ALX Resources Corp. Acquires Blackbird Project in Northern Saskatchewan

Rhea-AI Summary

ALX Resources Corp. has acquired the Blackbird Project in northern Saskatchewan, Canada. The project includes twelve mineral claims, covering approximately 11,628 hectares. Located 70 kilometers north of LaRonge, the project is in a new metallogenic district near the historic Rottenstone Mine, which produced nickel, copper, gold, and PGMs. The acquisition follows Ramp Metals Inc.'s high-grade gold discovery nearby, which reported 73.55 g/t gold over 7.5 meters. ALX plans to use modern exploration techniques, including remote sensing and airborne electromagnetic surveying, to explore the site further. Applications for exploration permits are underway for 2024 activities.

Positive

• Acquisition of Blackbird Project, adding 11,628 hectares to ALX's portfolio.
• Presence of high-grade gold discovery nearby with 73.55 g/t gold over 7.5 meters.
• Plans to use modern exploration techniques to tap into underexplored areas.

Negative

• No recent airborne surveys have been conducted in the project area since 1968.
• The area did not initially show radioactive anomalies, possibly affecting exploration interest.

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company")  is pleased to announce that it has acquired the Blackbird Project ("Blackbird", or the "Project") in northern Saskatchewan, Canada. Blackbird consists of twelve mineral claims staked in June 2024 on behalf of the Company, giving the Project a total area of approximately 11,628 hectares (28,733 acres). Blackbird is located approximately 70 kilometres (47 miles) north of LaRonge, Saskatchewan in a newly-emerging metallogenic district south of the historic Rottenstone Mine, which produced nickel, copper, gold and platinum group metals ("PGMs") from 1965 to 1969.

Figure 1. Blackbird Project Location

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ALX made the decision to acquire the Blackbird claims following the announcement on June 17, 2024 by Ramp Metals Inc. ("Ramp Metals") of a high-grade gold discovery in drill hole Ranger-1, in which Ramp Metals reported an intersection of 73.55 grams/tonne ("g/t") gold over 7.5 metres from 227 to 234.5 metres (Figure 1). Ramp Metals is a Canadian nickel-copper explorer that recently completed a four-hole drill program on its Rottenstone SW property in early 2024. Hole Ranger-1 targeted an airborne geophysical conductor situated near the discovery site of gold-bearing, angular boulders and ultramafic outcrop found by Ramp Metals in late 2023 (Source: Ramp Metals Inc., News Release, June 17, 2024).

"A discovery of gold mineralization at depth in a district historically known for base metals and PGMs is another example of the exploration opportunities that exist in Saskatchewan," said Warren Stanyer, CEO and Chairman of ALX. "A modern airborne electromagnetic survey detected a geophysical conductor at depth that was unknown to previous explorers and it was found to be mineralized. This emerging gold discovery by Ramp Metals creates significant mineral potential for an area of Saskatchewan that was largely ignored by exploration companies and validates the application of modern exploration methods in a greenfield terrain."

ALX's research reveals that the Blackbird property is located in the Rottenstone Domain covering a northeast-southwest high magnetic trend that lies parallel to the magnetic setting of the Rottenstone Mine and the Ramp Metals 2024 discovery hole. The Project area has not been the subject of an airborne survey since 1968, when the joint venture of Canadian Pacific Oil & Gas Limited and Gunnex Limited flew a regional radiometric survey for uranium exploration. No radioactive anomalies were detected within the survey area over what is now Blackbird and as a result, the Project area did not receive any ground follow-up exploration.

ALX plans to utilize remote sensing techniques as a first-pass exploration program at Blackbird to generate target areas where alteration minerals may be present. The Project was strategically staked to a width that will allow effective airborne electromagnetic surveying with the goal of locating geophysical conductors that were not detectable by historical explorers. ALX is applying for an exploration permit to allow airborne and ground geophysical surveying, and a reconnaissance program of ground prospecting, geological mapping and geochemical sampling (soil and lake sediments) in the summer/fall of 2024.

About the Rottenstone Mine

"Rottenstone" is the original description by local First Nations of a 30-foot (9.1 metre) outcrop on the southeast shore of Rottenstone Lake, approximately 130 kilometres northeast of La Ronge, SK. First Nations members brought this outcrop to the attention of traders, and the area was later staked as the Hall showing. The Hall showing later became the Hall deposit and eventually the Rottenstone Mine, which operated from 1965 through 1969. The deposit was mined by open pit and 28,724 tons were recovered, averaging 3.28% Nickel, 1.83% Copper, 4.70 g/t Platinum, 3.90 g/t Palladium, and 1.03 g/t Gold (9.63 g/t Platinum, Palladium + Gold) (Fraser, 2000). The area comprising the Rottenstone Mine is currently held by Fathom Nickel Inc. (Figure 1).

National Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by Dr. Larry Hulbert, D.Sc., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the Government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its Qualified Person, but ALX believes they create a scientific foundation for the exploration of Blackbird. 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 in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.

ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (currently the subject of an option earn-in agreement with Trinex Minerals Ltd., who can earn up to a 75% interest in two stages), the Sabre Uranium Project, the Bradley 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 (currently the subject of an amending agreement that would increase ALX's interest to 25% after fulfilling certain conditions).

ALX also owns 100% interests in the Firebird Nickel Project, 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, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).

ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.

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: ALX's future exploration plans at the Blackbird 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 and Metis communities, and local landowners in the region, and the results of such consultations; and economic, competitive, governmental, societal, public health, weather, 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 Year Ended December 31, 2023, which is available under the Company's SEDAR profile at www.sedarplus.ca. 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/214265

FAQ

What project did ALX Resources Corp. acquire in June 2024?

ALX Resources Corp. acquired the Blackbird Project in northern Saskatchewan, Canada.

How large is the Blackbird Project acquired by ALX Resources Corp.?

The Blackbird Project covers approximately 11,628 hectares or 28,733 acres.

What significant discovery near the Blackbird Project influenced ALX Resources Corp.'s decision to acquire it?

A high-grade gold discovery by Ramp Metals Inc., reporting 73.55 g/t gold over 7.5 meters, influenced ALX's decision.

What exploration techniques does ALX Resources plan to use for the Blackbird Project?

ALX plans to use remote sensing techniques and airborne electromagnetic surveying for exploration.

When does ALX Resources Corp. plan to carry out its exploration program at the Blackbird Project?

ALX Resources Corp. plans to conduct its exploration program in the summer/fall of 2024.