ALX drills 1.01 g/t gold over 20.32 metres at Alligator Lake, Saskatchewan

ALX Resources Corp. [AL-TSXV; ALXEF-OTC; 6LLN-FSE] reported results from the 2022 drilling program at the 80% optioned Alligator Lake gold project located approximately 165 km (103 miles) northeast of La Ronge, Saskatchewan, Canada. ALX’s 2022 drill program was planned to follow up the 2021 drilling along the Broken Hammer Shear Zone, which is prospective for high-grade gold mineralization, and to test targets associated with the interpreted Radiant Shear Zone.

Highlights of the Alligator Lake 2022 drilling program include drill hole AL22-01 that successfully expanded the multiple zones of gold mineralization encountered 36 metres southeast in 2021 drill hole AL21-05. Two distinct zones of gold mineralization were intersected. In the upper part of the drill hole, a broad zone of gold mineralization occurs from 36.68 to 57.00 metres, associated with quartz veins in metasediments, returned 1.01 g/t gold over 20.32 metres, including 4.79 g/t gold over 1.50 metres.

A second zone of mineralization in AL22-01 returned 2.57 g/t gold over 6.55 metres from 96.00 to 102.55 metres. Visible gold was noted in a quartz vein within the granodiorite, which included a sample from 99.25 to 99.75 metres that returned 28.4 g/t gold over 0.50 metres.

Drill hole AL22-05, collared approximately 600 metres east-northeast of AL22-01, targeted a magnetic high trend that appears to be associated with gold mineralization in holes AL22-01 and AL21-05 (16.80 g/t over 0.69 metres), and a historical resistivity survey chargeability high. AL22-05 returned 0.26 g/t gold over 22.76 metres, including 1.73 g/t gold over 2.0 metres.1 All mineralized intersections described are shown as measured drill core lengths – true widths of mineralized zones are not yet determined.

ALX previously sampled a sulphide-bearing quartz vein in outcrop on the BHSZ that returned 504.0 g/t gold (16.13 oz/ton), and 46.2 g/t silver, by fire assay. ALX drill holes along the BHSZ completed in 2021 returned significant gold mineralization, including 8.44 g/t gold over 1.93 metres in hole AL21-05, and 10.67 g/t gold over 0.98 metres in hole AL21-04, which included a single sample at the very top of the hole that returned 18.2 g/t gold.

Poor ice conditions in 2022 did not allow access to a high-priority follow up to 2021 drill hole AL21-04. A review of the 2021 drill core during the 2022 program led to the discovery of previously unrecognized visible gold in the 18.2 g/t gold sample at the top of AL21-04, indicating the need for additional drilling to follow-up this high-grade gold mineralization in future exploration programs.

AL22-01 and AL22-02 targeted gold mineralization intersected in the 2021 drill hole AL21-05 along the BHSZ. 2022 Alligator Lake drilling and I.P. survey programs.

Drill hole AL22-01 successfully expanded the multiple zones of gold mineralization encountered 36 metres to the southeast in 2021 drill hole AL21-05. Two distinct zones of gold mineralization were intersected. In the upper part of the drill hole, a broad zone of gold mineralization occurs from 36.68 to 57.00 metres and returned 1.01 g/t gold over 20.32 metres, including 4.79 g/t over 1.50 metres. A second zone of mineralization, 2.57 g/t gold over 6.55 metres from 96.00 to 102.55 metres, is associated with quartz veining in a faulted granodiorite intrusion. Visible gold was noted in the quartz vein, which included a sample from 99.25 to 99.75 metres that returned 14.2 g/t gold. The granodiorite-hosted gold mineralization is also interpreted to represent the down-dip extension of a gold mineralized zone (1.93 g/t gold over 8.44 metres) encountered in drill hole AL21-05.

Drill hole AL22-02 tested for the northeast strike extension of mineralization in holes AL22-01 and AL21-005 and intersected 0.19 g/t gold over 16.50 metres from 41.00 to 57.50 metres. Hole AL22-02 may not have intersected the BHSZ at the optimal location, however, this drill hole has provided important geological information for future targeting of gold mineralization along the BHSZ and along strike of hole AL22-01.

Drill holes AL22-03 and AL22-04 did not intersect significant gold mineralization.

ALX is planning for a winter drilling program in 2023 by integrating the 2022 drilling results with geophysical information obtained from the high-resolution airborne magnetic survey flown in the fall of 2021 and the induced polarization geophysical survey carried out in the winter of 2022.

Alligator consists of five claims totaling 2,973.32 hectares (7,347.24 acres) adjacent to Provincial Highway 905, with an established winter trail suitable for mobilizing drilling equipment directly to ALX primary areas of interest.