Vancouver, British Columbia--(Newsfile Corp. - April 23, 2018) - ALX Uranium Corp. (TSXV: AL) (FSE: 6LLN) (OTC Pink:
ALXEF) (“ALX” or the “Company) is pleased to announce that a diamond drilling program has commenced at its Newnham Lake Uranium
Project (“Newnham Lake”, or the “Project”) located in the northeastern Athabasca Basin, Saskatchewan, approximately 75 kilometres
east of Stony Rapids.
The 2018 drilling program is planned at a minimum of 1,500 metres in up to five holes. A helicopter will be employed to move the
drill between hole locations due to weak ice conditions caused by heavy snowfall on local wetlands in late 2017. ALX has identified
several high-priority drill targets interpreted from the results of a ground geophysical survey carried out during the spring of
2017. A deep-penetrating, 3D induced polarization/resistivity (“IP/resistivity”) survey method was used to better detail conductors
and possible alteration zones outlined from historical ground and airborne surveys.
“ALX’s 2018 drill targets were chosen to test conductive structures located deeper below shallow, Athabasca Basin sediments, where
historical drilling intersected anomalous uranium at the unconformity,” said Sierd Eriks, President and CEO of the Company. “This
is the first true test of the basement-hosted deposit model at Newnham Lake, which we believe has significant potential for
higher-grade uranium mineralization at depth.”
For more information about the 2018 Newnham Lake drill targets and ALX’s conceptual deposit model click here or visit the ALX website at www.alxuranium.com/projects/newnham-lake
About Newnham Lake
Newnham Lake consists of fifteen claims totaling 18,524 hectares (45,773 acres), where ALX has three separate option agreements to
acquire a 100% interest in the Project.
Historical drilling in the 1970s and 1980s identified encouraging amounts of uranium mineralization in shallow terrain at the
unconformity, yet due to the convention of the era and the focus on unconformity-hosted targets, most drill holes were less than
100 metres in length. For example, 1979 hole BL-66 intersected 1,656 parts per million uranium over 0.20 metres in a section
containing visible grains of pitchblende, a uranium mineral commonly found associated with Athabasca Basin uranium deposits. This
intersection began just below the unconformity at a depth of 86.7 metres, but the hole only tested the basement rocks to a depth
26.7 metres below the unconformity and was terminated in graphitic basement rocks at a vertical depth of 113.4 metres. Similar
encouraging uranium intersections by previous operators resulted in the completion of over 150 holes in the most promising areas of
the property, focused almost entirely on unconformity-hosted targets. ALX believes that potential for uranium mineralization
may exist “down-dip” along the conductive structures deeper in the basement rocks, which remain untested, since previous explorers
concentrated on the “up-dip” expression of uranium mineralization at the unconformity between the overlying sandstone and the
basement rocks.
NI 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Sierd Eriks, P. Geo., President and Chief
Geologist, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX
ALX’s mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective uranium
properties in northern Saskatchewan, Canada. The Company executes well-designed exploration programs using the latest technologies
and has interests in over 200,000 hectares in the Athabasca Basin, which hosts the richest uranium deposits in the world. 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”. Technical reports are
available on SEDAR at www.sedar.com for several of the Company’s active uranium properties.
For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Manager, Corporate Communications at PH: 604.629.0293
or Toll-Free: 1.866.629.8368, or by email: rleschuk@alxuranium.com
On Behalf of the Board of Directors of ALX Uranium Corp.
"Warren Stanyer"
Warren Stanyer, Chairman and CEO
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 for example
include and are not limited to references to the reporting of location of interpreted conductors at Newnham Lake; indications that
drilling programs may be conducted on interpreted targets; all references to future exploration in the area, and the completion of
drill holes to test the interpreted targets at Newnham Lake. It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic,
competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and
prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that the Company may
not be able to obtain equipment or labour as required; that the Company may not be able to raise sufficient funds to complete
intended exploration and development; that exploration permit applications may not be obtained in a timely manner; that weather,
logistical problems or hazards may inhibit exploration; that equipment may not work as well as expected; that the collection and
analysis of data may not be possible due to factors beyond the Company’s control; that positive results of exploration in any
particular location are not necessarily indicative of property-wide potential; that the Company may not complete exploration
programs in a timely manner, or at all; that market prices for uranium may not justify further exploration; and that despite
encouraging results there may be no commercially exploitable mineralization on our properties.
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.
