ALX Resources Corp. announced the completion of a soil geochemistry survey and a high-resolution ground magnetic survey at the Gibbons Creek Uranium Project located in the northern Athabasca Basin near the town of Stony Rapids, Saskatchewan. The surveys were designed to provide detailed magnetic and geochemical signatures over fault structures and surface expression of uranium where the Company previously intersected basement-hosted uranium mineralization grading 0.13% U3O8 over 0.23 metres from 107.67 to 107.90 metres in drill hole GC15-03, and over a strong radon anomaly that was detected on surface by a predecessor company in 2013.

Geochemical Sampling: ALX carried out a Spatiotemporal Geochemical Hydrocarbons (SGH) soil geochemistry survey over an approximate 3.4 square kilometres area within the 2023 Gibbons Creek ground magnetic grid to help determine the most prospective areas for drill targets in previously untested areas. SGH is an analytical method developed by Actlabs of Ancaster, Ontario that is designed to detect subtle geochemical anomalies emanating from a buried source. High-Resolution Magnetic Survey: ALX carried out approximately 105 line kilometres of walking mag, which is an efficient method of collecting ground magnetic data using personnel carrying light-weight magnetic sensing instruments.

The 2023 survey lines were spaced 50-metres apart, which provided superior resolution of the magnetic character of the basement rocks and greatly assists in the interpretation of fault structures in the survey area. The results of ALX's walking mag survey have clearly defined fault structures that were simply not visible in the wide-spaced (200 to 400 metres) airborne magnetic data available in the public domain from historical exploration. The 2023 Gibbons Creek grid covers the area of ALX's 2015 mineralized drill hole GC15-03 and a second mineralized hole (GC-15) drilled in 1979 by Eldorado Nuclear Limited, which intersected 0.152% U3O8 over 0.13 metres from 134.11 to 134.24 metres.

Based on the results of its follow-up drilling to the west of hole GC-15, Eldorado interpreted the presence of an east-west trending reverse fault dipping steeply to the north and described highly altered, soft and unconsolidated and fractured sections two to four metres in extent, indicative of the fault structure. Reverse faults can form structural traps, which can provide a favorable setting for uranium mineralization. The 2023 mag and geochemical surveys at Gibbons Creek will help contextualize the historical mineralized drill holes and surface geochemical anomalies and define new drill targets.

For example, the 2013 radon survey, using the radon flux monitoring technique, detected an anomaly approximately 1,200 metres by 500 metres in size with peak radon values ranging between 4.00 picocuries per square metre per second (pCi/m2/sec) and 10.77 pCi/m2/sec at ten locations, which are among the highest recorded radon values in the Athabasca Basin. However, drill testing by ALX in the fall of 2015 in the area of the radon anomaly did not intersect significant uranium mineralization. The results of the 2023 SGH sampling and high-resolution magnetic survey will provide valuable information as to the source of the radon anomaly, which may be offset from the surface expression because the radon gas could have followed an oblique path through fault structures in the general area of the anomaly.

Results of the SGH survey are expected in January 2024. ALX currently has an active drill permit for Gibbons Creek, good until April 2024, and plans to carry out a diamond drilling program, pending financing.