Additional Uranium Mineralization Located At Gibbons Creek

VANCOUVER - ALX Resources Corp. reported the completion of the 2024 winter drilling program at its Gibbons Creek Uranium Project in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. The 2024 drilling program was designed to test for continuity of uranium mineralization first discovered in 1979. Five holes totaling 849.44 metres were completed. Four of the five holes intersected uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observation of uranium minerals by ALX's geological team. Mineralization found in the 2024 drilling was intersected in two areas located 500 metres apart within a target area that ALX defined in late 2023 by carrying out a high-resolution magnetic survey and a Soil Gas Hydrocarbon (SGH) survey.

Hole GC24-04 (180 degree azimuth / -60 degree dip) exhibited the strongest radiometric response of the program where uranium mineralization was intersected over 1.1 metres from 107.17 to 108.27 metres beginning immediately at and below the unconformity at 107.18 metres. The Athabasca formation sandstone immediately above the mineralization was strongly bleached from an unaltered dusky maroon colour to white, indicative of hydrothermal activity in the location of the drill hole. A Mount Sopris 2PGA-1000 downhole gamma probe measured a radioactive peak of 8,662 counts per second ("cps") within the mineralized interval, which shows black blebs of uranium mineralization (likely pitchblende) within dark red hematite alteration and closely associated with lesser amounts of yellow limonite alteration.a

Gibbons Creek 2024 Drilling Plan: Hole GC24-05 (180 degree azimuth / -67 degree dip) was drilled from the same setup as GC24-04 by tilting the drill head following an in-field interpretation of a possible fault offset of the unconformity. Fine-grained blebs of black uranium mineralization were observed between approximately 103.4 to 103.5 m. Several of the blebs have bleached haloes and others appear within or adjacent to weak limonitic alteration haloes. Dark grey quartz grains in the vicinity of the uranium mineralization may represent a metamict alteration of the quartz structure due to the radioactivity.

Further drilling is recommended at the Project to search for fault offsets in the area of GC24-04, which can act as structural traps for the deposition of uranium mineralization. All core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories ("SRC") in Saskatoon, SK for geochemical analysis. A second group of samples were sent to Rekasa Rocks Inc. in Saskatoon, SK, for infrared spectroscopy analysis to determine the nature and quantity of clay alteration present in the core samples. Analytical results will be released following their receipt, compilation and interpretation.