Vancouver - ALX Resources Corp. ('ALX' or the 'Company') (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce that it has executed a binding letter agreement for an option to earn up to an 80% interest in the Alligator Lake Gold Project located approximately 165 kilometres northeast of La Ronge, SK, Canada.
The Project consists of five claims totaling 2,973.32 hectares (7,347.24 acres) and is prospective for high-grade gold mineralization.
Highlights of the Alligator Lake Project
Alligator is located adjacent to Provincial Highway 102, and has an established winter trail suitable for mobilizing drilling equipment directly to ALX's primary area of interest.
The Project has been held since 1985 by Alligator Resources Ltd. ('ARL'), a private Saskatchewan corporation, and has been the subject of a number of seasonal prospecting programs and limited geophysical surveying. A total of 16 diamond drill holes have been drilled since 1995 to depths averaging less than 86 metres.
In October 2020, ALX carried out its first site visit to Alligator and collected fifteen rock samples from areas of historical bedrock showings. An outcrop sample taken by ALX at the Broken Hammer Zone showing returned 504.0 grams/tonne ('g/t') gold (16.13 oz/ton), and 46.2 g/t silver, by fire assay. A follow-up total metallic gold assay returned 547.0 g/t gold (17.50 oz/ton). Twelve of the fifteen outcrop samples collected by ALX were anomalous in gold (i.e., greater than 0.1 g/t gold), with four other high-grade samples returning between 2.71 g/t gold and 22.8 g/t gold.
A surface exploration permit was issued by the Government of Saskatchewan in January 2021 approving up to 5,000 metres of diamond drilling at Alligator, good to March 31, 2022.
'Alligator shows strong potential for hosting high-grade gold mineralization at shallow depths,' said Warren Stanyer, CEO and Chairman of ALX. 'ALX plans to drill the Broken Hammer Zone armed with a new geological understanding of the mineralized structures that were not tested by historical explorers.'
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 gold, nickel-copper-cobalt and uranium projects. The Company uses the latest exploration technologies and holds interests in over 200,000 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 owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada, who can earn up to an 80% interest), Flying Vee Nickel/Gold and Sceptre Gold projects in northern Saskatchewan, the Vixen Gold Project, the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and the Draco VMS Project in Norway. ALX holds interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, with Denison Mines Corp. (80% interest) operating exploration since 2016.
Contact:
Roger Leschuk
Tel: 604.629.0293
Email: rleschuk@alxresources.com
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: the Alligator Lake Gold Project ('Alligator') is prospective for gold mineralization; the Company's plans to undertake exploration activities at Alligator, and expend funds on Alligator. 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 at Alligator, including drilling; our initial findings at Alligator may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at Alligator and economic, competitive, governmental, societal, public health, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop Alligator, and even if gold or other metals or minerals are discovered in quantity, the project may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Nine Months Ended September 30, 2020, which is available under the Company's SEDAR profile at www.sedar.com.
ALX RESOURCES CORP. 
