Mr. Warren Stanyer reports

ALX RESOURCES CORP. SAMPLES 1.77% U3O8 IN OUTCROP AT THE BRADLEY LAKE URANIUM PROJECT, SASKATCHEWAN

ALX Resources Corp. has provided an update to its shareholders on exploration activities carried out on its Athabasca basin area uranium projects in late 2022 and early 2023.

Bradley Lake uranium project

Bradley Lake consists of one claim owned 100 per cent by ALX totalling 1,147 hectares (2,834 acres) situated within the Grease River shear zone (GRSZ) approximately 30 kilometres northwest of Stony Rapids, Sask. The GRSZ is a major crustal structural feature that defines the western edge of the Tantato domain in Northern Saskatchewan, and is believed to be structurally associated with the Fond du Lac uranium deposit located 34 kilometres to the southwest. In 2007, a prospecting program in the Bradley Lake area discovered several significant uranium occurrences in outcrop known as the Bradley West and Bradley East showings, with uranium values ranging from 0.08 per cent U3O8 (triuranium octoxide) to 3.53 per cent U3O8. In the fall of 2022, ALX visited the Bradley Lake showings and at Bradley West observed a northeast-southwest-trending structure visible on surface for 60 metres, hosting radioactive occurrences along its length, which was cut off by overburden cover in both directions along strike. Four representative samples were collected from radioactive outcrop along the Bradley showings that returned geochemical values ranging from 0.08 per cent to 1.77 per cent U3O8.

After a review of historical assessment work records, ALX believes that the full potential of the Bradley Lake showing has not been realized. The Bradley West and East showings area conveys two different styles of mineralization: pitchblende veinlets hosted by pegmatites and potentially much more significant shear-zone-hosted uranium. Both styles of mineralization display a high uranium-thorium ratio indicative of hydrothermal processes related to a structural rather than a magmatic origin.

In 2007, a magnetic radiometric VLF (very-low-frequency) airborne survey was flown over Bradley Lake, which detected an approximate 700 metre-long uranium radiometric anomaly that corresponds to a portion of the mineralized zones on surface. However, no follow-up electromagnetic (EM) work was carried out over the radiometric anomaly beyond the VLF component of the historical airborne survey, which had a limited depth of investigation.

Two shallow scissor holes were drilled in 2011 from one collar location to undercut the presumed subsurface strike of the Bradley Lake showing at shallow depths, from which the highest-grade interval was a modest 0.047 per cent U3O8 over 0.30 metre from 23.3 to 23.6 metres. The two 2011 holes, totalling only 123.4 metres, were drilled without the benefit of a deep-penetrating ground EM survey, which has the capability to detect deeper targets that may exist beneath the uranium showings on surface.

In May, 2023, ALX applied to the government of Saskatchewan for a surface exploration permit, including ground geophysics, for follow-up exploration at Bradley Lake. The exploration plan includes detailed geological mapping, prospecting and a time-domain EM (TDEM) survey to seek geophysical targets related to the area of the Bradley Lake showings.

McKenzie Lake and Javelin uranium projects

McKenzie Lake (five claims totalling 6,916 hectares, or 17,097 acres), and Javelin (nine claims totalling 23,652 hectares, or 58,444 acres), each owned 100 per cent by ALX, are located in an emerging uranium exploration district in the southeast Athabasca basin area after new discoveries by Baseload Energy and 92 Energy in 2021/2022. ALX acquired McKenzie Lake and Javelin in the fall of 2021 by staking, and by the purchase of four McKenzie Lake claims totalling 2,464 hectares (6,098 acres), which are subject to a 2-per-cent underlying royalty in favour of the arm's-length vendor. In April, 2023, ALX applied to the government of Saskatchewan for surface exploration permits on McKenzie Lake and Javelin to include prospecting, geological mapping and ground geophysical surveys, as follow-up to a high-resolution magnetic and radiometric airborne survey and initial site visits ALX carried out in late 2021.

Sabre uranium project

Sabre consists of 16 mineral claims owned 100 per cent by ALX encompassing 16,041 hectares (39,637 acres), located along the northern margin of the Athabasca basin near Richards Lake, Sask., approximately 60 kilometres (40 miles) west of Stony Rapids, Sask. In September, 2022, two radioactive zones were mapped on surface in the Athabasca sandstone by ALX's prospecting team adjacent to an interpreted structural zone of quartz vein brecciation (see ALX news release dated Oct. 25, 2022). In January, 2023, ALX carried out a ground TDEM survey at Sabre and defined a previously untested airborne geophysical conductor near a 2006 drill hole that had demonstrated a significant dravite (boron) anomaly in the Athabasca formation sandstone. Computer modelling of the 2023 TDEM conductor showed that the historical drill hole missed the conductor by approximately 275 metres.

Additional work at Sabre in 2023 may include airborne surveys, surface prospecting, geological mapping and spatiotemporal geochemical hydrocarbon (SGH) soil surveys across the highest-priority areas to optimize potential drill targets.

Carpenter Lake uranium project

Carpenter Lake consists of eight claims totalling 16,872 hectares (41,691 acres) located on the southern margin of the Athabasca basin sandstone formation near Cree Lake, Sask. Carpenter Lake is the subject of a joint venture, with ALX holding a 60-per-cent interest and Pacton Gold Inc. (formerly Noka Resources Inc.) holding a 40-per-cent interest. In December, 2022, ALX, as operator of exploration for the joint venture, applied for an exploration permit to include ground geophysics, prospecting and diamond drilling. The permit was granted in April, 2023, good to Sept. 30, 2024. ALX is involved in an engagement process with local first nations and Metis communities, and other area stakeholders, prior to the commencement of exploration activities.

National Instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by Robert Campbell, PGeo, who is a qualified person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

Historical geochemical results and geological descriptions quoted in this news release were taken directly from assessment work filings published by the government of Saskatchewan. Management cautions that historical results contained herein were collected and reported by past operators and have not been verified nor confirmed by its qualified person, but create a scientific basis for continuing work in the Bradley Lake and Sabre project areas. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on ALX's mineral properties.

About ALX Resources Corp.

ALX is based in Vancouver, B.C., 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 on the 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 in Canada, which include uranium, lithium, 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 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.

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