Mr. Warren Stanyer reports

ALX RESOURCES CORP. INTERSECTS NICKEL-COPPER MINERALIZATION AT FALCON NICKEL PROJECT, NORTHERN SASKATCHEWAN

Nickel and copper mineralization has been intersected in the second hole of the 2020 drilling program at ALX Resources Corp.'s 100-per-cent-owned Falcon nickel project located in the northern Athabasca region of Saskatchewan, Canada.

2020 exploration program

ALX reports that its second drill hole on the V-1 conductive target, proximal to the historical Currie Lake deposit area, completed to a depth of 108 metres, has intersected sulphide mineralization beginning at a depth of 47.03 metres continuing to 67.89 metres. The presence of nickel and copper mineralization in hole FN20-002 has been confirmed by the use of a portable X-ray fluorescence device on the drill core, which is currently being logged and sampled. Preliminary logging describes the mineralized interval as containing disseminated to semi-massive, net-textured sulphides, with visible pyrrhotite and chalcopyrite hosted within noritic rocks. Core samples are being shipped to SRC Geoanalytical Laboratories in Saskatoon, Sask., for base metal analyses with results expected later in March, 2020.

"ALX has intersected sulphide mineralization in a new zone that was never detected by historical exploration," said Warren Stanyer, chief executive officer and chairman of ALX. "We await the assays from this new discovery and further validation of Falcon's potential."

ALX's first hole, FN20-001, was drilled to a depth of 165 metres but did not encounter significant sulphide mineralization. A borehole electromagnetic (EM) survey was immediately carried out upon completion of the hole, which detected a conductive zone at a shallower depth. Hole FN20-002 targeted this anomaly from the first drill set-up. A comprehensive ground EM survey is recommended over V-1 to better define conductive zones in the V-1 area when ground conditions permit.

Following the completion of the second hole, ALX moved the drill to the V-3 target area, located approximately four kilometres east of V-1, to test a geophysical target defined by a completed ground EM survey (see ALX news release dated March 2, 2020). ALX plans to update its shareholders on its drilling progress as more information becomes available during the winter 2020 program.

About the Falcon nickel project

Falcon is located within the Tantato domain, which forms a segment of the Snowbird tectonic zone. ALX acquired claims at Falcon beginning in May, 2019, by way of staking and through three separate land purchases, bringing the size of the project to approximately 20,002 hectares (49,427 acres) (see ALX news releases dated June 12, 2019, Oct. 7, 2019, and Oct. 24, 2019).

Falcon hosts a magmatic nickel-sulphide-mineralizing system that has been underexplored by modern methods until its acquisition by ALX. A long history of exploration beginning in 1929 discovered numerous nickel-copper-cobalt showings within Falcon's boundaries, including the Axis Lake deposit, the Rea Lake deposit and Currie Lake.

A helicopter-supported diamond drilling program is under way at Falcon, which started in early March, 2020. Mobilization of the drill rig and personnel is achieved from the town of Stony Rapids, Sask., located approximately 18 kilometres by air from the centre of the project. Stony Rapids is connected to the Saskatchewan highway system by all-weather Highway 905 and has a fully serviced airport to support both fixed-wing aircraft and helicopters.

A site visit carried out by ALX in October, 2019, at Currie Lake confirmed grades in surface rock samples of up to 3.17 per cent nickel and 0.40 per cent copper from historical trenches, along with anomalous grades of cobalt, gold and platinum group metals (see ALX news release dated Nov. 20, 2019). Through modern geophysical modelling, ALX subsequently identified highly prospective targets in three areas that were not defined by historical exploration. Falcon hosts other geophysical anomalies that ALX intends to methodically test by geophysical modelling, ground truthing and diamond drilling, if warranted.

National Instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by Sierd Eriks, professional geoscientist, 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 some of the technical information described in this news release is historical in nature; however, the historical information is deemed credible and was produced by professional geologists in the years discussed.

The identification of nickel-copper mineralization in drill core described in this news release was by field use of a hand-held X-ray fluorescence (XRF) spectrometry device. XRF spectrometry is a non-destructive method of material characterization, allowing for primary confirmation of the elemental and chemical makeup of geological samples. ALX does not rely upon XRF spectrometry for conclusive geochemical analysis but as a useful tool to prioritize sampling of drill core and identification of minerals.

About ALX Resources Corp.

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include nickel-copper-cobalt, gold and uranium. The company executes well-designed exploration programs using the latest technologies and holds interests in over approximately 200,000 hectares in Saskatchewan, a stable Canadian jurisdiction, which demonstrates strong potential for economic base metals deposits and hosts a producing gold mine, as well as the highest-grade uranium mines in the world.

We seek Safe Harbor.