ALX Resources Corp. Detects SGH Geochemical Uranium Anomaly at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

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Vancouver, British Columbia--(Newsfile Corp. - January 23, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the receipt of results from a Soil Gas Hydrocarbon ("SGH") geochemistry survey carried out on its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, SK. The SGH survey was designed to collect detailed geochemical signatures over fault structures and surface expressions of uranium where the Company previously intersected basement-hosted uranium mineralization grading 0.13% U3O8 over 0.23 metres from 107.67 to 107.90 metres in drill hole GC15-03, and over a strong radon anomaly that was detected on surface by a predecessor company in 2013.

2023 SGH Geochemical Survey

SGH is an analytical method developed by Activation Laboratories Ltd. ("Actlabs") of Ancaster, Ontario, Canada that is designed to detect subtle geochemical anomalies emanating from a buried source. In November 2023, ALX collected 278 SGH soil samples over an approximate 3.4 square kilometres area within the 2023 Gibbons Creek ground magnetic survey grid to assist in developing new drill targets in previously untested areas. The 2023 SGH survey was successful in identifying a strong uranium anomaly in a structurally complex area of the Project (see Figure 1 below).

Figure 1: Gibbons Creek Grid with 2023 sample locations and SGH uranium response

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The 2023 SGH uranium anomaly covers the area of ALX's 2015 mineralized drill hole GC15-03 and a second mineralized hole (GC-15) drilled in 1979 by Eldorado Nuclear Limited ("Eldorado", a predecessor company of Cameco Corporation), which intersected 0.152% U3O8 over 0.13 metres from 134.11 to 134.24 metres1. The outline of the uranium anomaly as delineated by Actlabs is depicted as a roughly-oval shape measuring approximately 500 metres wide by 1,000 metres long, with the majority of its surface area untested by historical drill holes. In combination with the fault structures defined by ALX's "walking mag" survey in late 2023, the SGH survey results have provided compelling evidence for new drill targets at Gibbons Creek.

1 Saskatchewan Mineral Assessment Database #74P04-0024: Assessment Report, Project 516. M.P.P. 1064, (SMDC Permit 2) Report of 1979 Exploration, D. Currie.