ALX Resources Corp. (ALXEF)

[lithiumnow]

ALX Resources Corp. Stakes Anchor Lithium Project in Nova Scotia, Canada
October 4, 2022

Vancouver, October 4, 2022 – ALX Resources Corp. (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce that it has acquired by staking the Anchor Lithium Project (“Anchor”, or the “Project”) located within the Meguma Terrane of central and western Nova Scotia, Canada. Anchor consists of 34 mineral licences in two sub-projects known as “Drake” and “Yankee” totalling approximately 31,808 hectares (78,598 acres), located in an emerging lithium exploration district known to host lithium-bearing pegmatites. Anchor is 100%-owned by ALX with no applicable royalties and the newly-staked claims are in good standing until September 2024.

Highlights of ALX’s Anchor Lithium Project

Anchor is underexplored for lithium-bearing pegmatites, Historical exploration within the Meguma Terrane focused mainly on gold and the mining of tin and other critical metals;
A regional review and analysis of Meguma Terrane lake sediment geochemistry was completed on behalf of ALX by Korr AI of Halifax, Nova Scotia. Korr AI’s review identified several areas considered prospective for lithium-bearing pegmatites based on Rubidium and Lithium anomalies recognized in ordinary kriging interpolations of the geochemical dataset;
Infrastructure for mineral exploration is excellent, with all-weather roads, power, personnel and supplies readily available;
Exploration success has been realized by several junior exploration companies in the region where ALX has staked the Anchor claims, most notably by Champlain Mineral Ventures Ltd., which in 2022 produced a National Instrument 43-101 (“NI 43-101”) compliant technical report and Mineral Resource Estimate for the Brazil Lake Pegmatite Deposit (“Brazil Lake”, see details in “About Anchor” below);
A staking rush occurred in the summer and fall of 2022, during which ALX acquired the claims comprising Anchor. Other junior exploration companies are now active in the region.

ALX’s Anchor Lithium Project Claims in Nova Scotia, Canada

“Anchor is the latest addition to our portfolio of lithium exploration properties in Canada,” said Warren Stanyer, CEO and Chairman of ALX. “With the growing focus on the search for critical metals such as lithium, ALX is well-positioned in the pursuit of a commodity and type of deposit that was largely ignored by historical explorers.”

2022-2023 Exploration Plans

The first step for ALX’s exploration at Anchor is to obtain a permit for exploration from the Government of Nova Scotia Department of Energy and Mines and to consult with local landholders to allow prospecting and sampling in pursuit of lithium bearing pegmatite intrusions. Compilation of geophysical and geochemical data from historical exploration to assist in target development is ongoing. Site visits to ground-truth the Company’s geochemical anomalies are planned following the receipt of exploration permits. Additional work may include high-resolution airborne magnetic and radiometric surveys together with follow-up geochemical surveys to identify and optimize potential drilling targets.

To view further information on Anchor, visit our website at: https://alxresources.com/anchor-lithium/

About Anchor

Anchor consists of two sub-projects totaling approximately 31,808 hectares (78,598 acres) known as Yankee (16,659 ha.) and Drake (15,149 ha.) This emerging lithium district in Nova Scotia hosts the Brazil Lake Pegmatite Deposit (“Brazil Lake”), which is located approximately 10 kilometres (6.6 miles) due south of Drake, and is owned by Champlain Mineral Ventures Ltd. (“Champlain”). Champlain, a private Nova Scotia company, has published a NI 43-101 technical report on Brazil Lake dated April 8, 2022 that states the following calculated mineral resource estimates:

Measured & Indicated: (Combined Pit Constrained and Underground Constrained): 553,000 tonnes grading 1.3% Li2O: 1
Inferred: (Combined Pit Constrained and Underground Constrained): 381,000 tonnes grading 1.48% Li2O), at a combined cut-off of 0.48% Li2O and 0.98 Li2O.1

1 NI 43-101 Technical Report on the Mineral Resources Estimate for the Brazil Lake Project (Lithium-Bearing Pegmatite Deposit) Nova Scotia, Canada, prepared for Champlain Mineral Ventures Ltd, by Michael Cullen P.Geo., Matthew Harrington, P. Geo., and Lawrence Elgert, P.Eng, of Mercator Geological Services. The quoted Mineral Resources Estimates are combined Pit Constrained (0.48% Li2o cut-off grade) and Underground Constrained (0.98% Li2O cut-off grade) resources.

National Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by David Murray P.Geo., President of Resourceful Geoscience Solutions, a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

Geostatistics from the Brazil Lake lithium deposit in quoted in this news release were taken directly from publicly-available disclosure. Management cautions that other historical results were collected and reported by operators unrelated to ALX and have not been directly verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Anchor project area. 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.