ALX Resources Corp. Announces Option Earn-In Transaction and 2024 Winter Drilling Program for the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Announces Option Earn-In Transaction and 2024 Winter Drilling Program 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 an option earn-in transaction (the "Transaction") for its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. ALX has executed a binding letter agreement (the "Letter Agreement") 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 the Letter Agreement, 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 as shown in the table below.

ALX also wishes to announce a 2024 winter drilling program at Gibbons Creek of approximately 1,200 metres of diamond drilling in up to six (6) holes to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the Project. Mobilization of equipment and personnel is planned for the first week of March, with drilling scheduled to commence on or about March 7, 2024. The drilling program is expected to be completed by the end of March or early April 2024.

Details of the Option Earn-In Transaction

Trinex can earn an initial 51% participating interest, and up to a 75% participating interest 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
$50,000---
Upon signing the
Definitive Agreement
(the "Effective Date")
$50,000$250,000--
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$1,000,00051%
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$1,250,00075%
TOTALS$1,350,000$2,250,000$5,500,00075%

 

"ALX is pleased to welcome Trinex as a new partner in our Athabasca Basin uranium exploration," said Warren Stanyer, CEO and Chairman of ALX. "We look forward to forging a strong relationship between the two companies and to achieving drilling success at Gibbons Creek."

ALX and Trinex expect to negotiate a more comprehensive definitive option earn-in agreement (the "Definitive Agreement"), which will set out the definitive terms and conditions of the Transaction. The Definitive Agreement shall include such representations, warranties, covenants and conditions as are customary in connection with such agreement or otherwise required by a party. ALX and Trinex have agreed to negotiate in good faith and make reasonable commercial efforts to complete the Definitive Agreement no later than 90 days after the execution of Letter Agreement.

2024 Drilling Program

ALX has carried 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. Six (6) targets have been selected for drill testing in the 2024 winter program, totaling approximately 1,200 metres of drilling. 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) and 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).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3046/199422_b802837394b30bdc_001.jpg
 
Figure 1. Gibbons Creek Uranium Project 2024 Drilling Plan
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/199422_b802837394b30bdc_001full.jpg

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).

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 (Figure 2).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3046/199422_b802837394b30bdc_002.jpg
 
Figure 2. Gibbons Creek Uranium Project Claims and Historical Exploration
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3046/199422_b802837394b30bdc_002full.jpg

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.

To view maps and photos of Gibbons Creek,click here.

Statement of Qualified Person

Geochemical analyses on samples from ALX's 2015 drill hole described in this news release were carried out by SRC Analytical Laboratories in Saskatoon, Saskatchewan using Inductively-Coupled Plasma Optical Emission Spectrometry ("ICP") and Inductively-Coupled Plasma Mass Spectrometry ("ICP-MS") methods. Eldorado's 1979 geochemical analyses were carried out by accredited laboratories of that exploration era, which are believed to be reliable.

The technical information in this news release has been reviewed and approved by Robert Campbell, P.Geo., and Martin St-Pierre, P.Geo., each of whom are Qualified Persons 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, 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 exploration results and 2024 exploration plans at the Gibbons Creek Uranium Project, ALX's ability to continue to expend funds on its mineral exploration projects, and the successful closing of the option earn-in transaction with Trinex Minerals Limited. 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 Nine Months Ended September 30, 2023, which is available under the Company's SEDAR profile at www.sedar.com. 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/199422

News Provided by Newsfile via QuoteMedia

AL:CA
The Conversation (0)
ALX Resources Corp. Intersects Uranium Mineralization at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Intersects Uranium Mineralization at 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 an update on the 2024 winter drilling program at its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. The second and third holes of the planned 6-hole program have intersected narrow intervals of 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.

Hole GC24-02 (180 degree azimuth / -75 degree dip) 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 probe 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 Nuclear's ("Eldorado") 1979 hole GC-15 (1,520 parts per million ("ppm") uranium over 0.13 metres) (see Figure 1).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ALX Resources Corp. Announces Commencement of 2024 Winter Drilling Program at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Announces Commencement of 2024 Winter Drilling Program at 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 that a diamond drilling program has commenced at its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan. Drilling in up to six (6) holes totaling approximately 1,200 metres is planned and is anticipated to continue until the end of March 2024.

The 2024 winter drilling program at Gibbons Creek (see Figure 1) is designed to test for unconformity-type and basement-hosted uranium mineralization in the eastern area of the Project. Weather conditions are satisfactory for the mobilization of equipment and personnel and the work is proceeding as scheduled. Proximity to the community and infrastructure of Stony Rapids adds greatly to the efficiency of the exploration program.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ALX Resources Corp. Detects SGH Geochemical Uranium Anomaly at the Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Detects SGH Geochemical Uranium Anomaly at 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 receipt of results from a Soil Gas Hydrocarbon ("SGH") geochemistry survey carried out on its 100%-owned Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, SK. The SGH survey was designed to collect detailed geochemical signatures over fault structures and surface expressions of uranium where the Company previously intersected basement-hosted uranium mineralization grading 0.13% U3O8 over 0.23 metres from 107.67 to 107.90 metres in drill hole GC15-03, and over a strong radon anomaly that was detected on surface by a predecessor company in 2013.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ALX Resources Corp. Receives Results from ZTEM Airborne Electromagnetic Survey at the Hook-Carter Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Receives Results from ZTEM Airborne Electromagnetic Survey at the Hook-Carter Uranium Project, Athabasca Basin, Saskatchewan

alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has received the results of an airborne Z-Axis Tipper electromagnetic ("ZTEM™") survey flown in June 2023 at the Hook-Carter Uranium Project ("Hook-Carter", or the "Project"). Exploration at Hook-Carter is operated by Denison Mines Corp. ("Denison") and the Project is owned 80% by Denison and 20% by ALX.

About Hook-Carter

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ALX Resources Corp. Closes Final Tranche of Flow-Through Private Placement

ALX Resources Corp. Closes Final Tranche of Flow-Through Private Placement

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 the closing of the third and final tranche of a non-brokered private placement consisting of 1,143,286 flow-through units (the "FT Units") of the Company for gross proceeds of $40,015 (the "Third Tranche"). ALX sold 14,086,144 FT Units in three tranches of the private placement for gross proceeds of $493,015.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Victory Announces Private Placements

Victory Announces Private Placements

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Victory Battery Metals Corp. (CSE:VR)(FRA:VR6) (OTC PINK:VRCFF) ("Victory" or the "Company") announces today that it will undertake a non-brokered private placement of up to $500,000 by the issuance of 10,000,000 units at $0.05, each unit consisting of one share and one half a warrant. Each whole warrant entitles the holder to additional share for 2 years at a price of $0.10

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
GMV Minerals Inc. Closes Second Tranche Non-Brokered Financing

GMV Minerals Inc. Closes Second Tranche Non-Brokered Financing

GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement. The second tranche raised gross proceeds of $80,250 from the issuance of 535,000 units (the "Units") at a price of $0.15 per Unit. The total private placement raised $301,350 in gross proceeds with the issuance of 2,009,000 Units

Each Unit consists of one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.25 for a period of twelve months from the date issuance.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Lancaster Resources Acquires Piney Lake Gold Property

Lancaster Resources Acquires Piney Lake Gold Property

Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (" Lancaster" or the " Company " ) a North American critical minerals exploration company, is excited to announce the acquisition of the Piney Lake Gold Property.

Property Overview

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
NextSource Materials Provides Development Update on Battery Anode Facility in Mauritius Freeport Zone

NextSource Materials Provides Development Update on Battery Anode Facility in Mauritius Freeport Zone

NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) ("NextSource" or the "Company") is pleased to announce progress with the development of its Battery Anode Facility (BAF) in the Freeport Zone of the port of Port-Louis, Mauritius

Following a comprehensive site selection process, the Company has signed a long-term lease agreement for a site in the Freeport Zone of Port-Louis for the location of its first BAF plant. The Company has integrated engineering improvements into the plant design and initiated the environmental permitting (EIA) process.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Sirios grants Brunswick right to purchase a royalty on select claims of the Mirage Property

Sirios grants Brunswick right to purchase a royalty on select claims of the Mirage Property

The directors of Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) ("Sirios") are pleased to announce that Sirios has signed an agreement with Brunswick Exploration Inc. ("Brunswick") granting it the right to purchase a 0.5% Net Smelter Return ("NSR") held by Sirios on 8 claims that are part of Brunswick Exploration's Mirage lithium property located in Eeyou Istchee James Bay (ref. : 29082023 Press Release ).

Under the terms of the purchase agreement, Brunswick shall:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Brunswick Signs Right to Repurchases 0.5% NSR on Select Claims at Mirage

Brunswick Signs Right to Repurchases 0.5% NSR on Select Claims at Mirage

Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to announce that it signed an agreement with Sirios Resources (" Sirios ") to repurchase an existing 0.5% NSR on certain claims within the Mirage Project, located in the Eeyou Istchee James Bay region of Quebec.

Mr. Killian Charles, President and CEO of BRW, commented: "We are excitedly looking forward to the approaching release of the first wave of results from our Winter 2024 campaign at Mirage as these results will continue to demonstrate the growing exploration prospectivity at Mirage. In the interim, we have been actively working in consolidating the region and improving the economic potential of the project through various opportunities including this royalty repurchase and the transaction announced today further cements Mirage as one of the leading lithium projects in our portfolio."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×