RE:RE:RE:RE:Results are in NEWS!
ALX's Firebird optionor to begin exploration this month
2021-05-12 10:17 ET - News Release
Mr. Warren Stanyer reports
ALX RESOURCES CORP. PROVIDES EXPLORATION UPDATE FOR SASKATCHEWAN AND ONTARIO PROJECTS
ALX Resources Corp. has provided an exploration update for its Saskatchewan and Ontario projects where exploration has been recently completed or is the subject of upcoming exploration activities.
Firebird nickel project, Saskatchewan
Firebird is currently the subject of an option agreement whereby Rio Tinto Exploration Canada Inc. can earn up to an 80-per-cent interest in Firebird by incurring exploration expenditures of $12-million over a six-year period and by making a total of $125,000 in cash payments to the company (see ALX news release dated Aug. 24, 2020).
The Firebird 2021 exploration program is anticipated to begin in late May, 2021, with initial ground truthing of geophysical anomalies that were detected in the airborne electromagnetic survey completed in October, 2020 (see ALX news release dated Nov. 9, 2020).
In May, 2021, contracts for drilling, helicopter support and geological services were executed by the company, and the summer diamond drilling program consisting of 1,500 metres in up to eight holes is scheduled to begin in mid-June, 2021, mobilizing from Stony Rapids, Sask.
Alligator Lake gold project, Saskatchewan
Alligator Lake is located approximately 165 kilometres (103 miles) northeast of La Ronge, Sask. ALX's inaugural 2021 drilling successfully intersected the targeted Broken Hammer shear zone, which is known to be prospective for high-grade gold mineralization. Two of the six drill holes encountered visible gold (see ALX news release dated March 25, 2021).
ALX awaits the receipt of all geochemical analyses performed on core samples collected in the program, including fire assays for gold mineralization and metallic gold assays where coarse or visible gold is present in some sections of the drill holes. The receipt of drill results is taking longer than expected due to high processing volumes and pandemic-related delays at the laboratory. Results of the 2021 drilling program will be released as soon as possible following their receipt, compilation and interpretation.
Electra nickel project, Ontario
Electra is located in Shebandowan greenstone belt within the Thunder Bay South mining district of Ontario. Electra is prospective for nickel, copper and cobalt, platinum group elements, and gold mineralization. In April, 2021, ALX staked an additional claim and expanded Electra to 211 cell units totalling approximately 4,517 hectares (11,162 acres).
In early May, 2021, ALX completed a versatile time-domain electromagnetic survey totalling 335.6 line km at Electra. Preliminary observations of the VTEM data show strong conductive features in the north-central part of Electra where historical grab samples have returned up to 0.95 per cent nickel in a showing hosted within komatiitic rocks. The komatiites hosting the showing are notable for exhibiting spinifex textures associated with the nickel mineralization. A further review of public domain gravity data shows a strong gravity-high anomaly underlying Electra that extends for approximately 35 km northwest to the past-producing Shebandowan nickel mine. Interpretation of the VTEM data is continuing and will provide a foundation for ground truthing the interpreted anomalies by prospecting in the summer of 2021.
Vixen gold project, Ontario
In early May, 2021, ALX executed an option-to-purchase agreement for 19 claim units and a single patented claim, thereby adding additional acreage to its 100-per-cent-owned Vixen gold project located in the Red Lake mining district of Ontario. Vixen consists of three subprojects now totalling 10,614 hectares (26,227 acres) staked within the Birch-Uchi greenstone belt and is located approximately 60 km (37 miles) east of Red Lake, Ont. The claims comprise approximately 384 hectares (949 acres) and are located along the northern edge of the Vixen South claim block.
ALX has agreed to pay arm's-length vendors $5,000 cash in exchange for an exclusive 90-day due diligence period to investigate the claims, which includes a site visit planned for late May, 2021. If the company decides to proceed to an option period, an additional $10,000 cash and 200,000 common shares of ALX are payable to the vendors. If ALX wishes to proceed to purchase a 100-per-cent interest in the claims, the company would be required to pay to the vendors an additional $25,000 cash and 300,000 common shares of ALX on or before Dec. 1, 2021. The claims would remain subject to a 2.5-per-cent net smelter returns royalty in favour of the vendors, which can be purchased in its entirety by ALX for $2.5-million. This transaction is subject to the acceptance of the board of directors of ALX and the TSX Venture Exchange.
Cannon copper project, Ontario
ALX's 100-per-cent-owned Cannon is located within the Sault Ste. Marie mining district of Ontario approximately 33 km (20 miles) northwest of Elliott Lake. The region is known for high-grade copper occurrences found both on surface and in drill holes, but the area remains underexplored for base metals in the modern era. Cannon hosts the historic Cannon copper mine and mill (also known as the Crownbridge copper mine), which saw limited copper processing in the late 1960s and early 1970s.
ALX maintained 100-per-cent ownership since 2015 of 13 claim units at Cannon totalling 289 hectares (714 acres) following the amalgamation of Alpha Exploration Inc. and Lakeland Resources Ltd. In October, 2020, and again in January, 2021, the company staked an additional 59 units and expanded the size of the project to 72 cell units totalling 1,600 hectares (3,954 acres).
In April, 2021, ALX executed a contract for a VTEM survey at Cannon consisting of 142 line km covering the property. The airborne survey is expected to commence in the second quarter of 2021, with follow-up prospecting planned for the summer and fall of 2021.
National Instrument 43-101 disclosure
The technical information in this news release has been reviewed and approved by Sierd Eriks, PGeo, president and chief geologist of ALX, who is a qualified person in accordance with the Canadian regulatory requirements set out in NI 43-101. Readers are cautioned that much of the technical information described in this news release is historical in nature; however, the historical information is deemed credible and was produced by professional geoscientists in the years discussed. Geochemical results quoted in this news release were taken directly from assessment work filings published by the government of Ontario and other regulatory filings. Management cautions that historical results were collected and reported by past operators and have neither been verified nor confirmed by its qualified person, but create a scientific basis for continuing work in the Electra area. Management further cautions that past 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 Resources Corp.
ALX is based in Vancouver, B.C. ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include gold, nickel, copper and uranium projects. The company uses the latest exploration technologies and holds interests in over 200,000 hectares of prospective lands in Saskatchewan and Ontario, stable Canadian jurisdictions that collectively host the highest-grade uranium mines in the world, and offer a significant legacy of production from gold and base metals mines.
ALX owns 100-per-cent interests in the Firebird nickel project (now under option to Rio Tinto Exploration Canada, which can earn up to an 80-per-cent interest), the Flying Vee nickel/gold and Sceptre gold projects, and can earn up to an 80-per-cent interest in the Alligator Lake gold project, all located in Northern Saskatchewan, Canada. ALX owns, or can earn, up to 100-per-cent interests in the Vixen gold project, the Electra nickel project and the Cannon copper project located in historic mining districts of Ontario, Canada, and in the Draco volcanogenic massive sulphide project in Norway. ALX holds interests in a number of uranium exploration properties in Northern Saskatchewan, including a 20-per-cent interest in the Hook-Carter uranium project, located within the prolific Patterson Lake corridor, with Denison Mines Corp. (80-per-cent interest) operating exploration since 2016, and a 40-per-cent interest in the Black Lake uranium project, a joint venture with UEX Corp. and Orano Canada Inc.
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