• Anomalous uranium values were detected in the Athabasca sandstone in all three drill holes. Ten-metre composite samples returned up to 8.29 parts per million (“ppm”) uranium from a partial digestion (“U-p”).
• There were three composite samples in hole GC22-01 (1.46 to 1.63 ppm), six composite samples in hole GC22-02 (1.29 to 8.29 ppm), and three composite samples in hole GC2-03 (1.46 to 3.99 ppm) that are considered anomalous. All of these samples occur in the lower portions of the sandstone.
• The U-p result of 8.29 ppm is approximately 16 times greater than typical background levels of U-p in the Athabasca Group sandstone (approximately 0.5 ppm). The analytical results suggest that uranium-bearing fluids were present in the area of the Gibbons Creek drill holes.
• Statistical analysis also shows that there are anomalous concentrations of the pathfinder elements boron, cobalt, copper, nickel, and lead associated with the anomalous U-p results. These pathfinder elements are commonly used as guides to discovery of unconformity-type uranium deposits and provide further evidence of the presence of fluid movement potentially related to a uranium mineralizing system.
• Elevated gamma probe peaks in drill hole GC22-02 (964 counts per second (“cps”) at 298.36 metres and 1,296 cps at 300.91 m) correlate with mudstone beds that show iron redox alteration patterns around the contacts between the sandstone and the mudstone beds. Selective interval samples over the mudstone beds and at the contacts returned U-p values of 36.1 ppm (298.30 to 298.70 metres) and 21.3 ppm (300.71 to 300.96 metres) over the mudstone beds, and 29.1 ppm (300.96 to 301.46 metres) from the sandstone immediately below the mudstone beds. These results are clear indicators of uranium remobilization by fluid flow in the sandstone.
• Drill hole GC22-01, located along the southwestern portion of the Zinger Conductor, intersected pyrite, siderite, and bleaching high in the sandstone column.
• Sudoite, a chloritic alteration mineral known to be associated with uranium mineralization, was identified by SWIR analysis in the sandstone of drill hole GC22-01 just above the unconformity.
• A zone of moderately graphitic pelitic gneiss was intersected in drill hole GC22-01 between 396 and 400 metres, approximately 41 metres below the unconformity, and is associated with a basement fault.

ALX believes that further drilling is warranted at Gibbons Creek as follow-up to the 2022 drill results and also in the area of historical drill hole GC13-05 located in the eastern part of the Project (0.143% U3O8 over 0.23 metres beginning at a shallow depth of 107.67 metres).