Gibbons Creek

The Gibbons Creek Project (“Gibbons Creek”) consists of 7 claims owned 100% by ALX totaling 13,864 hectares that straddle the northern margin of the Athabasca Basin. The property is less than 2.0 kilometres from the community of Stony Rapids, SK and Provincial Highway 905. Gibbons Creek is prospective for uranium mineralization and hosts a significant gold and platinum group elements (“PGEs”) showing.

Gibbons Creek is situated within the Snowbird Tectonic Zone, a major regional geological structure, and includes several parallel northeast-trending fault zones, as well as cross-cutting structures.

• The Star Gold and PGE Showing (“Star Gold”) at Gibbons Creek is located on the southern shore of the Fond du Lac River, about 1.0 kilometer west of Stony Rapids and was discovered by Lakeland Resources Inc. (“Lakeland”), a predecessor company of ALX. Lakeland’s initial sampling in 2013 returned gold and PGE values from regolith and outcrop ranging up to 5.7 g/t gold, 389 ppb palladium, and 358 ppb platinum (Sample #79447, Sample #98942, Lakeland, 2013-2014);
• Prospecting by Lakeland confirmed the presence of high-grade uranium boulders ranging up to 4.28% U₃O₈;
• A land-based radon survey identified one of the highest reported RadonEx values recorded to date for the Athabasca Basin (9.93 pCi/m2/sec);
• Drill hole GC15-03 intersected 0.13% U₃O₈ over 0.23 metres.

In July 2020, ALX carried out a low social impact prospecting and sampling program in three project areas near Stony Rapids. ALX used a portable “back-pack” diamond drill capable of drilling 1.4 inch (3.6 cm) BQ diameter core in order to sample fresh rock below the oxidized gossans present on the three properties, including at the Star Gold.

During the prospecting program, ALX collected grab samples from outcrop that ranged up to 3579 ppb gold (3.58 g/t gold).

Highlights of Gibbons Creek July 2020 Rock Sampling

Star Gold became the subject of geological mapping in 2016 by the Saskatchewan Geological Survey, specifically to investigate the occurrence of gold and PGE in an unexpected locale. ALX believes that Star Gold may be part of an unrecognized regional mineralized system that is interpreted to lie within a significant northwest-trending fault zone that extends onto the Falcon property, and surface lineaments observed in satellite imagery appear to extend northwest towards the JJ Gold Showing. Additional mapping and sampling is recommended at Star Gold to better define the mineralized zone identified to date.

The technical information in this disclosure has been reviewed and approved by Sierd Eriks, P.Geo., 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 geoscientists in the years discussed.

Drill core and grab samples described on this webpage were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK. Base metals were analyzed using a 4-acid digestion with Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Samples that returned over 10,000 parts per million nickel were analyzed with HCl:HNO₃ digestion followed by base metal wt% assay by Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES). Gold, platinum and palladium were analyzed by fire assay techniques.

• Approximately 20 km west of the Nisto Uranium Zone;
• Approximately 60 km east of the Fond du Lac Deposit;
• Contiguous to ALX’s Black Lake Uranium Project (ALX owns a 40% participating interest), where 0.69% U₃O₈ was intersected over 4.4 metres in hole BL-18 in 2004, and numerous uranium mineralized intersections have since been reported.

2013

• Prospecting, DC-Resistivity and Radon survey
• Prospecting confirmed high-grade uranium boulders up to 4.28% U₃O₈
• A land-based radon survey identified one of the highest reported RadonEx values recorded to date for the Athabasca Basin at 9.93 pCi/m2/sec
• 38 kilometres of DC-Resistivity surveys identify a robust resistivity-low trend

2014

• Surface sampling on the northern portion of the property
• A total of 73 rock samples and 124 soil samples were collected from in and around an uplifted basement block in the northeastern portion of the property, immediately north of the margin of the Athabasca Basin. Anomalous concentrations of gold (up to 5.7 g/t Au), platinum group elements (0.75 g/t PGE’s), rare earth elements (up to 6.9% TREO) and highly anomalous uranium; suggest the presence of a robust hydrothermal system.

2015

• Lakeland (a predecessor of ALX Uranium Corp.) completed a drilling program totaling 2,550 metres (14 holes) in March 2015 and followed up with an additional 1,005 metres (7 holes) in December 2015. A ground gravity survey was completed in February 2015 and extended in October 2015 to expand encouraging results.
• The gravity survey identified a saddle-like depression centered within a gravity high located directly beneath the central portions of a radon anomaly.
• Drill Hole GC15-03 intersected 0.13% U3O8 over 0.23 metres, within a 1.1 metre interval of 333.8 ppm Uranium immediately below the sub-Athabasca unconformity.
• Drill hole GC15-06 encountered strongly altered basement lithologies including strongly hematized quartz-carbonate-chlorite alteration and brecciation. Anomalous geochemical pathfinders (U, B, Ni, Co, Cu) were also present.
• Drill Hole GC15-12 intersected anomalous uranium (297 ppm), nickel (793 ppm), copper (230 ppm) and boron (800 ppm).

2017

• Geotech Ltd. performed a 1,044 line kilometre airborne Z-Axis Tipper Electromagnetic (ZTEM) survey over the most prospective areas of the Gibbons Creek project and the adjacent Black Lake project.