News Platinum, Palladium, Nickel ALX Resources to begin drilling at Falcon March 1
2020-02-13 07:36 PT - News Release
Mr. Warren Stanyer reports
ALX RESOURCES CORP. PROVIDES EXPLORATION UPDATE FOR FALCON NICKEL PROJECT
ALX Resources Corp. has provided an update of exploration activities at its 100-per-cent-owned Falcon nickel project, located in the northern Athabasca region of Saskatchewan, Canada.
2020 drilling program
A site visit carried out by ALX in October, 2019, at the Currie Lake deposit area confirmed grades in surface rock samples of up to 3.17 per cent nickel and 0.40 per cent copper from historical trenches, along with anomalous grades of cobalt, gold and platinum group metals (see ALX news release dated Nov. 20, 2019). ALX has since identified drill targets at Currie Lake located deeper than the reported historical mineralized intersections. ALX's geophysical modelling completed in February, 2020, has revealed that the historical drilling, last carried out in 1957 and 1965, overshot the highly prospective anomalies defined by the recent geophysical modelling. Three drill holes totalling 535 metres are recommended for the V-1 anomaly. Other targets along the Currie Lake trend are still in development for the inaugural 2020 drilling program, which is proposed to consist of up to 1,000 metres in four to five holes. Permits for the program have been received and drilling is anticipated to commence on or about March 1, 2020.
2020 geochemical sampling program
In January, 2020, ALX completed a helicopter-supported spatiotemporal geochemical hydrocarbon (SGH) survey from the surface ice of Konkol Lake, which is located over the eastern end of the Currie Lake East airborne conductor trace. ALX collected 45 lake sediment samples from a grid consisting of nine lines spaced 150 to 200 metres apart. Results from the SGH survey are expected in late February, 2020, and will be integrated into the targeting matrix for ALX's 2020 drilling program.
About the Falcon nickel project
The centre of Falcon is located approximately 14 kilometres (8.7 miles) northwest of Stony Rapids, Sask., within the Tantato domain, which forms a segment of the Snowbird tectonic zone. ALX acquired claims at Falcon, beginning in May, 2019, by way of staking and through three separate land purchases, bringing the size of the project to approximately 20,002 hectares (49,427 acres) (see ALX news releases dated June 12, 2019, Oct. 7, 2019, and Oct. 24, 2019).
Falcon hosts a magmatic nickel-sulphide mineralizing system that has been underexplored by modern methods until its acquisition by ALX. A long history of exploration beginning in 1929 discovered numerous nickel-copper-cobalt showings within Falcon's boundaries, including the Axis Lake deposit, the Rea Lake deposit and the Currie Lake deposit.
Axis Lake is the most significant nickel-copper-cobalt deposit within the Falcon area and was the subject of historical mineral resource estimates variously reported as:
- 3.75 million tonnes of 0.60 per cent nickel, 0.60 per cent copper and 0.15 per cent cobalt;
- 3.4 million tonnes of 0.60 per cent nickel and 0.60 per cent copper.
Historical mineral resource estimates for Rea Lake of 70.4 million tonnes grading 0.10 per cent copper and 0.10 per cent nickel, plus traces of gold and silver, are reported in the Saskatchewan Mineral Deposit Index (SMDI) 1627. Historical mineral resource estimates for Currie Lake of 47,536 tonnes grading 0.79 per cent nickel are reported in SMDI 1585.
National Instrument 43-101 disclosure
The technical information in this news release has been reviewed and approved by Sierd Eriks, professional geoscientist, 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 some 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 geologists in the years discussed.
About ALX Resources Corp.
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include nickel-copper-cobalt, gold and uranium. The company executes well-designed exploration programs using the latest technologies and holds interests in over approximately 200,000 hectares in Saskatchewan, a stable Canadian jurisdiction which demonstrates strong potential for economic base metals deposits and hosts a producing gold mine, as well as the highest-grade uranium mines in the world.
We seek Safe Harbor.
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