpenter Lake property is vastly underexplored.

2014

Summary of 2014 Summer Exploration at Carpenter Lake (see Alpha News Release dated October 28, 2014):

• An airborne time-domain electromagnetic and horizontal magnetic gradiometer survey (versatile time-domain EM) (see Alpha news release dated February 3, 2014).
• Airborne VTEM (versatile time-domain electromagnetic) and magnetic surveys in February: 1,892 line-km over a 10-by-20 km block at 100-metre line spacing.
• A detailed, low-altitude, airborne gamma spectrometer survey by Goldak Airborne Surveys.
• 3,931 line-km covering a 10-by-20 km block at 50-metre line spacing (see Alpha news release dated July 24 2014).
• Radon-in-water and radon-in-soil survey in March to April, 2014 (see Alpha news release dated May 21, 2014).
• 60 lake sediment samples collected during a three-week winter program.
• A boulder prospecting program was conducted in August 2014, to follow up targets defined from integrated airborne geophysical and ground geochemical anomalies.
• 71 rock samples collected during a three-week summer boulder prospecting program (see Alpha news release dated September 18, 2014).
• Detailed follow-up radon-in-soil and soil geochemical surveys to enhance targets established from previous surveys in April. Radon work was completed in September by RadonEx.
• 1,473 radon samples collected during a two-stage winter and summer program.

2015

• CGG Aviation (Australia) Pty Ltd. completed a FALCON® airborne gravity gradiometer gravity survey: 340 line-km flown at 100-metre line spacing covering a grid area of approximately 10 x 4 km (see Alpha news release dated March 12, 2015).
• The survey showed the magnetic signature is dominated by a sharp linear trend following the Cable Bay Shear Zone, but is narrower than the width of the entire zone. Closer examination shows that this magnetic response is broken and possibly slightly offset in places by cross-cutting structures. Image processing of the magnetic data helps bring out some less obvious details in the data.
• The FALCON® gravity gradiometry gD response shows a high in the area of the Cable Bay Shear Zone. In the central and northern end of the block, the gravity high extends to the southeast from the Cable Bay Shear Zone.