ALX Resources Corp. Receives Exploration License for Gibbons Creek Uranium Project in Saskatchewan

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Vancouver, British Columbia – (Newsfile Corp. – June 10, 2021) – ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) (“ALX” or the “Company”) is pleased to announce that it has received an exploration permit for its 100% owned uranium project by Gibbons Creek (“Gibbons Creek”, or the “Project”). Gibbons Creek consists of seven mineral claims covering 13,864 hectares (34,259 acres), located along the northern margin of the Athabasca Basin immediately west of the community of Stony Rapids, Saskatchewan, in an area home to several uranium occurrences.

2021 exploration plan

The Gibbons Creek exploration license, valid until October 2022, allows for a 5,000 meter drilling program in up to 20 holes as well as ground geophysics, prospecting and geochemical sampling. Access to the project is open year round, creating flexibility for summer or winter exploration programs.

ALX examined its extensive archive of geophysical and geochemical data from historical work to identify new target areas at Gibbons Creek. Several geophysical conductors of the project identified by aerial and ground geophysics have not yet been tested by drilling. ALX plans to conduct a geochemical geochemical geochemical spatiotemporal hydrocarbon (“SGH”) soil survey on untested conductors to determine the most promising areas for drilling. SGH is an analytical method developed by Actlabs of Ancaster, Ontario, designed to detect subtle geochemical anomalies emanating from a buried source. Work is expected to begin in the third quarter of 2021 following engagement with First Nations and other local communities.

Actlabs case study

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Uranium showings in the northern Athabasca Basin

  • Nisto mine: Located approximately 30 miles east of central Gibbons Creek. Mining first took place at the Nisto mine in 1950-1951. In 1959, Haymac Mines restarted mining and shipped 500 tonnes of high-grade ore to the Lorado mill in Uranium City, Saskatchewan. A shipment of 106 tonnes of ore graded 1.6% U3O8 (Source: Saskatchewan Mineral Deposit Index, Mining Property # 1621).

  • Black Lake Uranium Project (“Black Lake”): Located next to Gibbons Creek. 40% owned by ALX, 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 meters in the 2004 drill hole BL-18, which led to more than a decade of follow-up exploration, including 142 additional drill holes. Multiple mineralized intersections have been encountered at Black Lake along a graphitic fault system since the discovery of uranium in hole BL-18 (see ALX press release of July 31, 2017).

  • Fond du Lac uranium deposit: Located approximately 70 kilometers 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 blocks to their area of ​​origin 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% U3O8 but was never advanced further (Source: Saskatchewan Mineral Deposit Index, Mineral Property # 1572. This historic resource does not meet NI 43-101 standards, has not been verified by ALX Qualified Person and is included for informational purposes only.)

About Gibbons Creek

The project is complemented by the infrastructure provided to Stony Rapids, Saskatchewan, including all-season Highway 905, a commercial airport, rental of equipment and supplies, and readily available housing, providing high efficiency. for exploration. Exploration by ALX and its predecessor company Lakeland Resources Ltd. discovered the following indicators of uranium mineralization:

  • Prospecting in 2013 confirmed the presence of high grade uranium blocks up to 4.28% U3O8;

  • Radon surveys in 2015 detected an anomaly of approximately 1,200 meters by 500 meters with maximum radon values ​​of between 4.00 picocuries per square meter per second (“pCi / m2/ sec “) and 10.77 pCi / m2/ sec at ten locations, which are among the highest radon values ​​recorded in the Athabasca Basin;

  • Historic drill hole GC15-03 intersected 0.13% U3O8 over 0.23 meters, in a 1.1 meter interval of 333.8 parts per million uranium, immediately below the sub-Athabasca unconformity;

  • Spectroscopic analysis of core samples from ALX drilling in 2015 detected clay weathering products such as illite and sudoite (a unique form of chlorite associated with uranium mineralization) in the sandstone at or near the unconformity, suggesting that hydrothermal alteration has occurred near the borehole;

  • The geophysical conductors defined by an airborne ZTEM survey in 2017 remain to be tested; and

  • In 2020, ALX carried out surface prospecting on the Star Gold and PGE showings in the northern part of the project and collected grab samples of outcrops up to 3.58 grams / tonne of gold, 122 parts per billion. (“ppb”) platinum and 412 ppb palladium.

Disclosure of National Instrument 43-101

The technical information in this press release has been reviewed and approved by Sierd Eriks, Geologist, President and Chief Geologist of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Geochemical results from surface samples collected by ALX in 2020 were analyzed at the Saskatchewan Research Council in Saskatoon, Saskatchewan, by inductively coupled plasma mass spectrometry (ICP-MS). Gold, platinum and palladium were analyzed by fire assay techniques.

Historical geochemical results and geological descriptions cited in this news release were taken directly from assessment documents and summary reports published by the Government of Saskatchewan. Management warns that the historical results were collected and reported by former operators and have not been verified or confirmed by their qualified person, but create a scientific basis for the work underway in the Gibbons Creek area. Management further cautions that past results or discoveries on adjacent or nearby mining properties are not necessarily indicative of results that can be obtained on ALX’s mining properties.

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 on the United States OTC market under the symbol “ALXEF”. ALX’s mandate is to provide shareholders with multiple discovery opportunities by exploring a portfolio of promising mineral properties, which include gold, nickel, copper and uranium projects. the latest exploration technologies and owns interests in over 200,000 hectares of potential land in Saskatchewan and Ontario, stable Canadian jurisdictions that collectively house the world’s highest grade uranium mines and offer a significant legacy of production gold and base metals mining.

ALX owns 100% of the interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada, which can acquire up to 80% interest), the Flying v Nickel / Gold and Gold Scepter projects, and can earn up to 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or may earn, up to 100% interest in the Vixen Gold Project, the Electra Nickel Project and the Copper Project Cannon located in the historic mining districts of Ontario, Canada, and in the Draco VMS Project in Norway. ALX owns interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, located in the prolific Patterson Lake Corridor, with Denison Mines Corp. (80% stake) in operation since 2016, a 40% stake in the Black Lake Uranium Project, a joint venture with UEX Corporation and Orano Canada Inc., and a 100% interest in the Gibbons Creek Uranium Project.

For more information about the company, please visit the ALX website at www.alxresources.com or contact Roger Leschuk, Director of Corporate Communications at: PH: 604.629.0293 or toll free: 866.629.8368, or by email: [email protected]

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

“Warren Stanyer”

Warren Stanyer, CEO and Chairman

FORWARD-LOOKING STATEMENTS

Statements contained in this document that are not purely historical are forward-looking statements, including any statement regarding beliefs, plans, expectations or intentions regarding the future. The forward-looking statements contained in this press release include: the Gibbons Creek project (“Gibbons Creek”) shows promise for uranium, gold and EGP mineralization; the company’s plans to undertake exploration activities at Gibbons Creek and spend funds on Gibbons Creek. It is important to note that the actual business and exploration results of the Company could differ materially from those shown in these forward-looking statements. Risks and uncertainties include that ALX may not be able to fully fund exploration at Gibbons Creek, including drilling; our early discoveries at Gibbons Creek may prove unworthy of additional expense; commodity prices may not support exploration spending at Gibbons Creek; and economic, competitive, government, societal, public health, environmental and technological factors may affect the operations, markets, products and share price of the Company. Even if we explore and develop Gibbons Creek, and even if uranium or other metals or minerals are discovered in quantity, the project may not be commercially viable. Additional risk factors are discussed in the Company’s MD&A for the quarter ended March 31, 2021, which is available under the Company’s SEDAR profile at www.sedar.com. Except as required by law, we will not update the risk factors in these forward-looking statements.

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/87136



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