TSXV:AL - Post Discussion
Post by
goldennorth on May 10, 2024 12:25pm
Hopefully A Strong Summer Ahead For ALX
Not a bad deal in these hard times for the smaller junior mininers.
Cash and stocks for the next five years totaling over 3.6 million dollors.
This will help along the way for ALX. As the company has told me they have lots of things to work on for the summer of 2024 with the lithium exploration projects located in the Eeyou Istchee-James Bay region of Quebec, Canada. "Trinex Canada can earn an initial 51% interest and up to a 75% participating interest in the Project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures." https://ca.finance.yahoo.com/news/alx-resources-corp-announces-definitive-113000300.html https://wp-alxresources-2023.s3.ca-central-1.amazonaws.com/media/2024/02/ALX-Uranium-Presentation-24-Jan-2024.pdf 
In September 2022, ALX acquired the Hydra Lithium Project (“Hydra”, or the “Project”) by map staking in the James Bay region of northern Quebec, Canada. In December 2022 and January 2023, ALX staked additional claims, giving Hydra a total area of 29,262 hectares (72,306 acres). Hydra is located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum (“LCT”) type pegmatites.
On July 7, 2023, ALX closed a transaction with Forrestania Resources Limited (“Forrestania”, ASX:FRS), of Perth, Australia, whereby Forrestania completed an option to earn a 50% interest in Hydra by paying to ALX CAD$400,000 and CAD$600,000 in Forrestania common shares, for a total of 4,579,586 common shares. A 50:50 joint venture is now formed between ALX and Forrestania for the Project with ALX acting as operator in exchange for an industry-standard administration fee. ALX and Forrestania will each vest with a 1.5% net smelter returns royalty.
ALX resumed surface exploration in the northeastern area of Hydra at the Python East and Python West sub-projects in the third week of August 2023. A total of 37 samples were collected from outcrop and boulders during the Python East and Python West work programs, all of which are currently in shipment. Following the conclusion of the prospecting program in the eastern Hydra area, ALX’s geological team mobilized back to the western Hydra area and began surface exploration at the Cobra and Viper projects on September 5, 2023. Exploration in the western area of Hydra was halted on June 4, 2023 by order of the Government of Quebec due to the high forest fire risk, a restriction which has now been lifted due to increased rainfall in the region.
Exploration at the Cobra, Viper, Nike, Echo and Sprite sub-projects is planned to continue until the commencement of the annual moose hunting season by the Cree Nation of Wemindji, which occurs from September 15th to October 15th. In the meantime, ALX has expanded the size of its geological crew to cover as much ground as possible on its properties, and weather permitting, plans to return to Hydra to continue prospecting for LCT pegmatites after October 15, 2023.
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