alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has acquired the Blackbird Project ("Blackbird", or the "Project") in northern Saskatchewan, Canada. Blackbird consists of twelve mineral claims staked in June 2024 on behalf of the Company, giving the Project a total area of approximately 11,628 hectares (28,733 acres). Blackbird is located approximately 70 kilometres (47 miles) north of LaRonge, Saskatchewan in a newly-emerging metallogenic district south of the historic Rottenstone Mine, which produced nickel, copper, gold and platinum group metals ("PGMs") from 1965 to 1969.
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![ALX Resources Corp. Announces Flow-Through Private Placement Financing](https://investingnews.com/media-library/alx-uranium-corp-announces-name-change-to-alx-resources-corp.jpg?id=27741875&width=1200&height=801)
ALX Resources Corp. Announces Flow-Through Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
ALX Resources Corp.( TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") announced today a non-brokered private placement of flow-through units (the "FT Units") for gross proceeds of up to $500,000 (the "Offering"). The Offering will be available to Canadian accredited investors. Red Cloud Securities Inc. of Toronto, Ontario, has agreed to act as a finder for ALX on a "best efforts" basis for the Offering.
Up to 14,285,714 FT Units will be offered at a price of $0.035 per FT Unit consisting of one flow-through common share and one non flow-through common share purchase warrant. One common share purchase warrant from the FT Units will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.05 for a period expiring 24 months following the closing date of the Offering.
Finder's fees will be payable to Red Cloud and other qualified finders in connection with the Offering consisting of 6.0% cash and 6.0% finder's warrants, with each finder's warrant exercisable at price of $0.05 for a period expiring 24 months following the closing date of the Offering. All the securities issuable will be subject to a four-month hold period from the date of closing, which is expected to occur on or before November 24, 2023.
Proceeds from the sale of FT Units will be used solely for exploration programs on the Company's Quebec, Saskatchewan, Ontario and Nova Scotia mineral exploration properties. The Offering is subject to acceptance by the TSX Venture Exchange.
About ALX
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".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include lithium, uranium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 220,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages), and in the Draco VMS Project in Norway.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com.
On Behalf of the Board of Directors of ALX Resources Corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
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
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ALX Resources
Overview
ALX Resources (TSXV:AL,FWB:6LLN,OTC:ALXEF) is dedicated to providing shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, lithium, nickel–copper–cobalt and gold.
Using the latest technologies, ALX plans and executes well-designed exploration programs and holds over 240,000 hectares of prospective properties in Saskatchewan, Quebec and Ontario, Canada.
Having operations in stable Canadian jurisdictions strategically positions ALX Resources in key exploration areas with strong potential for economic base metals deposits, producing gold mines and the richest uranium deposits in the world. This includes the Firebird nickel (formerly Falcon Nickel) and Flying Vee nickel-copper-cobalt projects, and the Sceptre gold project, all located in Northern Saskatchewan.ALX is planning a 2024 summer exploration program at its Hydra Lithium Project in the James Bay region of Quebec, a joint venture with Forrestania Resources Ltd., which includes a prospecting and geological mapping program to locate pegmatite bodies in the field as a follow-up to ALX's 2023 exploration activities.
ALX also holds interests in several uranium exploration properties in Northern Saskatchewan, including the Gibbons Creek uranium project comprising eight claims covering 13,864 hectares. The company has completed its 2024 winter drilling program that consisted of five holes totaling 905.4 meters. Four of the five holes have uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on the drill core, downhole gamma probe results, and visual observation of uranium minerals. Analytical results are pending.“Walking Mag” survey technique at the Gibbons Creek Uranium Project in 2023
ALX has a 20 percent interest in the Hook-Carter Uranium Project in which Denison Mines (NYSE:DNN) owns 80 percent. Denison has funded approximately $7 million in exploration to date. The property is subject to certain royalties held by underlying vendors. The 2023 Hook-Carter airborne Z-Axis Tipper electromagnetic survey successfully outlined historical conductors present at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
The company also completed a surface prospecting program in October 2023 at its 100 percent-owned McKenzie Lake uranium project located in the southeastern Athabasca Basin area of northern Saskatchewan.
Along with ALX’s rich portfolio of diverse assets in world-renowned jurisdictions, identifying undervalued and underexplored assets is the company’s strong suit. As early adopters of new methods of exploration, the company embodies innovation with its willingness to utilize new geochemical and geophysical technologies. This includes artificial intelligence recognition methods and other emerging science-focused exploration tools.
ALX has a world-class management team led by chairman and CEO Warren Stanyer who has more than 27 years of experience in the mineral exploration industry, focused mostly on uranium exploration in Saskatchewan.
Company Highlights
- Uses the latest technologies to execute well-designed exploration programs in their primary projects located in the stable jurisdictions of Saskatchewan, Quebec and Ontario.
- Acts as a prospect generator to explore and develop mineral properties for option.
- In October 2019, high grade nickel was located on surface from the company’s first site visit to the Firebird nickel project in Saskatchewan with the additional presence of copper anomalies.
- Owns and gold exploration properties within the Red Lake Mining District, a region that has produced over 28 million ounces of gold since mines began production in 1925.
- Acquired by staking in 2021 the 100 percent-owned Sabre, McKenzie Lake and Javelin uranium projects in northern Saskatchewan, Canada with no underlying royalties.
- ALX Resources recently completed a drilling program at the Gibbons Creek Uranium project in the Northern Athabasca Basin, comprising approximately 905.4 meters, at the site of untested geochemical anomalies.
- Acquired the Hydra Lithium Project in a world-class lithium exploration district in the James Bay region of northern Quebec, Canada. The project consists of 306 mineral claims in eight sub-projects totalling 29,262 hectares (72,306 acres).
- ALX Resources acquired by staking the 31,808-hectare (78,598 acres) Anchor Lithium Project within the Meguma Terrane of central and western Nova Scotia, Canada.
- ALX Resources purchased the Reindeer Lithium project and staked the Crystal Lithium Project in Saskatchewan, each of which ALX believes to be underexplored for lithium-bearing pegmatites in the modern era.
Key Projects
Hydra Lithium Project
ALX Resources owns a 50 percent interest in the Hydra Lithium Project in the James Bay region of Quebec, Canada. The remaining 50 percent interest is owned by Forrestania Resources (ASX:FRS). The project comprises eight sub-projects totaling 29,262 hectares. Hydra’s sub-projects include Volta (4,751 hectares), Echo (5,566 hectares), Nike (2,462 hectares), Sprite (3,437 hectares), Cobra (4,249 hectares), Viper (1,280 hectares), Python East (3,218 hectares) and Python West (4,298 hectares), Hydra is located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum (LCT) type pegmatites.
2024 Summer Exploration Program
Planning for 2024 summer exploration at the Hydra lithium project is underway which includes a prospecting and geological mapping program, designed to locate pegmatite bodies in the field as a follow-up to ALX's 2023 exploration activities at Hydra which highlights the following:
- Python West: 30 samples collected with sample #F435054 taken from a pegmatite boulder returned 278 parts per million (ppm) lithium, 575 ppm cesium and 865 ppm rubidium. Positive geochemical ratios were calculated and are interpreted as pathfinders for LCT pegmatites: K/Rb (17.1), K/Cs (26) and Nb/Ta (2.1);
- Python East: 15 samples collected and sample #F435156 taken from a pegmatite boulder returned 387 ppm lithium, 24.5 ppm cesium and 326 ppm rubidium;
- Sprite: 27 samples collected. Two samples collected from granitic and paragneiss outcrops samples returned lithium and rubidium values over 100 ppm;
- Volta: 21 samples collected. Biotite crystals were described in one outcrop sample that also showed orange luminescence under ultraviolet light that may suggest a fertile environment for LCT pegmatites. Follow-up in 2024 is planned.
- Echo: 1 sample collected. Prospecting in 2023 was impeded by fires, weather conditions and schedule constraints. Follow-up on first-priority targets detected by remote sensing is planned for 2024.
- Cobra: 10 samples collected. Follow-up on second-priority targets is planned for 2024.
- Nike: 2 samples were collected. Follow-up on second-priority targets is planned for 2024.
- Viper: No samples were collected. An airborne reconnaissance survey was carried out. Follow-up on second-priority targets is planned for 2024.
2023 Pegmatite sample from Python West
Gibbons Creek Uranium Project
ALX Resources completed a diamond drilling program in the winter of 2022 in the Northern Athabasca Basin, near Stony Rapids, Saskatchewan. The program comprised three holes, completed for a total of approximately 1,240 meters, atop two previously untested anomalies.
Drill hole GC22-01, along the southwestern portion of the Zinger Conductor, intersected high in the sandstone column, mineral alteration including pyrite, siderite, and bleaching, and low angle to core axis fracture zones that suggest a steep-dipping structure may project to the sub-Athabasca unconformity at an approximate downhole depth of 345 meters.
Drill hole GC22-02 tested the northeast section of the Zinger trend. It revealed discrete elevated gamma probe peaks that occur between 293.7 and 300.9 meters. Geochemical analysis of the samples collected over these horizons will help to determine the significance of these peaks.
ALX has completed its 2024 winter drilling program at Gibbons Creek which aimed to test for continuity of uranium mineralization first discovered in 1979 by Eldorado Nuclear and ALX in 2015. Five holes totaling 905.4 meters were completed with four of the five holes intersecting uranium mineralization at or near the unconformity. Mineralization found in the 2024 drilling was intersected in two areas located 500 meters apart within a target area that ALX defined in late 2023 through a high-resolution magnetic survey and a soil gas hydrocarbon survey.
Close-up of uranium mineralization in core sample from hole GC24-04 - peak radioactivity (8,662 cps) at 107.87 meters.
Hook Carter Project
The Hook-Carter project consists of eleven claims covering 25,115 hectares in the southwest corner of the Athabasca Basin. The project has excellent potential to host economic uranium deposits. Hook-Carter is interpreted to host the northeastern strike extension of the Patterson Lake Corridor, which hosts Nexgen Energy's Arrow uranium deposit, Fission Uranium's Triple R uranium deposit and Purepoint Uranium’s Spitfire, Hornet and Dragon zones, which are in a joint venture with Cameco Corporation and Orano Canada. Hook-Carter also overlies the interpreted strike extension of the Carter and Derksen corridors, each highly prospective, under-explored corridor in which significant uranium mineralization may exist.
The 2023 ZTEM survey successfully outlined historical conductors at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
Management Team
Warren Stanyer - Chairman and CEO
Warren Stanyer has over 27 years of experience in the mineral exploration industry, focused mostly on uranium in the Athabasca Basin. Stanyer began his career with Pioneer Metals, a diverse explorer for gold, base metals, and uranium, with properties in New Mexico, British Columbia, Manitoba, and Saskatchewan. After gaining over a decade of experience, Stanyer accepted the role of president and CEO of Northern Continental Resources, a junior exploration company focused on uranium in the Athabasca Basin. He steered the successful sale of the company in 2009 to Hathor Exploration, in competition with Denison Mines.
Stanyer became chairman of Guyana Frontier Mining in December 2010; and, during his tenure, served as president and CEO. As a director of Alpha Minerals, a predecessor company of ALX, and following the Patterson Lake uranium discovery in 2012, Stanyer served as chairman of the special committee in 2013 during the acquisition of the company by Fission Uranium, subsequently serving as a director of Fission until 2014. Stanyer serves as president, CEO, and director of Nevada Sunrise Gold, a junior exploration company focused on gold, copper, cobalt, and lithium in Nevada. He is also a director of New Moon Minerals, a private mineral exploration company.
Patrick Groening - CFO and Director
Patrick Groening’s previous roles with public companies include more than nine combined years serving as CFO for both Strathmore Minerals and Fission Energy. He filled the same role for Jalna Minerals, Sernova, and Papuan Precious Metals, and performed dual roles of CFO and corporate secretary For Wolf Capital and Pacific Asia China Energy.
David Miller - Director
David Miller is a businessman, professional economic geologist, and has served as an elected member of the Wyoming Legislature. Miller was CEO of Strathmore Minerals prior to its merger with Energy Fuels in 2013.
Jean-Jacques Gautrot - Director
Jean-Jacques Gautrot of Paris, France, is a former chairman of the World Nuclear Association and serves as an ambassador of the WNA to promote the nuclear industry worldwide. He has had a productive career in the nuclear energy business.
Howard Haugom - Director
Howard Haugom is co-owner of Quilts Etc., a national linen retail chain and a partner at Burkehill Capital Corp., a Vancouver-based private equity firm. He has taught at Simon Fraser University in B.C., worked for both the private and public sectors as an economist, and has been a consultant to the gold resource sector.
Charles Roy - Chairman, Technical Committee
Charles Roy brings a rare depth of experience and success in uranium exploration from a professional career largely with the world’s leading uranium mining company, Cameco Corporation. Roy was involved in the discovery of seven uranium deposits.
Jody Dahrouge, - Technical Advisor
Jody Dahrouge is a professional geologist with 25 years of experience in Canada and internationally, and has a successful background in uranium and lithium exploration and project generation within the Athabasca Basin of Saskatchewan, Quebec, and the USA.
R. Sierd Eriks - Technical Advisor
R. Sierd Eriks has worked in mineral exploration for over thirty-five years with a focus on uranium exploration for over the past two decades. Eriks acted as president and chief geologist for ALX until he retired from full-time work in 2022.
Dave Quirt - Technical Advisor
Dave Quirt is a consulting geoscientist residing in Saskatchewan with 45 years of geological, mineral exploration, and research and development experience, both in the consulting sector and within the mineral exploration industry.
Ken Wasyliuk - Technical Advisor
Mr. Wasyliuk has worked in mineral exploration for over 30 years with a focus on geochemistry and clay mineralogy in uranium exploration. During his career, Mr. Wasyliuk became an expert on geochemical and clay alteration patterns associated with uranium deposits in the Athabasca Basin.
Dr. Larry Hulbert - Technical Advisor
Dr. Hulbert is a Registered Professional Geoscientist in Saskatchewan and Ontario. From 1984 to 2007, Larry worked as a Research Scientist for the Geological Survey of Canada where he analyzed most of the significant nickel-copper-PGE deposits in Canada, including those at ALX’s Firebird Nickel Project.
ALX Resources Corp. Acquires Blackbird Project in Northern Saskatchewan
Figure 1. Blackbird Project Location
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ALX made the decision to acquire the Blackbird claims following the announcement on June 17, 2024 by Ramp Metals Inc. ("Ramp Metals") of a high-grade gold discovery in drill hole Ranger-1, in which Ramp Metals reported an intersection of 73.55 grams/tonne ("g/t") gold over 7.5 metres from 227 to 234.5 metres (Figure 1). Ramp Metals is a Canadian nickel-copper explorer that recently completed a four-hole drill program on its Rottenstone SW property in early 2024. Hole Ranger-1 targeted an airborne geophysical conductor situated near the discovery site of gold-bearing, angular boulders and ultramafic outcrop found by Ramp Metals in late 2023 (Source: Ramp Metals Inc., News Release, June 17, 2024).
"A discovery of gold mineralization at depth in a district historically known for base metals and PGMs is another example of the exploration opportunities that exist in Saskatchewan," said Warren Stanyer, CEO and Chairman of ALX. "A modern airborne electromagnetic survey detected a geophysical conductor at depth that was unknown to previous explorers and it was found to be mineralized. This emerging gold discovery by Ramp Metals creates significant mineral potential for an area of Saskatchewan that was largely ignored by exploration companies and validates the application of modern exploration methods in a greenfield terrain."
ALX's research reveals that the Blackbird property is located in the Rottenstone Domain covering a northeast-southwest high magnetic trend that lies parallel to the magnetic setting of the Rottenstone Mine and the Ramp Metals 2024 discovery hole. The Project area has not been the subject of an airborne survey since 1968, when the joint venture of Canadian Pacific Oil & Gas Limited and Gunnex Limited flew a regional radiometric survey for uranium exploration. No radioactive anomalies were detected within the survey area over what is now Blackbird and as a result, the Project area did not receive any ground follow-up exploration.
ALX plans to utilize remote sensing techniques as a first-pass exploration program at Blackbird to generate target areas where alteration minerals may be present. The Project was strategically staked to a width that will allow effective airborne electromagnetic surveying with the goal of locating geophysical conductors that were not detectable by historical explorers. ALX is applying for an exploration permit to allow airborne and ground geophysical surveying, and a reconnaissance program of ground prospecting, geological mapping and geochemical sampling (soil and lake sediments) in the summer/fall of 2024.
About the Rottenstone Mine
"Rottenstone" is the original description by local First Nations of a 30-foot (9.1 metre) outcrop on the southeast shore of Rottenstone Lake, approximately 130 kilometres northeast of La Ronge, SK. First Nations members brought this outcrop to the attention of traders, and the area was later staked as the Hall showing. The Hall showing later became the Hall deposit and eventually the Rottenstone Mine, which operated from 1965 through 1969. The deposit was mined by open pit and 28,724 tons were recovered, averaging 3.28% Nickel, 1.83% Copper, 4.70 g/t Platinum, 3.90 g/t Palladium, and 1.03 g/t Gold (9.63 g/t Platinum, Palladium + Gold) (Fraser, 2000). The area comprising the Rottenstone Mine is currently held by Fathom Nickel Inc. (Figure 1).
National Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Dr. Larry Hulbert, D.Sc., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the Government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its Qualified Person, but ALX believes they create a scientific foundation for the exploration of Blackbird. Management further cautions that historical 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
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".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (currently the subject of an option earn-in agreement with Trinex Minerals Ltd., who can earn up to a 75% interest in two stages), the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016 (currently the subject of an amending agreement that would increase ALX's interest to 25% after fulfilling certain conditions).
ALX also owns 100% interests in the Firebird Nickel Project, the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com
On Behalf of the Board of Directors of alx resources corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
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 include: ALX's future exploration plans at the Blackbird Project. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations and Metis communities, and local landowners in the region, and the results of such consultations;and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2023, which is available under the Company's SEDAR profile at www.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214265
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ALX Resources Corp. Receives Analytical Results from the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the results of the 2024 winter drilling program and upcoming summer 2024 exploration plans at its Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan.
Gibbons Creek is the subject of an option earn-in transaction with Trinex Lithium Ltd., a wholly-owned subsidiary of Trinex Minerals Limited ("Trinex"), which is a publicly-traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of a definitive agreement signed in May 2024, Trinex 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 at the Project (see ALX news release dated May 8, 2024).
Highlights of the 2024 Exploration Program
- Assay results and downhole probe readings confirm the presence of anomalous uranium within the Airstrip Prospect at Gibbons Creek;
- A comprehensive helicopter-borne vertical transient electromagnetic ("VTEMTM") survey is planned to commence in June 2024, covering the Airstrip and Butler Lake Prospects and a recently identified new target known as Gibbons East;
- Further drilling is planned following the analysis and interpretation of the VTEM data;
- Trinex is fully-funded to complete the upcoming work programs planned for 2024.
Results of the 2024 Drilling Program
Results from the 2024 winter drilling program have confirmed low-level uranium mineralization in four of the five holes completed having intersected anomalous uranium at or near the unconformity between the Athabasca Sandstone and underlying basement metasediments, which are variably altered. Results from the drilling greater than 100 parts per million ("ppm") U3O8 are shown in Table 1.
Table 1 - Assay Results from 2024 Drill Program
Hole ID | Sample ID | From (m) | To (m) | Interval (m) | U3O8P (ppm) | U3O8T (ppm) |
GC24-02 | 422023 | 108.92 | 109.42 | 0.5 | 325 | 384 |
GC24-03 | 422178 | 109.34 | 109.84 | 0.5 | 156 | 186 |
GC24-03 | 422179 | 109.84 | 110.34 | 0.5 | 259 | 382 |
GC24-03 | 422181 | 110.34 | 110.84 | 0.5 | 147 | 203 |
GC24-04 | 422083 | 107.18 | 107.54 | 0.36 | 157 | 208 |
GC24-04 | 422218 | 107.54 | 107.98 | 0.44 | 641 | 757 |
GC24-05 | 422278 | 103.06 | 103.56 | 0.5 | 134 | 198 |
(P: uranium results by partial digestion; T: uranium results by total digestion)
The geochemical uranium assay results (expressed in ppm U3O8) were obtained using a standard sampling interval of 0.5 metres; smaller intervals may be used such that individual samples do not cross lithological contacts or unit boundaries. These sampling intervals are suitable for uranium mineralization such as the blebby and sporadic mineralization intersected in drill hole GC24-04 (Fig. 1). Gamma probe radiometric readings (expressed in cps) are obtained from a different (i.e., larger) volume of rock than assay samples and hand-held scintillometer cps readings, and typically give larger relative values compared to hand-held scintillometer readings.
Fig. 1: Close-up of uranium mineralization in core sample from GC24-04 - peak radioactivity (8,662 cps) at 107.87 m
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Gibbons Creek Winter Drilling Program Summary
The 2024 winter drilling program at Gibbons Creek was designed to test for continuity of uranium mineralization first discovered in 1979 by Eldorado Nuclear ("Eldorado"). ALX defined a target area for the drill program in late 2023 by carrying out a high-resolution magnetic survey and a Soil Gas Hydrocarbon ("SGH") survey.
Drilling intersected uranium mineralization in two areas located 500 metres apart within this target area.
Hole GC24-01 was drilled to target a historical radon anomaly and completed at 159.0 metres. Basement rocks were intersected from 146.0 metres to end of hole at 159.0 metres. The basement rocks are fresh and unfractured pelitic to semi-pelitic metasediments that are locally garnetiferous. No significant radioactivity was identified in the hole.
Hole GC24-02 was drilled at the intersection of east-west and north-northwest faults interpreted from the 2023 ground magnetic survey and intersected fracture-controlled and disseminated blebs of uranium mineralization at 0.8 metres below the unconformity, which was reached at a depth of 108.4 metres.
An Exploranium GR-135 handheld scintillometer measured radioactivity of 220 counts per second ("cps") and a Mount Sopris 2PGA-1000 downhole gamma probe1 measured a radiometric peak of 3,321 cps within a 0.6 metre interval of anomalous radioactivity from 108.9 to 109.5 metres. Drill hole GC24-02 represents an approximately 470-metre step-out to the west of ALX's historical hole GC15-03 (0.143% U3O8 assay over 0.23 metres) and was collared approximately 350 metres to the southwest of Eldorado's 1979 hole GC-15 (1,520 ppm uranium over 0.13 metres) (see Fig. 2).
Fig. 2: Gibbons Creek 2024 Drilling Plan
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Hole GC24-03 was drilled as a 25-metre westward step out of unconformity-related uranium mineralization in historical hole GC15-03 to test the continuity of an interpreted trend of anomalous uranium mineralization between GC15-03 and historical drill hole GC-15, which are 340 metres apart. Anomalous radioactivity and fracture-controlled uranium mineralization was intersected from 110.0 to 110.9 metres approximately 1.5 metres below the unconformity at 108.5 metres.
The Exploranium GR-135 handheld scintillometer measured a peak radioactivity value of 190 cps and the Mount Sopris 2PGA-1000 downhole gamma probe measured a radiometric peak of 2,217 cps within the noted anomalous radioactive interval. Uranium mineralization was observed as coatings on fractures in the drill core at 110.2 metres as well as other fractures between 110.0 and 110.9 metres.
1 Radioactivity is considered significant at >2000 cps on a Mount Sopris 2PGA-1000 downhole gamma probe.
Hole GC24-04 exhibited the strongest radiometric response of the program to date where uranium mineralization was intersected over 1.1 metres from 107.17 to 108.27 metres beginning immediately at and below the unconformity at 107.18 metres.
The Athabasca formation sandstone immediately above the mineralization was strongly bleached from an unaltered dusky maroon colour to white, indicative of hydrothermal activity in the location of the drill hole.
A Mount Sopris 2PGA-1000 downhole gamma probe measured a radioactive peak of 8,662 cps within the mineralized interval (Fig. 1), which shows black blebs of uranium mineralization (likely pitchblende) within dark red hematite alteration and closely associated with lesser amounts of yellow limonite alteration.
The blebs of uranium mineralization appear to follow both the foliation of the rock and to spread along some of the fine fractures. Zones of strong fracturing and fault breccias, variably strongly hematitic (paleoweathered), argillized or chloritized, were intermittently encountered down to approximately 142.0 metres.
Hole GC24-05 was drilled from the same setup as GC24-04 by tilting the drill head following an in-field interpretation of a possible fault offset of the unconformity. Fine-grained blebs of black uranium mineralization were observed between approximately 103.4 to 103.5 metres. Several of the blebs have bleached haloes and others appear within or adjacent to weak limonitic alteration haloes. Dark grey quartz grains in the vicinity of the uranium mineralization may represent a metamict alteration of the quartz structure due to the radioactivity.
Summer 2024 Drilling Program
Further drilling at the Project is planned for the summer of 2024 to search for fault offsets in the area of GC24-04, which can act as structural traps for the deposition of uranium mineralization. The interpreted extension of the southwest-trending structure that appears to be associated with mineralization at the Airstrip Prospect extends through to the Butler Lake Target, increasing the prospectivity of the area.
About Gibbons Creek
Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,258 acres) located along the northern margin of the Athabasca Basin.
The Project is located in a region that hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004, and the historical Nisto Mine, from which 500 tons of ore was shipped in 1950 to the historical Lorado Mill at Uranium City, SK, including 106 tons grading 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index, #1621). ALX holds an exploration permit for Gibbons Creek, good until October 2025, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily-available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in southern Saskatchewan.
Prior to commencement of the 2024 drilling program, ALX carried out a comprehensive review of Gibbons Creek historical exploration data and has integrated that information with the high-resolution magnetic and SGH geochemical surveys completed in November 2023. The historical data and the results of ALX's ground surveys on the 2023 exploration grid show important characteristics of the Project's potential to host uranium mineralization, which is demonstrated by the mineralization found in ALX's 2015 hole GC15-03 (0.13% U3O8 over 0.23 metres from 107.67 metres to 107.90 metres), in Eldorado's 1979 hole GC-15 (0.179% U3O8 over 0.13 metres from 134.11 to 134.24 metres), and in the holes drilled in the 2024 program.
For additional information on Gibbons Creek, please visit the ALX website: click here
National Instrument 43-101 Disclosure and Statement of Qualified Person
Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by Activation Laboratories in Ancaster, Ontario using Inductively-Coupled Plasma Mass Spectrometry ("ICP-MS") methods on both partial and total digestions. Eldorado's 1979 geochemical analyses were carried out by Bondar-Clegg & Company Ltd. Laboratories, Ottawa, Ontario using Atomic Absorption, Colormetric, Fluorometric and XRF methods, which were standard methods of that exploration era.
All drill core samples from the 2024 program were shipped to SRC Geoanalytical Laboratories ("SRC") in Saskatoon, SK, an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. ALX requests multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES where applicable. One half of the split core samples are retained and the other half cores are sent to the SRC for analyses. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by ALX and SRC in accordance with industry-standard quality assurance/quality control ("QA/QC") procedures. Uranium assay samples may be conducted on samples that return greater than 500 ppm uranium in the initial ICP analyses.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined. Readers are cautioned that scintillometer and gamma probe measurements of drill core are not directly indicative of uranium grades in the sample measured and should be considered only as a preliminary indication of the presence of radioactive materials.
The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX
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."
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (now the subject of an option earn-in agreement with Trinex Minerals Limited), the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project, the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com.
On Behalf of the Board of Directors of alx resources corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
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 include: ALX's 2024 exploration results and future exploration plans at the Gibbons Creek Uranium Project, and ALX's ability to continue to expend funds on its other mineral exploration projects. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations, Metis communities and local landowners in the region, and the results of such consultations;and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Three Months Ended March 31, 2024, which is available under the Company's SEDAR profile at www.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
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.
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ALX Resources Corp. Amends Hook-Carter Uranium Project Joint Venture Agreement with Denison Mines - Exploration Planned for 2024
alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce it has entered into an amending agreement (the "Amendment") with Denison Mines Corp. ("Denison") whereby ALX may increase its ownership interest in the Hook-Carter Uranium property ("Hook-Carter", or the "Project") from 20% to 25% ownership by funding the next $3.0 million of exploration at the Project within the next 30 months. Hook-Carter is a highly-prospective and large exploration property with significant coverage along the prospective Patterson Lake, Carter, and Derksen exploration corridors — notably covering approximately 13 kilometres of the Patterson Lake Corridor along strike of the Arrow uranium deposit owned by NexGen Energy Ltd. ("NexGen"), and the Triple R uranium deposit owned by Fission Uranium Corp. ("Fission").
Background to the ALX-Denison Hook-Carter Agreement
On October 16, 2016, ALX and Denison entered into a purchase agreement (the "Original Agreement"), whereby ALX sold an 80% interest in the Project in exchange for 7.5 million shares of Denison. ALX retained a 20% interest in Hook-Carter, and Denison agreed to fund ALX's share of the first $12.0 million of expenditures. On November 15, 2019, ALX and Denison executed a written acknowledgement with respect to the deemed formation of a joint venture between them upon Denison's completion of a requirement to solely fund a minimum of $3.0 million of project expenditures within an initial 36-month funding period. Since 2016, Denison's exploration expenditures at Hook-Carter total $7.05 million, including the completion of surface and airborne geophysical programs, as well as nearly 12,000 metres of diamond drilling.
"ALX is very pleased to work with Denison to develop new drill targets at Hook-Carter," said Warren Stanyer, CEO and Chairman of ALX. "The Patterson Lake Corridor has seen the discovery of hundreds of millions of pounds of uranium in the past decade, making it one of the world's most fertile regions for uranium exploration. Two new uranium discoveries have been reported in 2024 to the south of our property by NexGen and by the Purepoint Uranium-Cameco Corporation-Orano Canada joint venture, which makes a renewed exploration effort at Hook-Carter even more compelling. The Amendment creates a pathway to accelerate exploration activity on this highly-prospective project for mutual benefit of the partners following a period of limited activity."
Highlights of the Hook-Carter Joint Venture Amendment Agreement
- ALX can earn an additional 5.0% interest in Hook-Carter by funding $3.0 million of exploration at Hook-Carter within a 30-month period from May 21, 2024, (the "ALXFunding Period"), which would change the joint venture participating interests to 75% Denison — 25% ALX;
- ALX is obligated to fund a minimum of $500,000 prior to March 31, 2025, and shall reasonably demonstrate, prior to June 30, 2025, that it has secured a further $750,000 committed to exploration expenditures at Hook-Carter;
- All exploration expenditures incurred during the ALX Funding Period shall require approval by both Denison and ALX, each in its respective sole discretion and with each party acting reasonably;
- Denison will not be obligated to incur any further exploration expenditures at the Project until the successful completion of the ALX Funding Period, after which each of ALX and Denison would be responsible for their respective financial contributions on a pro-rata basis under the joint venture terms contained in the Original Agreement. ALX and Denison have agreed to promptly and in good faith negotiate and enter into one or more agreements to supersede the Original Agreement and the Amending Agreement in order to govern the affairs of the joint venture following the completion of the ALX Funding Period;
- Should ALX spend less than $3.0 million during the term of the ALX Funding Period, the participating interests of Denison and ALX in the joint venture would remain unchanged from the current levels of 80% Denison — 20% ALX.
About Hook-Carter
Hook-Carter consists of eleven claims covering 25,115 hectares and is located in the southwest corner of the Athabasca Basin, approximately 147 kilometres northeast of La Loche, Saskatchewan. The Project has excellent potential to host economic uranium deposits. Hook-Carter is interpreted to host the northeastern strike extension of the Patterson Lake Corridor ("PLC"), which hosts NexGen's Arrow uranium deposit, Fission's Triple R uranium deposit, and Purepoint Uranium Group's ("Purepoint") Spitfire, Hornet and Dragon zones in a joint venture with Cameco Corporation and Orano Canada. The Project also overlies the interpreted strike extension of the Carter and Derksen corridors - each are highly-prospective, under-explored corridors in which significant uranium mineralization may exist (see Figure 1 below).
Figure 1. Hook-Carter Uranium Project — Compilation Map of Historical Exploration
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In 2023, Denison carried out a ZTEM™ deep-penetrating airborne electromagnetic survey at Hook-Carter, which is known to be an effective exploration method for detecting geophysical conductors that may be associated with unconformity uranium mineralization. The 2023 ZTEM™ survey successfully outlined historical conductors at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
Hook-Carter Exploration 2017-2019
Denison conducted ground geophysical surveys and completed 15 diamond drill holes totaling 11,771.7 metres (an additional 1,992 metres were drilled in seven abandoned holes) in its initial exploration programs at Hook-Carter from 2017 to 2019. Favorable structure and alteration were encountered in the majority of the completed drill holes and geochemical results showed elevated concentrations of traditional uranium pathfinder elements in certain drill holes, as well as sudoite (a magnesium-chlorite mineral) and dravite (a boron mineral), which are both clay minerals detected from spectral analysis, which may suggest the presence of a potential mineralizing system on Hook-Carter. These drilling programs provided reconnaissance level drill hole coverage along the PLC at an approximate 1,200-metre spacing within Denison's 2017 grid, which forms an important initial repository of drilling data and, when integrated with available geophysical data, is anticipated to be used to prioritize target horizons in the planning of future exploration programs.
Outside of the established Denison grid in the south-central part of Hook-Carter (see Figure 1), there remains high potential along the PLC to the northeast. Geophysical surveys (ground EM and DC-IP resistivity) are recommended over the northeastern extent of the PLC, as resolved by the 2023 ZTEM survey, prior to drill hole testing.
The Carter and Derkson corridors striking through Hook-Carter also have the potential to host significant uranium deposits. The Derkson Corridor has an advantage in that the depth to the unconformity is shallower, ranging from approximately 330 to 476 metres, and hosts a mineralized drill hole on Purepoint's claim along strike to the southwest (1978 hole DER-4: 0.24% U3O8 and 1.35% nickel over 2.5 metres). In April 2024, Purepoint reported a new uranium discovery known as "Lightning" in the Carter Corridor with a drill intersection of 0.9 metres grading 0.29% U3O8. The Carter Corridor has not yet been drill-tested by the Denison-ALX joint venture at Hook-Carter. Geophysical surveys (ground EM and DC-IP resistivity) over these parallel corridors are also recommended prior to drill testing.
To view maps of Hook-Carter's location along the Patterson Lake Corridor and other information regarding the Project, please click here.
Technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., a geological consultant to the Company, who is a Qualified Person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Management cautions that historical results collected and reported by operators unrelated to ALX have not been directly verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Hook-Carter project area. Management further cautions that historical 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
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".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (currently the subject of an option earn-in agreement with Trinex Minerals Ltd.), the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016 (currently the subject of an amending agreement that would increase ALX's interest to 25% after fulfilling certain conditions).
ALX also owns 100% interests in the Firebird Nickel Project, the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com
On Behalf of the Board of Directors of alx resources corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
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 include: ALX and Denison's future exploration plans at the Hook-Carter Uranium Project. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations and Metis communities, and local landowners in the region, and the results of such consultations;and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2023, which is available under the Company's SEDAR profile at www.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
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
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ALX Resources Corp. Announces Definitive Option Agreement with Trinex Minerals for the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan
alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the execution of a definitive agreement (the "Definitive Agreement") for an option earn-in transaction (the "Transaction") on its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near Stony Rapids, Saskatchewan. ALX has executed the Definitive Agreement with Trinex Lithium Ltd. ("Trinex Canada"), a wholly-owned subsidiary of Trinex Minerals Limited, which is a publicly-traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of the Definitive Agreement, 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 as shown in the table below.
Details of the Option Earn-In Transaction
Trinex Canada can earn an initial 51% participating interest1, and up to a 75% participating interest2 in the Project according to the schedule of cash and common shares payments and exploration expenditures, as follows:
Option Stages | Cash Payments (CAD) | Value of Share Payments (CAD) | Annual Exploration Expenditures (CAD) | Participating Interest Earned by Trinex |
Upon signing the Letter Agreement (Feb/2024) | $50,000 (paid) | - | - | - |
Upon signing the Definitive Agreement (the "Effective Date", May 7/2024) | $50,000 (paid) | $250,000 (paid) | - | - |
On or before 1st Anniversary of the Effective date | $150,000 | $300,000 | $1,000,000 | - |
On or before 2nd Anniversary of the Effective date | $200,000 | $350,000 | $1,000,000 | - |
On or before 3rd Anniversary of the Effective date | $250,000 | $400,000 | $1,000,000 | 51% |
On or before 4th Anniversary of the Effective date | $300,000 | $450,000 | $1,250,000 | - |
On or before 5th Anniversary of the Effective date | $350,000 | $500,000 | $1,250,000 | 75% |
TOTALS | $1,350,000 | $2,250,000 | $5,500,000 | 75% |
1,2 Star Minerals Group Ltd. ("SMG") has underlying rights under a Mineral Property Option Agreement dated November 5, 2013 (the "SMG Agreement") to buy-back a 25% interest in dispositions S-107355 and S-108135 (the "Legacy Claims") in accordance with the terms of the SMG Agreement. The Definitive Agreement contains terms dealing with SMG's right to buy-back a 25% interest in the Legacy Claims, including that Trinex Canada and ALX will each transfer its proportionate share (based on its respective interest in the Legacy Claims at the time) of the 25% interest in the Legacy Claims that is required to be transferred to SMG in accordance with the SMG Agreement if SMG exercises that buy-back right.
To satisfy the initial payment terms of the Definitive Agreement, Trinex Canada has paid ALX a total of CAD$100,000 cash, which includes $50,000 in cash paid upon execution of the letter agreement in February 2024 and an additional $50,000 in cash paid upon the execution of the Definitive Agreement. In addition, Trinex Minerals Limited, the parent company of Trinex Canada, has issued 68,743,011 fully paid ordinary shares to ALX representing a value of CAD$250,000 (the "Shares"). The Shares will be held in voluntary escrow for 12 months.
If Trinex Canada meets its payment and expenditure obligations in relation to the initial option interest, it may elect by written notice to receive a 51% interest in the Project (the "Initial Option Interest"), (subject to the provisions of the Definitive Agreement dealing with the SMG's buy-back rights in respect of the Legacy Claims as stated in the footnote above) transferred to it from ALX for no further consideration, and at its option the parties would form an unincorporated joint venture in respect of the Project pursuant to a joint venture agreement to be agreed between the parties or, if not agreed, joint venture terms described in the Definitive Agreement.
Trinex also holds the right to elect to earn an additional 24% interest in the Project (the "Second Option Interest") following completion of the Initial Option Interest (to take its total interest to 75%) by making additional cash and share payments to ALX and meeting minimum aggregate expenditures each as described in the table above.
Where payments are to be made in shares, the number of shares will be determined by reference to the 10-trading day volume weighted average price (or "VWAP") of Trinex Minerals Limited ordinary shares up to the end of the business day before the date of issue.
The timing by which Trinex Canada must incur the minimum exploration expenditures will be extended in circumstances where Trinex Canada is prevented from undertaking work and activities on the Project due to encountering any force majeure events.
Trinex Canada may withdraw from the Initial Option Interest or Second Option Interest at any time. If Trinex Canada withdraws after earning a 51% interest in the Project or a 75% interest in the Project (as the case may be), then it will retain its 51% Project interest or its 75% Project interest, as applicable, notwithstanding the withdrawal. If Trinex Canada withdraws prior to earning the 51% Project interest, then it will not acquire any interest in the Project.
2024 Exploration Program
In March 2024, ALX initiated a diamond drilling program at the Project and completed five holes totaling 905.4 metres (see Figure 1). Under the terms of the Definitive Agreement, Trinex Canada will assume operatorship of exploration at Gibbons Creek and will reimburse ALX for the costs of the 2024 program, which totalled approximately CAD$500,000. The costs incurred by ALX will be applicable towards Trinex Canada's first year's minimum expenditure obligations.
Four of the five 2024 drill holes intersected uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observation of uranium minerals by ALX's geological team (see ALX's news release dated April 25, 2024). Core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, SK for geochemical analysis. Results will be released after their receipt, compilation and interpretation.
Figure 1. Gibbons Creek Uranium Project: 2024 Drilling Plan
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About Gibbons Creek
Gibbons Creek consists of eight mineral claims comprising 13,864 hectares (34,259 acres) located along the northern margin of the Athabasca Basin.
The Project is located in a region that hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004, and the historical Nisto Mine, from which 500 tons of ore was shipped in 1950 to the historical Lorado Mill at Uranium City, SK, including 106 tons grading 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index, #1621). ALX holds an exploration permit for Gibbons Creek, good until October 2025, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily-available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in southern Saskatchewan.
ALX carried out a comprehensive review of Gibbons Creek historical exploration data and integrated that information with the high-resolution magnetic and Soil Gas Hydrocarbon (or "SGH") geochemical surveys completed in November 2023.
The historical data review by ALX included the results from the following survey methods:
- DC resistivity surveys;
- Ground gravity survey;
- Ground electromagnetic surveys;
- Radon in soil survey;
- Digitized drill traces and the radiometric and geochemical results of historical drill holes by Famok (1969), Eldorado Nuclear (1979,1980), and ALX (2015).
The historical data and the results of ALX's ground surveys on the 2023 exploration grid show important characteristics of the Project's potential to host uranium mineralization, which is demonstrated by the mineralization found in ALX's 2015 hole GC15-03 (0.13% U3O8 over 0.23 metres from 107.67 metres to 107.90 metres), in Eldorado Nuclear's 1979 hole GC-15 (0.179% U3O8 over 0.13 metres from 134.11 to 134.24 metres) (see Figure 1), and in the holes drilled in the 2024 program.
To view maps and photos of Gibbons Creekclick here
Statement of Qualified Person
Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by Activation Laboratories in Ancaster, Ontario using Inductively-Coupled Plasma Mass Spectrometry ("ICP-MS") methods on both partial and total digestions. Eldorado's 1979 geochemical analyses were carried out by Bondar-Clegg & Company Ltd. Laboratories, Ottawa, Ontario using Atomic Absorption, Colormetric, Fluorometric and XRF methods, which were standard methods of that exploration era.
The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
About ALX
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".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (currently the subject of an option earn-in agreement with Trinex Minerals Ltd.), the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project, the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com
On Behalf of the Board of Directors of alx resources corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
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 include: ALX's 2023-2024 exploration plans and preliminary results at the Gibbons Creek Uranium Project, ALX's ability to continue to expend funds on its mineral exploration projects; the reimbursement by Trinex Canada for expenditures ALX has incurred for the 2024 exploration program; the payments, share issuances and expenditures to be made or incurred by Trinex Canada pursuant to the Definitive Agreement and the timing thereof. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements, and that Trinex Canada may not exercise its option(s) pursuant to the Definitive Agreement. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations, Metis communities and local landowners in the region, and the results of such consultations;and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if uranium, lithium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2023, which is available under the Company's SEDAR profile at www.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208342
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ALX Resources Corp. Announces Hydra Lithium Project Exploration Update
alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that planning is underway for 2024 summer exploration at the Hydra Lithium Project ("Hydra") located in the Eeyou Istchee-James Bay region of Quebec, Canada. Hydra is the subject of a joint venture between ALX and Forrestania Resources Limited of West Perth, Australia ("Forrestania", ASX: FRS) formed to explore for lithium-cesium-tantalum ("LCT") bearing pegmatites, with ALX as operator.
2024 Hydra Exploration Plans
ALX plans to commence the 2024 prospecting and geological mapping program (the "Program") on or about June 1, 2024, with a helicopter and a 4-person geological crew supplied by Dahrouge Geological Consulting of Montreal, Quebec. The Program is designed to locate pegmatite bodies in the field as follow-up to ALX's 2023 exploration activities at Hydra, which included:
- Helicopter-assisted surface prospecting and geological mapping at seven of the eight properties comprising Hydra;
- An Airborne Light Detection And Ranging ("LiDAR") and orthophoto survey at the Volta property covering approximately 47.5 square kilometres to aid in the identification of outcrops that may represent pegmatite bodies;
- Remote sensing analysis performed on the Volta, Nike, Echo and Sprite properties utilizing synthetic aperture radar ("SAR") data, multispectral Sentinel satellite data and Advanced Spaceborne Thermal Emission and Reflection (or, "ASTER") data in order to interpret geological structures and to recognize subtle lithium anomalies in outcrop.
Figure 1: ALX - Forrestania lithium properties in the James Bay Region, April 2024
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/207360_bc8564fb1468a8c8_001full.jpg
In late 2023, ALX employed modern remote sensing techniques using multispectral imaging and SAR data to analyze vegetation, structure, alteration, and ground movement at the Volta, Nike, Sprite and Echo properties. This multivariate approach, combining existing geological, geochemical, and geophysical data with multiple satellite analyses, allows complex anomalies covering large areas to be quickly and effectively identified, thus recognizing new targets. Figure 2 depicts the first-priority targets at Echo generated by this process.
Figure 2: 2024 Exploration Target Areas at the Echo Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/207360_bc8564fb1468a8c8_002full.jpg
2023 Exploration Statistics and Results
A total of 106 rock samples were collected by ALX in three phases during 2023, work that was suspended by forest fires and by pauses in exploration to respect the hunting seasons of the local communities of the Cree Nation. All geochemical analytical results are described in parts per million ("ppm").
2023 Pegmatite sample from Python West - 273 ppm Lithium/ 575 ppm Cesium/ 865 ppm Rubidium
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/207360_bc8564fb1468a8c8_003full.jpg
- Python West: 30 samples collected. Sample #F435054 taken from a pegmatite boulder returned 278 ppm Lithium, 575 ppm Cesium and 865 ppm Rubidium. Positive geochemical ratios were calculated and are interpreted as pathfinders for LCT pegmatites: K/Rb (17.1), K/Cs (26) and Nb/Ta (2.1);
- Python East: 15 samples collected. Sample #F435156 taken from a pegmatite boulder returned 387 ppm Lithium, 24.5 ppm Cesium and 326 ppm Rubidium;
- Sprite: 27 samples collected. Two samples collected from granitic and paragneiss outcrops samples returned Lithium and Rubidium values over 100 ppm;
- Volta: 21 samples collected. Biotite crystals were described in one outcrop sample that also showed orange luminescence under ultraviolet light that may suggest a fertile environment for LCT pegmatites. Follow-up in 2024 is planned.
- Echo: 1 sample collected. Prospecting in 2023 was impeded by fires, weather conditions and schedule constraints. Follow-up on first-priority targets detected by remote sensing is planned for 2024.
- Cobra: 10 samples collected. Follow-up on second-priority targets is planned for 2024.
- Nike: 2 samples were collected. Follow-up on second-priority targets is planned for 2024.
- Viper: No samples were collected. Airborne reconnaissance was carried out. Follow-up on second priority targets is planned for 2024.
About Hydra
Hydra consists of eight sub-projects totaling 29,262 hectares (ha.) (72,306 acres) known as Volta (4,751 ha.), Echo (5,566 ha.), Nike (2,462 ha.), Sprite (3,437 ha.), Cobra (4,249 ha.), Viper (1,280 ha.), Python East (3,218 ha.) and Python West (4,298 ha.), located within a fertile lithium exploration district that hosts the James Bay, Rose, Whabouchi and Corvette lithium deposits, and numerous other lithium showings.
The eight Hydra properties were originally selected for staking based upon the presence of historical lithium, cesium and tantalum lake sediment anomalies and by a review of public-domain geological mapping and archived assessment reports. The application of remote sensing and artificial intelligence studies for pegmatite detection has assisted in prioritizing targets for surface prospecting.
To view maps and more information on Hydra, visit our website at: https://alxresources.com/hydra-lithium/
National Instrument 43-101 Disclosure
Samples collected in the 2023 exploration program were shipped to AGAT Laboratories ("AGAT") for geochemical analysis. AGAT dried, crushed and pulverized the rock samples to create a pulp whereby at least 85% of the material passed a 75 micron screen. The pulp was fused with sodium peroxide and sodium hydroxide to produce a cake that was then dissolved and diluted to 100 ml with 30% hydrochloric acid to create an aliquot. The aliquot was then analyzed for a 58-element suite of trace and rare earth elements utilizing inductively coupled optical emission spectroscopy ("ICP-OES") with an inductively coupled mass spectroscopy ("ICP-MS") finish. A subset of the rock samples were submitted for whole rock oxide and loss on ignition ("LOI") analyses (14 oxides plus LOI). The whole rock oxides analyses were completed utilizing wave dispersive X-ray fluorescence (or "XRF") spectroscopy on a glass disc created by a lithium borate fusion method. Another subset of samples were submitted for gold and other trace elements analyses (53 elements). A 0.5 gram sample was digested with a hot mixture of hydrochloric and nitric acids, and a residue from this digestion underwent Aqua Regia digestion and dilution for analyses by ICP-OES with an ICP-MS finish. AGAT routinely inserts certified reference materials, and conducts sample replicates and duplicate analyses, as part of their quality assurance program.
The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Readers are cautioned that mineral deposits or occurrences on adjacent or nearby properties are not indicative of mineral deposits or occurrences on the Company's properties.
About ALX
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".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Canada, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 240,000 hectares of prospective lands in Saskatchewan, a stable jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, diamond deposits, and historical production from base metals mines.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project (now the subject of an option earn-in agreement with Trinex Minerals Limited), the Sabre Uranium Project, the Bradley Uranium Project, and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project, the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages).
ALX owns a 50% interest in eight lithium exploration properties staked in 2022-2023 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in northern Saskatchewan, Canada.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com
On Behalf of the Board of Directors of alx resources corp.
"Warren Stanyer"
Warren Stanyer, CEO and Chairman
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 include: ALX's interpretation of the 2023 exploration results and 2024 joint venture exploration plans at the Hydra Lithium Project, and ALX's ability to continue to expend funds at that project. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration on our exploration projects, including drilling; our initial findings at our exploration projects may prove to be unworthy of further expenditures; commodity prices may not support further exploration expenditures; exploration programs may be delayed or changed due to any delays experienced in consultation and engagement activities with First Nations communities and local landowners in the region, and the results of such consultations;and economic, competitive, governmental, societal, public health, weather, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop our projects, and even if lithium, uranium, nickel, copper, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 2023, which is available under the Company's SEDAR profile at www.sedarplus.ca. Except as required by law, we will not update these forward-looking statement risk factors.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207360
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Quarterly Activities Report for the Period Ended 30 June 2024
Summary:
Exploration / Growth
- High-grade assays from the 952koz Never Never Gold Deposit including the deepest-ever result from the Dalgaranga Project:
- 12.54m @ 14.32g/t gold from 570.91m, incl. 2.52m @ 67.49g/t (DGRC1430- DT)
- 13.75m @ 10.08g/t gold from 667.00m, incl. 3.00m @ 38.10g/t (DGRC1429- DT)
- 12.80m @ 8.13g/t gold from 603.00m, incl. 1.00m @ 96.47g/t (DGDH055)
- 10.50m @ 7.95g/t gold from 1,042.50m (DGDH064) – deepest “project” assay
- 11.60m @ 15.10g/t gold from 861.40m (DGDH068)
- 19.67m @ 19.43g/t gold from 765.33m, incl. 3.74m @ 62.98g/t (DGDH066)
- 10.14m @ 11.26g/t gold from 966.6m, incl. 0.77m @ 126.45g/t (DGDH064- W1)
- Assays from significant new high-grade gold discovery at the Pepper Prospect, immediately south of Never Never, including:
- 17.52m @ 15.86g/t gold from 522.0m, incl. 9.22m @ 27.89g/t (DGRC1432- DT)
- 11.28m @ 5.94g/t gold from 585.72m (DGDH069)
- 14.73m @ 11.42g/t gold from 553.73m, incl. 4.37m @ 36.80g/t (DGDH070)
- 17.67m @ 6.58g/t gold from 561.85m, incl. 7.53m @ 11.93g/t (DGDH069- W1)
- 25.24m @ 16.66g/t gold (uncut) from 616.41m (DGRC1431-DT-W1), incl:
- 5.21m @ 18.74g/t, 4.65m @ 52.46g/t and 5.44m @ 12.39g/t gold in three separate high grade sub-intervals within the overall high-grade drill intercept.
- 30.79m @ 12.12g/t gold from 647.67m, incl. 3.47m @ 92.19g/t (DGRC1431- DT)
- Further positive assays from West Winds and Sly Fox:
- 28.65m @ 4.25g/t gold from 458.00m, incl. 4.60m @ 18.30g/t (DGRC1446- DT)
- 23.60m @ 2.45g/t gold from 457.40m, incl. 7.00m @ 4.07g/t (DGRC1408-DT)
- 24.00m @ 1.58g/t gold from 250.00m, incl. 7.00m @ 3.24g/t (DGRC1436)
- Updated Mineral Resource Estimates for Never Never and Sly Fox, as well as maiden standalone MRE’s for the Four Pillars, West Winds and Pepper Gold Prospects due for imminent release.
- Development of the underground exploration drill drive awarded to Barminco with commencement in Q3 2024. Finalisation of approvals and support activities well in train. The decline will provide underground drill platforms to more effectively define existing deeper resources, explore for further high-grade targets and shoots, and provide critical underground infrastructure as Spartan develops its future mine plan.
Care and Maintenance (Dalgaranga)
- Mining and processing operations remained on care and maintenance, with scheduling of ongoing care and maintenance activities underway to maintain the process plant and associated site infrastructure.
Corporate
- Successful $80.0 million capital raising completed, comprising a $69.0 million Placement and Accelerated Institutional Entitlement Offer and an $11.0 million Retail Entitlement Offer.
- Mr Hansjoerg Plaggemars resigned as a Non-Executive Director, effective 30 June 2024.
- Mr David Coyne was re-appointed as an Executive Director and Joint Company Secretary, effective 1 August 2024.
- Total cash and listed company investments at 30 June 2024 of $93.8 million.
Spartan Managing Director and CEO, Mr Simon Lawson, commented:
“It’s been another huge quarter for Spartan, with a new high-grade gold discovery at the Pepper Prospect, further outstanding intercepts from across our existing deposits – including our deepest project assay to date from Never Never, which graded almost eight grams per tonne more than 1km down-hole – and a landmark $80 million capital raising that will enable us to substantially ramp-up exploration and development activities.
“Our drilling throughout the Quarter has continued to reinforce our ability to deliver high-grade ounces in front of Dalgaranga’s existing infrastructure.
“The new Pepper discovery has provided plenty of excitement for our geology team, delivering a new zone of high-grade Never Never-style mineralisation in between the existing Never Never and Four Pillars deposits, with the discovery hole returning an intercept of 17.52m grading 15.86g/t gold, including 9.22m grading 27.89g/t.
“Since first announcing the discovery in mid-April, we have had a drill rig continuously turning at Pepper, with the Company on-track to deliver a maiden Mineral Resource Estimate for the deposit as part of our scheduled mid-year Resource update for Dalgaranga. This Resource update will also include inaugural estimates for the Four Pillars and West Winds deposits, as well as updates for both Never Never and Sly Fox.
“All of the drill results reported during the Quarter were returned from steeply-dipping deposits along a single, 800m-long stratigraphic horizon, with planning now complete for the development of an exploration drill drive to provide underground drill platforms to better target this zone. We expect to be in a position to commence construction of this drill drive during the September Quarter, positioning the Company for plenty of exciting drilling in the second half of the year.
“Development of this drill drive, as well as our ongoing exploration and development programs, will be underpinned by the highly successful $80 million capital raising completed during the Quarter. This raising was well supported both by institutional and retail investors and I would like to sincerely thank all shareholders who participated.”
Click here for the full ASX Release
This article includes content from Spartan Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rich Checkan: Gold Still "Dirt Cheap" at All-time Highs, Buy Now if You Haven't
The gold price remains historically high, but for Rich Checkan, president and CEO of Asset Strategies International, the yellow metal is still "dirt cheap."
He urged those who haven't made allocations to gold and silver yet to consider buying now.
"We're heading into the doldrums, we're kind of consolidating here. China's off the market ... so the prices are low here — at all time-highs, the prices are low. And because western investors aren't buying coins and bars, the premiums are low," Checkan explained. "You've got the perfect storm here of low prices, low premiums — take advantage of it."
Watch the interview above for more from Checkan on gold and silver.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Dana Samuelson: Never More Bullish on Gold, Silver Can Easily Break Higher
Dana Samuelson of American Gold Exchange discussed his outlook for gold and silver prices in both the short and long term, and mentioned which physical products he recommends investors look into.
"I wouldn't be surprised to see silver make a US$5 or US$10 move from here very quickly, especially if gold can break a little above its all-time high," he explained on the sidelines of the the Rule Symposium.
He was speaking a week before gold did exactly that. Samuelson added, "If gold makes a run at a new high and gets into the US$2,500 (per ounce) range, I think silver could be US$45, US$50 (per ounce) very quickly."
Watch the interview above for more from Samuelson on gold and silver, as well as platinum and palladium
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Quarterly Activities Report for the Period Ended 30 June 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 30 June 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Remaining nine (9) assay results from Phase 1 2024 RC drilling at Ricciardo returned significant intervals of high-grade gold mineralisation, including:
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- 3m @ 22.38 g/t Au from 167m
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- 4m @ 14.49 g/t Au from 188m (RDRC039), ending in mineralisation
- 12m @ 1.91 g/t Au from 74m (RDRC040), ending in mineralisation
- 8m @ 11.40 g/t Au from 166m (RDRC041), including
- Diamond drilling program, for 29 holes and approximately 2,500m, commenced at Ricciardo and M1. Results returned after the June quarter end for the first twelve (12) diamond tails (for 770m) intersected significant gold mineralisation, including:
- 19m @ 4.94 g/t Au from 188m (RDRC039 DD) (includes contiguous final RC result of 4m @ 14.49 g/t from 188m)
- 8.9m @ 8.93 g/t Au from 156m (M1RC191 DD), including
- 2m @ 23.83 g/t from 158m
- 12m @ 6.98 g/t Au from 110m (RDRC040 DD), including
- 3m @ 22.12 g/t Au from 112m
- 16m @ 2.30 g/t Au from 243m (RDRC055 DD), including
- 6m @ 3.13 g/t Au from 252m
- 17m @ 2.38 g/t Au from 264m (RDRC055 DD) including
- m @ 4.03 g/t Au from 273m
- Results to date at Ricciardo substantially increased the known extent of the high-grade shoots beneath the historic Silverstone and Ardmore pits; confirm the presence of a (new) high-grade shoot below the Eastern Creek pit; and expand the mineralised deposit area below the Silverstone and Silverstone South area.
- Results for the first Resource infill diamond hole at M1 returned significantly higher grade than expected, confirming the high-grade extension potential at this deposit.
- Phase 2 2024 RC drilling program at Ricciardo and M1, for 25 holes and approximately 5,024m is complete. A large proportion of these RC meters are ‘pre-collars’ for the diamond tails.
- The diamond drilling program, the first at Ricciardo and M1 in over 10 years, is still ongoing and expected to be completed by mid-August.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Asset Sale Agreement pertaining to the acquisition of non-core tenements E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets) terminated, with the date for satisfaction of required conditions precedent passing.
- Cash of A$3.6 million as at 30 June 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (refer Figure 1). The total consolidated land package of the Projects is 788 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was 350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 15.2 Mt at 1.7 g/t Au for 816 koz contained gold (of which 412 koz at 1.7 g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Development Contract for Underground Exploration Drill Drive Awarded to Barminco
New drill drive to provide underground drill platforms to in-fill and extend existing deposits and identify new high-grade shoots
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to announce that it has awarded the contract for the development of an underground exploration drill drive at its 100%-owned Dalgaranga Gold Project (“DGP”), located in the Murchison region of Western Australia, to specialist underground mining services contractor, Barminco Limited, a wholly owned subsidiary of the ASX-listed global diversified mining services company Perenti Limited (ASX: PRN).
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
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This article includes content from Spartan Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Boundiali Preliminary Metallurgical Test Work Delivers Gold Recoveries up to 99%
Highlights
- Excellent Gold Recovery: Bottle roll tests on 50 samples from BDT1 confirm gold mineralization is free milling, with cyanide leach recoveries consistently exceeding 93% for samples grading 0.25 g/t gold or higher
- Oxidized Ore Excels: Oxide samples exhibit exceptional gold recoveries, averaging 97.5% and reaching a maximum of 99%
- Consistent with Expectations: The metallurgical response aligns with typical free-milling ores found in similar deposits
- Further Testing Planned: Additional metallurgical work will be conducted to establish and optimise processing flowsheets
- Well-Funded: Aurum received firm commitments for a $17M Share Placement in June with Shareholders to vote on Tranche 2 on 6 August 2024
Aurum’s Managing Director Dr. Caigen Wang said: “Preliminary gold recoveries meet our expectations and confirm gold at BDT1 is highly amenable to standard cyanide leaching. While further work is needed, these are very encouraging results.
We are well funded following a recent Share Placement and Share Purchase Plan and rapidly expanding our drilling program at Boundiali. We will have six Aurum-owned diamond rigs running from the end of August as we target delivery of an initial JORC resource for Boundiali by the end of 2024.”
Metallurgical Test Work Summary
Preliminary test work involved 50 coarse reject samples from various depths, lithologies, and oxidation states at BDT1. Samples were prepared and analysed by Intertek laboratories in Ghana.
These samples were selected from a representative range of gold grades (likely to be encountered in an open pit), lithologies and oxidation states. Samples were selected from diamond core holes drilled by Aurum at BDT1 this year and cover a subset of that prospect over a volume bounded by 300m (east to west) and 550m (south to north) and down to 328m below surface (average depth of 106m below surface).
Preparation and analysis of the samples was undertaken by Intertek laboratories in Ghana. Samples were pulverized to 85% passing 75-micron (85% of the particles are smaller than 75 microns) and then subjected to a bottle roll cyanide leach for 24 hours using the cyanide (CL1000/AA) technique with an analysis on the leach liquor to measure the leach gold grade. The residue was then filtered and analysed by 50g fire assay (FA50T/AA) to show the remaining gold (tail grade). The sum of the leach grade and the tail grade represents the calculated head grade of the original sample (total gold). The calculated gold recovery is estimated by dividing the leach grade by the total gold grade.
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This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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