Mr. Warren Stanyer reports

ALX URANIUM CORP. ACQUIRES ADDITIONAL CLAIMS AT FALCON NICKEL PROJECT, SASKATCHEWAN

ALX Uranium Corp. has acquired additional claims prospective for nickel, copper and cobalt (Ni-Cu-Co) mineralization at its Falcon nickel project located in the northern Athabasca region of Saskatchewan. ALX has executed a purchase agreement with Eagle Plains Resources Ltd. for a 100-per-cent interest in 31 claims located in the historic Axis Lake area.

Details of the transaction

ALX can acquire a 100-per-cent interest in 31 claims totalling approximately 5,064 hectares (12,513 acres) in exchange for the following consideration payable to Eagle Plains:

• $20,000 cash as reimbursement for staking and initial exploration costs incurred by Eagle Plains;
• Two million common shares of ALX;
• Eagle Plains will retain a 2.0-per-cent net smelter returns royalty (NSR), of which ALX has the right to purchase 1.0 per cent of the NSR for $2.0-million.

"Our goal at Falcon is to search for additional mineralization through the use of modern exploration techniques," said Warren Stanyer, chief executive officer and chairman of ALX. "The advances made in computer modelling in the last 10 years offer a fresh, new look at the significant historical resources of nickel, copper and cobalt present at Falcon."

Upon closing of the transaction, ALX will control the entire known strike length of three separate Ni-Cu-Co deposits at Falcon, as outlined by historical drilling programs carried out by various explorers since 1929. The addition of the new claims consolidates and increases ALX's land position at Falcon to approximately 12,233 hectares (30,228 acres), complementing the company's original land position acquired in an on-line staking rush in May, 2019 (see ALX news release dated June 12, 2019). Closing of the transaction is subject to the acceptance of the TSX Venture Exchange.

2019 initial work programs

ALX has engaged Condor Consulting Inc. of Lakewood, Colo., to perform a detailed interpretation of historical digital data from three airborne surveys flown over the Falcon area between 1991 and 2008. Condor is recognized internationally as expert in the field of airborne electromagnetics, and its final report on the results of the historical airborne surveys is pending. ALX has also produced a preliminary 3-D geologic model for Falcon -- all available historical drill data and surface sampling data will be integrated with the Condor report to better understand the controls on Ni-Cu-Co mineralization within the project.

About the Falcon nickel project

The centre of Falcon is located approximately 14 kilometres (8.7 miles) northwest of Stony Rapids, Sask., within the Tantato domain, which forms a segment of the Snowbird tectonic zone. A long history of exploration beginning in 1929 discovered numerous Ni-Cu-Co showings within Falcon's boundaries, including the Axis Lake deposit, the Rea Lake deposit and the Currie Lake deposit.

Axis Lake is the most significant Ni-Cu-Co deposit within the Falcon area and was the subject of historical mineral resource estimates variously reported as:

• 3.75 million tons of 0.60 per cent nickel, 0.60 per cent copper and 0.15 per cent cobalt (circa 1929 to 1930, from Mineral Occurrences in the Precambrian of Northern Saskatchewan, Beck, 1959) (1);
• 3.4 million tons of 0.60 per cent nickel and 0.60 per cent copper (technical report, organic soil sampling, airborne and ground geophysics and diamond drilling, Fond Du Lac property, Fond Du Lac area, Northern Saskatchewan, Canada, dated April 15, 2007, Vivian and Lo, 2007) (2);
• Historical mineral resource estimates for Rea Lake of 70.4 million tons grading 0.10 per cent copper and 0.10 per cent nickel plus traces of gold and silver are reported in the Saskatchewan Mineral Deposit Index (SMDI) 1627. Historical mineral resource estimates for Currie Lake of 47,536 tonnes grading 0.79 per cent nickel are reported in SMDI 1585 (3).

(1) (2) (3) The historical mineral resource estimates use categories that are not consistent with National Instrument 43-101 and cannot be compared with NI 43-101 categories, and should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources and ALX is not treating the estimates as a current resource estimates. However, the estimates are relevant to guiding the company's exploration plans and provide geological information regarding the type of mineralization that could be present in the Falcon area.

The technical information in this news release has been reviewed and approved by Sierd Eriks, PGeo, president and chief geologist of ALX, who is a qualified person in accordance with the Canadian regulatory requirements set out in NI 43-101. Readers are cautioned that the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists in the years discussed.

About ALX Uranium Corp.

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Northern Saskatchewan, Canada, a superior mining jurisdiction. The company executes well-designed exploration programs using the latest technologies and has interests in over 200,000 hectares in Saskatchewan, a province which hosts the richest uranium deposits in the world, a producing gold mine, and demonstrates potential for economic base metals deposits. ALX has recently acquired the Vixen gold project in the historic Red Lake mining district of Ontario, Canada.

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