ALX Resources Corp. Provides Exploration Update on the Flying Vee Nickel Project, Northern Athabasca Basin Area, Saskatchewan

Vancouver, British Columbia--(Newsfile Corp. - October 5, 2022) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to provide an update on 2022 exploration activities at the Flying Vee Nickel Project ("Flying Vee", or the "Project"), located in the Athabasca region of northern Saskatchewan.

Highlights of 2022 Flying Vee Exploration

  • In April and May 2022, Geotech Ltd. carried out a leading-edge, helicopter-borne versatile time domain electromagnetic ("VTEMTM Max") and a horizontal magnetic gradiometer geophysical survey over the northern and western part of Flying Vee, totaling 1,197 line kilometres;
  • The airborne survey confirmed electromagnetic ("EM") conductive trends along and around the known historical nickel sulphide showings (e.g., the Reeve Lake Nickel Showing, and Nickel Lake Showing areas) and identified several new EM conductive trends in areas of the Project where there are no records of EM conductors or nickel sulphide mineralization;
  • A follow-up helicopter-assisted prospecting program was carried out by ALX in late September 2022. The main objective of the program was to ground-truth EM conductors from the 2022 airborne survey, numbered from 1 to 7, some of which consist of multiple segments, i.e., 1-A;
  • Along the 1-D conductor trend, the ALX team located a previously unreported gossanous outcrop (approximately 10 by 15 metres in area) and an associated gossanous boulder field with significant sulphide mineralization. Sulphide mineralization is comprised of disseminated to semi-massive pyrrhotite, up to 25%, accompanied by local occurrences of up to 2% disseminated chalcopyrite (see photos below);
  • New claims were staked in May 2022 near the outer claim boundaries of Flying Vee to better cover the extent of the airborne EM conductors located in 2022.

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Gossan and Boulder Field Discovered at the "1-D" Conductor (left) & Close-up of "1-D" Sulphide Mineralization (Right)

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2022 Flying Vee VTEM Max Anomalies and Mineral Showings

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A total of 32 rock grab samples were collected from Flying Vee for assay and whole rock analyses of prospective mafic rock units and were submitted on a rush basis to the Saskatchewan Research Council's Geoanalytical Laboratories. Results will be released upon their receipt and interpretation.

To view maps and photos of Flying Vee, visit our website at: Flying Vee Nickel Project - ALX Resources

Preliminary Observations of the 2022 Flying Vee Prospecting Program

Conductor Area 1

A significant area of gossanous outcrop (approximately 10 by 15 metres in area) and an associated gossanous boulder field with significant sulphide mineralization marks the 1-D conductor trend. Conductor 1-D represents a high priority area for further work.

Conductor Area 2

The discovery of pyrrhotite mineralization in subcrop and boulders as well as favourable mafic host rocks along the Conductor 2 trend upgrades the potential of this conductor and indicates further investigation is warranted.

Conductor Area 3

Favourable mafic host rocks were noted along the land portions of Conductor 3 but no direct explanation for the conductor was observed. It was noted that a significant portion of middle part of Conductor 3 trends under a lake. Mafic rock units, potentially noritic, were observed and indicate potential for nickel sulphide mineralization at depth. Further investigation of Conductor 3 trend is warranted.

Conductor Area 6 (Nickel Lake Showing trend)

Samples were collected from historical trenches on the 6-B and 6-D VTEM conductor trends (matching the historical Nickel Lake conductor trend) to provide a modern context for the nature of the mineralization found by previous explorers that occurs along this long conductive trend.

Conductor Area 7

Favourable mafic host rocks and minor gossanous sulphide mineralization were located along the Conductor 7 trend, which indicates that this trend holds potential to host nickel sulphide mineralization at depth. Further investigation of the Conductor 7 trend is warranted.

In order to efficiently focus future surface exploration, further investigation of the EM-associated and magnetic anomalies detected by the 2022 VTEM survey is recommended, consisting of the following:

  • Computer modelling such as Maxwell modelling on all significant anomalies to better define their depth, size and character;
  • Ground geophysical surveys such as magnetics and/or induced polarization to follow-up geophysical anomalies that might require additional survey work to optimize their location, depth and morphology;
  • Ground prospecting and geochemical sampling/mapping on target anomalous areas interpreted from airborne and/or ground geophysical surveys;
  • Helicopter-assisted diamond drilling to test the best targets developed from the above exploration techniques.

About the Flying Vee Project

Flying Vee is comprised of 25 claims totaling 34,588 hectares (85,467 acres) located approximately 25 kilometres (15 miles) north of Stony Rapids. The Project lies within the Tantato Domain, otherwise known as the East Athabasca Mylonite Triangle, which forms a segment of the Snowbird Tectonic Zone. Numerous mineral showings are found within and near Flying Vee, including the on-property Reeve Lake Nickel and Nickel Lake showings, and the off-property Axis Lake nickel-copper deposit ("Axis Lake") located approximately 5 kilometres (3 miles) to the south within ALX's 100%-owned Firebird Nickel Project, now under option to Rio Tinto Exploration Canada Inc.

Two main periods of historical exploration by several exploration companies occurred at Flying Vee from 1956 to 1988 and from 2007 to 2009, consisting of prospecting and mapping, trenching, airborne and ground geophysical surveys, and diamond drilling. Several trenches were completed between 1957 and 1962 in the eastern part of the Reeve Lake Showing area south of Nickel Lake that outlined norite-hosted nickel-copper mineralization at surface. Thirteen shallow diamond drillholes were completed in 1964 with the best result in Drillhole #3, which returned up to 0.89% nickel and 0.32% copper over 3.66 metres from 10.67 to 14.33 metres.

In 1968, a gossan zone was discovered at Day Lake within the current Project area, which hosted disseminated pyrite and arsenopyrite mineralization that returned 0.14 oz/ton (4.80 grams/tonne) gold over 1.5 metres, including a selected grab sample assaying 0.81 ounces/ton (27.77 grams/tonne) gold. Diamond drilling was carried out in the Day Lake area in 1986, intersecting anomalous gold and silver mineralization.

Airborne geophysical surveys completed by Strongbow Exploration Inc. ("Strongbow") in 2007 detected a favorable conductive zone with a coincident magnetic anomaly at Nickel Lake. In 2008, Strongbow tested the Nickel Lake anomaly with drillhole NL08-001, intersecting semi-massive pyrrhotite along with chalcopyrite and rare pentlandite that returned 1.89% nickel, 0.96% copper, and 0.11% cobalt over a 0.8 metre interval from 80.15 to 80.95 metres.

National Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in NI 43-101. Management cautions that some of the technical information described in this news release is historical in nature and is taken directly from assessment work filings published by the Government of Saskatchewan. However, this historical information is deemed credible and was produced by professional geologists in the years discussed. 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

ALX is based in Vancouver, BC, 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 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, 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 Canadian 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.

ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.

ALX owns 100% interests in four lithium exploration properties staked in September 2022 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, and a 100% interest in two exploration lithium exploration properties known as the Anchor Lithium Project in Nova Scotia, Canada.

ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages), and in the Draco VMS Project in Norway.

For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com

On Behalf of the Board of Directors of ALX Resources Corp.

"Warren Stanyer"

Warren Stanyer, CEO and Chairman

FORWARD-LOOKING STATEMENTS

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include statements regarding ALX's initial observations from 2022 geophysical and geological exploration programs at the Flying Vee Nickel Project, and ALX's ability to continue to expend funds at that project. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations, Metis communities and other stakeholders in the region; and economic, competitive, governmental, societal, public health, weather-related, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Six Months Ended June 30, 2022, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139547

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