ALX Resources Corp. announced that it has received an exploration permit from the Government of Saskatchewan to include prospecting, geological mapping and ground geophysical surveys at its 100%-owned McKenzie Lake Uranium Project ("McKenzie Lake", or the "Project") located in the southeastern Athabasca Basin area of northern Saskatchewan, Canada. In April 2023, ALX applied to the Government of Saskatchewan for a low-impact, surface exploration permit on McKenzie Lake as follow-up to a high-resolution magnetic and radiometric airborne survey and an initial site visit ALX carried out in late 2021.

The exploration permit was subsequently received in late August 2023. The high-resolution airborne magnetic and radiometric survey at McKenzie Lake flown by Special Projects Inc. provided detailed geophysical information on the geological structures present on the Project and identified radiometric "hot spots" for future investigation. ALX subsequently employed artificial intelligence analysis provided by KorrAI of Halifax, NS, to assist in the selection of target areas for surface prospecting at McKenzie Lake.

Three samples of interest were collected from boulder fields in the brief site visit to McKenzie Lake; samples 149616 (844 ppm U-total, uranium assay was 0.101% U3O8), 149617 (273 ppm U-total) and 149618 (259 ppm U-total). These uranium results, in particular the 844 ppm U-total (and corresponding 797 ppm U-partial) in sample 149616 are anomalous and warrant further investigation. Sample 149616 was collected from a boulder described in the field as an orthogneiss with layers of potassium feldspar-quartz and chlorite-actinolite.

Trace galena and minor clay alteration and sericite were observed. A subsequent review of the geochemical analytical results (high calcium) and sample photographs suggests the rock is part of the calcareous arkose or calc-silicate rocks that are part of the Wollaston Domain metasediments. These calcareous arkose and calc-silicate rocks are part of the package of rocks that are mapped in this area by the Saskatchewan Geological Survey.

Elevated iron and magnesium values in sample 149616 could be of hydrothermal alteration (chlorite, +/- hematite) that may be associated with the uranium mineralization. Recommendations for further work at McKenzie Lake include: A detailed soil and till sample orientation survey in the immediate area of mineralized boulder 149616 to shed light on the possible depth of overburden cover, potential for soil or geochemical signatures associated with the uranium mineralized boulder or bedrock and discovery of buried mineralized boulders or outcrop. Compilation of previous work, including soil or till samples, lake sediment samples and rock sample geochemical results; Identification of the most prospective areas for follow-up work based upon compilation of historical data and ALX's more recent work; Establish glacial ice directions using available historic data, field data, and high-resolution air photo or satellite photo observations; Prospecting to locate as many boulders (or more ideally outcrop) as possible of a similar rock type and alteration as sample 149616.

Contingent upon these results, the most prospective areas for follow-up work can be established, including but not limited to, airborne and ground geophysical surveys and geochemical surveys to identify potential drill targets.