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ALX Resources Corp. Completes Drilling at Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

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Vancouver, British Columbia--(Newsfile Corp. - April 27, 2022) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") announced today the completion of a diamond drilling program at the Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, Saskatchewan. Three holes were completed for a total of 1,240.3 metres, on two previously untested conductive trends.

2022 Winter Drilling Program

In March 2022, ALX prepared winter trails and drill pads on three target areas located along two geophysical conductors: the Zinger Conductor and the Eclipse Conductor. The two conductors were detected in historical airborne surveys and were computer-modelled by the Company's geophysical consultant to develop new drill targets (see Fig. 1 below).

The southern Zinger Conductor, with 4.7 kilometres of strike length, was first detected by a 2005 MEGATEM survey and confirmed by ALX's 2017 ZTEM survey. A Spatiotemporal Geochemical Hydrocarbon ("SGH") soil survey, carried out in 2021, outlined two specific areas along the Zinger Conductor that were interpreted as being prospective for uranium mineralization, shown below as the locations of drill holes GC22-01 and GC22-02.

A portion of the Eclipse Conductor was first delineated by a 2005 MEGATEM airborne survey, but its full strike length was obscured by the electromagnetic effects of an encroaching powerline. ALX's Maxwell modeling of the highly-conductive anomaly led to the identification of a new uranium target, tested by drill hole GC22-03.



Fig. 1: Gibbons Creek Uranium Project - 2022 drill targets GC22-01, GC22-02 & GC22-03

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Drill Hole GC22-01

Drill hole GC22-01 (-90 dip) along the southwestern portion of the Zinger Conductor, intersected, high in the sandstone column, mineral alteration (pyrite, siderite, bleaching) and low angle to core axis fracture zones that suggest a steep-dipping structure may project to the sub-Athabasca unconformity at an approximate downhole depth of 345.0 metres. A narrow zone of moderately graphitic pelitic gneiss was intersected between 396 and 400 metres, approximately 41 metres below the unconformity. A basement fault is associated with this graphitic zone (see Fig. 2).



Fig. 2: Fault within Graphitic Zone in Zinger Conductor - hole GS22-01 at 397.75 metres

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A subsequent borehole electromagnetic ("BHEM") survey indicated that a stronger electromagnetic ("EM") response, probably associated with increasingly-graphitic pelitic rocks, occurs off-hole. The combination of a strong off-hole BHEM response, structures and alteration high in the sandstone, and a graphitic fault zone in the lower basement, are all positive exploration features and follow-up drilling in the area of drill hole GC22-01 will be dependent upon the interpretation of the pending geochemical results.

Drill Hole GC22-02

Drill hole GC22-02 (-80 dip) was collared 1.46 kilometres north-northeast of GC22-01 to test the northeast portion of the Zinger conductor trend. Core from GC22-02 displayed minor mineral alteration and fracture zones in the sandstone. The unconformity was intersected at a downhole depth of 330.27 metres. The basement rocks include garnetiferous pelitic gneiss, similar to the garnetiferous pelitic gneiss intersected in drill hole GC22-01.

Discrete elevated gamma probe peaks, ranging from 670 to 1,206 cps, occur between 293.7 and 300.9 metres. Geochemical analysis of the samples collected over these horizons will help to determine the significance of these unusual gamma probe peaks.

The basement rocks included variably garnetiferous psammitic to psammopelitic gneiss, quartz-feldspar rich units of unknown origin, and garnet-rich pelitic gneiss. Moderately to strongly fractured zones are common between 339 and 436 metres.

Based upon the geology observed in drill holes GC22-02 and GC22-01, it is interpreted that drill hole GC22-02 was collared slightly to the east of the Zinger Conductor, as suggested by the potential dip extension of alteration and fractures in the upper sandstone of drill hole GC22-01 and the graphitic structures in the basement of drill hole GC22-01.

A BHEM survey was carried out in hole GC22-02 and the results showed a similar, but lesser, response to that of GC22-01, that still suggests the presence of a steeply-dipping conductive source located to the northwest of the drill hole. Follow-up drilling in the area drill hole GC22-02 will be dependent upon the interpretation of the pending geochemical results.

Drill Hole GC22-03

Drill hole GC22-03 (-45 dip) was collared to test the south end of the Eclipse Conductor, located approximately 2.7 kilometres northwest of drill hole GC22-02. The hole encountered local zones of sooty pyrite alteration in the upper and middle sandstones and a zone of moderate desilicification in the lower sandstone located closer to the unconformity at 255.54 metres. Moderately fractured and faulted psammitic to semi-pelitic gneiss was intersected in the upper basement. Variably psammopelitic to psammitic gneiss continues to the end of the hole at 341.28 metres. A conductive horizon was not intersected, however, drill hole GC-22-03 could not be completed to its planned depth due to deteriorating winter road conditions, which necessitated the end of the 2022 drill program and subsequent demobilization of the drill and ALX personnel.



Fig. 3: Drill Hole GC22-03 - Alteration at Unconformity Contact at 255.54 metres

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An unusual bluish-green alteration occurs in centimetre-scale bands immediately below the unconformity (see Fig. 3). The blue-green alteration suggests the possible presence of dravite, a boron-rich mineral, in the drill core. Dravite is an alteration mineral often associated with unconformity-style uranium deposits in the Athabasca Basin. Pending geochemical results will establish whether boron is indeed present in significant amounts in this part of drill hole GC22-02.

A BHEM survey indicated that an EM conductor is located approximately 40 to 65 metres beyond the end of drill hole GC22-03 (see Fig. 4 below). Future drill testing of this target will benefit from the more accurate location of the EM conductor gained from the follow-up BHEM survey.



Figure 4: Sample of BHEM Geophysical Modeling - Drill Hole GC22-03

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A total of 247 samples were submitted to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, Saskatchewan ("SRC"). Chip samples were submitted to Rekasa Rocks Inc. of Saskatoon, Saskatchewan for portable Short Wave Infra Red (SWIR) spectral analysis to determine clay mineral alteration species. Results will be released after their receipt, compilation, and interpretation.

To view maps and photos of Gibbons Creek click here

About Gibbons Creek

Gibbons Creek consists of seven mineral claims encompassing 13,864 hectares (34,259 acres) located along the northern margin of the Athabasca Basin. The Project is located in a region hosting numerous historical uranium occurrences. ALX received an exploration permit for Gibbons Creek in June 2021, good until October 2022, that allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs.

Sampling Method and Statement of Qualified Person

The sandstone in all three of the 2022 drill holes was systematically sampled using composite samples collected over 10-metre intervals. Selective sandstone samples were collected from zones of interest, including fracture and alteration zones, as well as within areas with elevated gamma probe results. Continuous systematic sampling was carried out above and below the unconformity. Selective sampling was conducted in the basement rocks over zones of interest, including fracture and alteration zones, and graphitic horizons. To ensure quality control, duplicate and blank samples were regularly inserted into the submitted geochemical sample stream.

The technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geo., a Director of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

About ALX

ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 220,000 hectares of prospective lands in Saskatchewan, a stable Canadian jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.

ALX is an active explorer with interests in a number of uranium exploration properties in northern Saskatchewan, including 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with UEX Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.

ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages), and in the Draco VMS Project in Norway.

For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com

On Behalf of the Board of Directors of ALX Resources Corp.

"Warren Stanyer"

Warren Stanyer, CEO and Chairman

FORWARD-LOOKING STATEMENTS

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include: ALX's interim 2022 winter exploration results at the Gibbons Creek Uranium Project, and ALX's ability to continue to expend funds at that project. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations and Metis communities and the results of such consultations; and economic, competitive, governmental, societal, public health, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, nickel, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2021, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121856

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