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ALX Resources Corp. Acquires McKenzie Lake Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has acquired the McKenzie Lake Uranium Project ("McKenzie Lake", or the "Project") in northern Saskatchewan, Canada. McKenzie Lake consists of four mineral claims purchased from an arm's length vendor group, and a fifth mineral claim staked by the Company, giving the Project a total area of 6,916 hectares (17,089 acres). McKenzie Lake is located near the eastern margin of the Athabasca Basin approximately 20 kilometres (12.5 miles) north of the Company's newly acquired Javelin Uranium Project, and about 55 kilometres (34 miles) southeast of the McArthur River Uranium Mine.

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McKenzie Lake Uranium Project

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About McKenzie Lake

McKenzie Lake is located outside of the eastern margin of the Athabasca Basin within the central parts of the Wollaston Domain basement rocks, which host prolific uranium mines such as Key Lake, McArthur River, Cigar Lake and Rabbit Lake, amongst others. Two recent discoveries of note have been made in the McKenzie Lake-Javelin area, immediately to the southwest of the McKenzie Lake claims. The first is a discovery by 92 Energy Ltd. at their Gemini Project, where strongly anomalous basement-hosted uranium mineralization was intersected in drill hole GEM-004. More recently, and in close proximity to the discovery of 92 Energy Ltd., Baseload Energy Corp. reported the intersection of a broad zone of anomalous radioactivity in their 2021 drill hole HK21-07.

ALX has staked several other claims in the McKenzie Lake-Javelin area, which will be announced once mineral tenure is formally granted by the Government of Saskatchewan.

Details of the Transaction

ALX has agreed to pay a vendor group (the "Vendors") $7,500 cash and 250,000 common shares of ALX for a 100% interest in four of the McKenzie Lake claims (the "Purchased Claims") totaling 2,458.6 hectares. ALX staked a fifth claim totaling 4,457.6 hectares, which brings the total Project area to 6,916 hectares (17,089 acres). The Vendor will retain a 2.0% net smelter returns royalty, 1.0% of which can be purchased by ALX at any time for $1.0 million. The acquisition of the Purchased Claims is subject to acceptance by the TSX Venture Exchange.

National Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geo., a Director of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Historical geochemical results and geological descriptions quoted in this news release were taken directly from third party news releases. Management cautions that results reported by third parties on adjacent properties have not been verified nor confirmed by its Qualified Person, but ALX believes they create a scientific foundation for the exploration of McKenzie Lake. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on ALX's mineral properties.

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 uranium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 250,000 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 holds interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) operating exploration since 2016, a 40% interest in the Black Lake Uranium Project (a joint venture with UEX Corporation and Orano Canada Inc.), and 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, and the Javelin and McKenzie Lake Uranium Projects.

ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two option stages), and in the Draco VMS Project in Norway.

For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com

On Behalf of the Board of Directors of ALX Resources Corp.

"Warren Stanyer"

Warren Stanyer, CEO and Chairman

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 McKenzie Lake Uranium Project ("McKenzie Lake") is prospective for uranium mineralization; the Company's plans to undertake exploration activities at McKenzie Lake, and expend funds on McKenzie Lake. 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 McKenzie Lake, including drilling; our initial findings at McKenzie Lake may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at McKenzie Lake; 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 McKenzie Lake, and even if uranium or other metals or minerals are discovered in quantity, McKenzie Lake may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Six Months Ended June 30, 2021, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98098

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Montage Gold logo (CNW Group/Montage Gold Corp.)

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This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, "Forward-looking Statements"). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the use of proceeds from the Offering; the final acceptance of the TSX Venture Exchange; the Company's mineral reserve and mineral resource estimates; the timing and amount of future production from the Koné project; expectations with respect AISC of the Koné project; anticipated mine life of the Koné project; and expected recoveries and grades of the Koné project. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's 2023 AIF under the heading "Risk Factors". The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

NON-GAAP MEASURES

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Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/montage-gold-announces-notice-of-annual-general-meeting-along-with-proposed-director-nominees-302148393.html

SOURCE Montage Gold Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/17/c6524.html

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