ALX Resources Corp. announced the results of the 2024 winter drilling program and upcoming summer 2024 exploration plans at its Gibbons Creek Uranium Project located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. Gibbons Creek is the subject of an option earn-in transaction with Trinex Lithium Ltd., a wholly-owned subsidiary of Trinex Minerals Limited, which is a publicly-traded mineral exploration company listed on the Australian Securities Exchange.

Under the terms of a definitive agreement signed in May 2024, Trinex can earn an initial 51% interest and up to a 75% participating interest in the Project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures at the Project. Results of the 2024 Drilling Program: Results from the 2024 winter drilling program have confirmed low-level uranium mineralization in four of the five holes completed having intersected anomalous uranium at or near the unconformity between the Athabasca Sandstone and underlying basement metasediments, which are variably altered. The geochemical uranium assay results (expressed in ppm U3O8) were obtained using a standard sampling interval of 0.5 metres; smaller intervals may be used such that individual samples do not cross lithological contacts or unit boundaries.

These sampling intervals are suitable for uranium mineralization such as the blebby and sporadic mineralization intersected in drill hole GC24-04. Gamma probe radiometric readings (expressed in cps) are obtained from a different (i.e., larger) volume of rock than assay samples and hand-held scintillometer cps readings, and typically give larger relative values compared to hand-held scintillometer readings. Gibbons Creek Winter Drilling Program Summary The 2024 winter drilling program at Gibbons Creek was designed to test for continuity of uranium mineralization first discovered in 1979 by Eldorado Nuclear.

ALX defined a target area for the drill program in late 2023 by carrying out a high-resolution magnetic survey and a Soil Gas Hydrocarbon survey. Drilling intersected uranium mineralization in two areas located 500 metres apart within this target area. Hole GC24-01 was drilled to target a historical radon anomaly and completed at 159.0 metres.

Basement rocks were intersected from 146.0 metres to end of hole at 159.0 metres. The basement rocks are fresh and unfractured pelitic to semi-pelitic metasediments that are locally garnetiferous. No significant radioactivity was identified in the hole.

Hole GC24-02 was drilled at the intersection of east-west and north-northwest faults interpreted from the 2023 ground magnetic survey and intersected fracture-controlled and disseminated blebs of uranium mineralization at 0.8 metres below the unconformity, which was reached at a depth of 108.4 metres. An Exploranium GR-135 handheld scintillometer measured radioactivity of 220 counts per second and a Mount Sopris 2PGA-1000 downhole gamma probe1 measured a radiometric peak of 3,321 cps within a 0.6 metre interval of anomalous radioactivity from 108.9 to 109.5 metres. Drill hole GC24-02 represents an approximately 470-metre step-out to the west of ALX's historical hole GC15-03 (0.143% U3O8 assay over 0.23 metres) and was collared approximately 350 metres to the southwest of Eldorado's 1979 hole GC-15 (1,520 ppm uranium over 0.13 metres).

Hole GC24-03 was drilled as a 25-metre westward step out of unconformity-related uranium mineralization in historical hole GC15-03 to test the continuity of an interpreted trend of anomalous uranium mineralization between GC15-03 and historical drill hole GC-15, which are 340 metres apart. Anomalous radioactivity and fracture-controlled uranium mineralization was intersected from 110.0 to 110.9 metres approximately 1.5 metres below the unconformity at 108.5 metres. The Exploranium GR-135 handheld scintillometer measured a peak radioactivity value of 190 cps and the Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 2,217 cps within the noted anomalous radioactive interval.

Uranium mineralization was observed as coatings on fractures in the drill core at 110.2 metres as well as other fractures between 110.0 and 110.9 metres. Hole GC24-04 exhibited the strongest radiometric response of the program to date 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 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. The blebs of uranium mineralization appear to follow both the foliation of the rock and to spread along some of the fine fractures. Zones of strong fracturing and fault breccias, variably strongly hematitic (paleoweathered), argillized or chloritized, were intermittently encountered down to approximately 142.0 metres.

Hole GC24-05 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 metres. 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. Summer 2024 Drilling Program: Further drilling at the Project is planned for the summer of 2024 to search for fault offsets in the area of GC24-04, which can act as structural traps for the deposition of uranium mineralization. The interpreted extension of the southwest-trending structure that appears to be associated with mineralization at the Airstrip Prospect extends through to the Butler Lake Target, increasing the prospectivity of the area.