ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has completed a second staking program at the Hydra Lithium Project ("Hydra", or the "Project") in the James Bay region of northern Quebec, Canada. ALX staked an additional 108 claims in two claim blocks known as Cobra and Viper, bringing ALX's total holding in the region to 21,746 hectares (53,734 acres). Hydra is located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum ("LCT") type pegmatites. Hydra is 100%-owned by ALX with no applicable royalties and the Cobra and Viper claims are in good standing until November 2025.
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 gold, nickel–copper–cobalt and uranium. Using the latest technologies, ALX plans and executes well-designed exploration programs and holds over 200,000 hectares of prospective properties in Saskatchewan and Ontario, Canada. Aiming for international expansion, ALX Resources also has properties in Norway, with its Draco VMS project.
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 recently acquired Firebird nickel (formerly Falcon nickel) and Flying Vee nickel-copper-cobalt projects, and the Sceptre gold project, all located in Northern Saskatchewan.
In 2019, ALX Resources acquired the Vixen gold project located in the historic Red Lake Mining District of Ontario, Canada. To date, the Red Lake Mining District has produced over 28 million ounces of gold since mines began production in 1925. Historic gold mines in the Red Lake camp include the Campbell mine, the Red Lake mine, and the Couchenour-Williams mine, which have all been multi-million ounce gold producers.
The Vixen North property lies within the Birch-Uchi greenstone belt, a geological trend located to the northeast of Red Lake. This area hosts numerous historical gold mines and is highly prospective for new showings of gold mineralization. In 2019 and 2020, high-resolution airborne magnetic surveying and site visits were conducted, which confirmed prospective geology and surface gold mineralization.
ALX Resources has demonstrated that key partnerships can increase the potential for success in the company’s primary projects. The company owns a 100 percent interest in the Firebird nickel project, which is now under option to Rio Tinto Exploration Canada Inc. Through an agreement announced in August 2020, Rio Tinto Exploration Canada can earn up to an 80 percent interest in the Firebird nickel project by carrying out C$12 million in exploration expenditures and making cash payments of $125,000 to ALX Resources.
Additionally, the company holds interests in a number of uranium exploration properties in Northern Saskatchewan, including a 20 percent interest in the Hook-Carter uranium project. Denison Mines Corp. purchased an 80 percent interest in Hook-Carter and has been operating exploration since 2016.
ALX Resources completed a diamond drilling program in the Northern Athabasca Basin, proximal to Stony Rapids, Saskatchewan. The program consisted of three holes, spanning approximately 1240 meters, atop two previously untested anomalies. In Q1, 2022 the company prepared trails and drill pads along the Zinger and Eclipse geophysical conductors, detected in historic airborne surveys.
The Hook-Carter property measures 24,262 hectares over 82 claims in the southwest part of the Athabasca Basin. Located in the prolific Patterson Lake Corridor, this region hosts new and expanding uranium discoveries, including the Triple R Deposit, Arrow Deposit and the Spitfire Zone. Drilling by Denison in 2018-2019 totaling 11,757 metres in fifteen completed drill holes exhibited the hallmarks of a widespread, intense alteration system.
In 2022, ALX Resources acquired by staking the Anchor Lithium Project located within the Meguma Terrane of central and western Nova Scotia, Canada. Anchor covers 31,808 hectares consisting of 34 mineral licences in two sub-projects known as "Drake" and "Yankee". Anchor is underexplored for lithium-bearing pegmatites and the company plans to obtain a permit for exploration from the Government of Nova Scotia Department of Energy and Mines and to consult with local landholders to allow prospecting and sampling in pursuit of lithium-bearing pegmatite intrusions.
Along with ALX Resources’ 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 the use of artificial intelligence recognition methods and other emerging science-focused exploration tools.
ALX Resources has a world-class management team with shareholders who have diverse expertise in mineral and gold exploration. The board of directors and officers of the company currently hold 8.54 million shares representing 5.67 percent of ALX’s issued and outstanding common shares. Holystone Energy Company, a private investment company, owns 25.59 million shares for a 16.98 percent interest. Dundee Corp. (TSX:DCA) and Orano Canada own 11.72 percent and 2.65 percent interests, respectively.Company Highlights
- Uses the latest technologies to execute well-designed exploration programs in their primary projects located in the stable jurisdictions of Saskatchewan and Ontario.
- 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.
- Rio Tinto Canada Exploration Inc. recognized Firebird’s potential and through an option agreement announce in August 2020 can earn up to an 80% interest for C$12.0 million in exploration expenditures and cash payments to ALX Resources totaling $125,000.
- Owns and explores properties within the Red Lake Mining District, a region that has produced over 28 million ounces of gold since mines began production in 1925.
- High-resolution airborne surveys have been completed in the Red Lake district and the company’s ground sampling programs in 2019-2020 have found gold mineralization on the Vixen gold project with samples ranging up to 23.9 g/t gold.
- Acquired by staking the Javelin Uranium Project in northern Saskatchewan, Canada with no underlying royalties.
- ALX Resources completed a drilling program in the Northern Athabasca Basin, comprising approximately 1240 meters, atop two previously untested anomalies.
- ALX Resources acquired 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 four sub-projects totalling 15,837 hectares (39,134 acres).
- ALX Resources acquired by staking the 31,808 hectares Anchor Lithium project within the Meguma Terrane of central and western Nova Scotia, Canada.
Key Projects
Firebird Nickel
Saskatchewan presents a rich mineral endowment with the presence of uranium, gold, base metals and diamonds. For example, over 1.6 million ounces of gold have been produced at the Seabee gold mine, which has been operating since 1991. Saskatchewan hosts the richest uranium mines in the world and was ranked in the world’s Top Ten mining jurisdictions in a 2021 survey conducted by the Fraser Institute.
ALX Resources has acquired 24,137 hectares at its 100-percent-owned Firebird nickel project. Firebird hosts three historical nickel-copper-cobalt deposits: Axis Lake, Rea Lake, and Currie Lake. Under the option granted by the company in 2020, Rio Tinto Exploration Canada, can earn up to 80 percent in interest in Firebird.
Strategically positioned, Firebird is located near advantageous infrastructure, including an all-weather road and airport, which are both within 10 kilometers of the property. Located proximal to the town of Stony Rapids, SK, its access to hydroelectric power offers increased efficiencies for exploration.
ALX Resources is applying modern exploration techniques at Firebird to a rare, undeveloped magmatic nickel sulfide deposit. In October 2019, high-grade nickel ranging up to 3.13 percent was located in surface rock samples from ALX’s first site visit. Soil and lake sediment samples collected in 2019 and 2020 showed coincident nickel and copper anomalies over an airborne conductor. These findings increased investor interest in ALX’s exploration endeavours, which eventually led to the option deal with Rio Tinto Exploration.
During the Firebird winter drilling program in 2020, three holes were drilled totaling 600 meters. Nickel-copper mineralization was intersected in two of the three holes, which are promising results for the expansion of this project. Summer 2020 exploration plans resulted in sampling at the Wiley Lake Nickel Showing. ALX collected two core samples and four additional grab samples. The six samples returned between 0.04 and 2.43 percent nickel and between 0.01 and 0.43 percent copper. At the JJ gold showing, ASX’s samples returned values ranging up to 879 ppb gold.
ALX received permits for its 2021 exploration program that included ground surveys and diamond drilling. In partnership with Rio Tinto, the company completed the drilling program on August 3, 2021. The permit remains effective until September 2022.
Vixen Gold
The 100 percent owned Vixen gold project is located in the Red Lake Mining District of Ontario and consists of three sub-projects totaling 10,069 hectares staked within the Birch-Uchi greenstone belt, approximately 60 kilometers east of the town of Red Lake, Ontario. The jurisdiction is favourable for exploration, with winter access to Vixen North and a series of roads leading directly to the Vixen South property.
Using the latest imaging technology, ALX carried out a high-resolution airborne magnetic and VLF-EM survey that has collected preliminary data defining an approximate 3,000 meter-long high magnetic trend in conjunction with the newly-identified Vulpin Zone. Additional samples were collected in October 2020 along the iron formation associated with gold mineralization that was mapped in August 2020. ALX’s 2020 rock sampling at the Vulpin Zone showed values of up to 8.41 g/t gold.
Other prospecting targets at Vixen include detailed follow-up of gold mineralization found within a fluorite occurrence southeast of the Vulpin Zone that may represent a genetic phase of porphyry-hosted gold deposition. Recent sampling at the Dickenson Zone located rock samples ranging up to 17.7 g/t gold.
Flying Vee Nickel Project
Like the Firebird nickel project, the Flying Vee nickel project in Saskatchewan is highly-prospective for nickel-copper-cobalt, and hosts a gold showing. Flying Vee is located north of Stony Rapids in an underexplored district with high potential for discovery. With neighboring projects held by companies like Kobold Metals and UEX Corporation, a staking rush occurred in the Spring of 2019. In July 2020, ALX was the first company since 1988 to prospect the Day Lake gold showing at Flying Vee, and samples up to 8.34 g/t gold were found.
Gibbons Creek Uranium
ALX Resources completed a diamond drilling program in the Northern Athabasca Basin, near Stony Rapids, SK. The program comprised three holes, completed for a total of approximately 1240 meters, atop two previously untested anomalies. In March 2022 the company prepared trails and drill pads along the Zinger and Eclipse geophysical conductors, detected in historic airborne surveys.
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 metres. Follow-up drilling in the area will be dependent upon the interpretation of the pending geochemical results.
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 metres. Geochemical analysis of the samples collected over these horizons will help to determine the significance of these peaks. The basement rocks included variably garnetiferous psammitic to psammo pelitic gneiss, quartz-feldspar rich units of unknown origin, and garnet-rich pelitic gneiss. Follow-up drilling will depend on interpretation of the pending geochemical results.
Management Team
Warren Stanyer - Chairman and CEO
Warren Stanyer has over 24 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. Stayner 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. Currently, 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
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.
Sierd Eriks – Technical Advisor
Sierd Eriks has worked in mineral exploration for over 35 years, with a focus on uranium exploration for the past two decades. From 1979 to 1998, he gained geological and managerial experience with major mining companies, including Saskatchewan Mining and Development, now Cameco, Falconbridge, Noranda Exploration, and Cogema Resources, now Orano Canada, working in base metals, gold, platinum group metals, and uranium exploration.
In 1999, he became a consulting geologist and worked on numerous uranium exploration programs in the Athabasca Basin. Prior to joining ALX, he was vice president of exploration with UEX from 2007 to 2014. In this position, Eriks managed projects with annual exploration budgets of up to C$29 million, and directed drilling programs leading to the establishment of mineral resources for three uranium deposits in the eastern Athabasca Basin in Northern Saskatchewan.
Christina Boddy – Corporate Secretary
Christina Boddy is a member of the Canadian Society of Corporate Secretaries and has acted as corporate secretary for a number of public companies in recent years. Boddy worked at Levon Resources, Nevada Sunrise Gold, Aton Resources, and Resinco Capital Partners during her tenure. Boddy acts as a consultant to public and private companies, through Rhodanthe Corporate Services, a private company based in BC.
David Quirt – Technical Advisor
David 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. His applied science career has been primarily in economic geology, in areas such as uranium, diamonds, gold, base metals, rare earth elements (REE), uranium deposit metallogenesis, geochemistry, and host-rock alteration mineralogy. Throughout his career, Quirt has been a highly-sought speaker at numerous scientific conferences and corporate presentations. He has authored and co-authored technical reports, journal papers, and conference-extended abstracts resulting from his extensive science work.
ALX Resources Corp. Stakes Additional Claims at the Hydra Lithium Project in Quebec
Highlights of ALX's 2022 Exploration Activities at Hydra
- Cobra and Viper were staked after further geological assessment of the area, which targeted discrete greenstone formations that have potential to host LCT-type pegmatites;
- ALX performed site visits on four sub-projects (Volta, Sprite, Nike and Echo) at Hydra in October 2022. The helicopter-assisted reconnaissance prospecting was successful in locating pegmatite bodies in several locations, despite the onset of poor weather conditions limiting the scope of the program;
- Samples were submitted to SGS Canada Inc. for multi-element analysis including lithium, cesium, and tantalum. Results are expected in December 2022 and will be released following their receipt, compilation and interpretation.
ALX's Hydra Lithium Project claims in the James Bay Region, Quebec
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2022-2023 Exploration Plans
Compilation of historical data related to Hydra and other areas in the region that are prospective for LCT pegmatites is ongoing. Following receipt of the results of the 2022 prospecting, ALX is planning a high-resolution magnetic, radiometric, and photogrammetric survey in early 2023 to provide additional geophysical, topographic, and aerial visual information to aid in the location and mapping of pegmatite bodies. In the 2023 field season, follow-up geological and geochemical surveys are planned across the highest-priority areas in order to delineate potentially lithium-bearing pegmatite dykes and sills and to optimize resultant drill targets.
To view maps and more information on Hydra, visit our website at: https://alxresources.com/hydra-lithium/.
About Hydra
Hydra now consists of six sub-projects totaling 21,746 hectares (53,734 acres) known as Volta (4,806 ha.), Echo (5,537 ha.), Nike (2,056 ha.), Sprite (3,438 ha.), Cobra (4,249 ha.) and Viper (1,280 ha.), all located within a fertile mineral exploration district that is known to host the following existing lithium deposits:
- James Bay Lithium - (Indicated Mineral Resource: 40.33 million tonnes grading 1.4% Li2O), owned by Allkem Limited;1
- Rose - (Probable: 26.3 million tonnes grading 0.87% Li2O and 138 ppm Ta2O5), owned by Critical Elements Lithium Corporation;2
- Whabouchi - (Measured + Indicated "in Pit" Mineral Resource: 37.356 million tonnes grading 1.48% Li2O), owned by Livent Corporation and Investissment Québec.3
1 Preliminary Economic Assessment, NI 43-101 Technical Report, James Bay Lithium Project Ontario Canada, by G Mining Services, March 8, 2021
2 Rose Lithium-Tantalum Project Feasibility Study NI 43-101 Technical Report, by Simon Boudreau, P.Eng., May 27, 2022
3 NI 43-101 Technical Report on the Whabouchi Lithium Mine and Shawnigan Electrochemical Plant, by Met-Chem et al, November 7, 2018
ALX believes that Hydra is underexplored for LCT pegmatites because of the high prospectivity of the region, as suggested by the Corvette Lithium Deposit, and due to the fact that the historical focus of exploration in the James Bay Region has been on gold and base metals. The James Bay Hydroelectric Project (total investment by Hydro-Québec is estimated at greater than CAD$16 billion since the early 1970s) has created infrastructure for mineral exploration in the form of several all-weather roads, including the Trans-Taiga Road. Serviceable airstrips are located in the vicinity providing aircraft support capability for Hydra.
NationaI Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by John Charlton, 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.
Mineral resource information from lithium deposits in the James Bay region quoted in this news release were taken directly from publicly available disclosure. Management cautions that historical results were collected and reported by operators unrelated to ALX and have not been verified nor confirmed by its Qualified Person but create a scientific basis for ongoing work in the Hydra 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, which include uranium, lithium, 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 Canadian 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's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project,the Sabre 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 owns 100% interests in lithium exploration properties staked in 2022 known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, and a 100% interest in the Anchor Lithium Project, located in Nova Scotia.
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 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, 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
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 2022-2023 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 and Metis communities and the results of such consultations;and economic, competitive, governmental, societal, public health, 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, 2022, 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
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ALX Resources Corp. Closes Second Tranche of 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") is pleased to announce the closing today of the second tranche of its previously announced non-brokered private placement (see ALX news release dated October 24, 2022) consisting of 6,125,000 non flow-through units (the "NFT Units") of the Company for gross proceeds of $245,000 (the "Second Tranche").
The NFT Units were sold at a price of $0.04 per NFT Unit consisting of one common share and one-half of one common share purchase warrant. One whole common share purchase warrant from the NFT Units entitles the holder to purchase one common share of the Company at a price of $0.075 for a period expiring 36 months following closing of the First Tranche, that date being November 17, 2025.
No finder's fees were paid for securities sold in the Second Tranche. All securities issued in the Second Tranche will be subject to a resale restriction expiring March 18, 2023, in accordance with applicable securities regulations. The proceeds from the sale of NFT Units will be used as follows:
- Accounting and Audit fees - 11%
- Insurance - 13%
- Legal Fees - 11%
- Office and General - 43%
- Transfer Agent and Filing Fees - 22%.
The Company anticipates the closing of the third and final tranche of the non-brokered private placement to occur on or about November 21, 2022.
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, which include uranium, lithium, 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 Canadian 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's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project,the Sabre 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 owns 100% interests in four lithium exploration properties staked in September 2022 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, and a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada.
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 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, 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 Corp. Locates Pegmatites at the Hydra Lithium Project in Quebec
ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has completed a reconnaissance prospecting program at the Hydra Lithium Project ("Hydra", or the "Project") in the James Bay region of northern Quebec, Canada. Hydra consists of 306 mineral claims in four sub-projects totalling 15,837 hectares (39,134 acres), located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum ("LCT") type pegmatites. Hydra is 100%-owned by ALX with no applicable royalties and the newly-staked claims are in good standing until September 2025.
Highlights of ALX's Hydra Prospecting Program
- ALX performed site visits on all four sub-projects (Volta, Sprite, Nike and Echo) at Hydra beginning in mid-October 2022. The helicopter-assisted reconnaissance prospecting was successful in locating pegmatite bodies in several locations, despite the onset of poor weather conditions that limited the scope of the program;
- The Volta and Sprite projects were interpreted by our experienced field team to host the most prospective geology visited during the program. Pegmatite rocks sampled on these two projects may be lithium-bearing pending laboratory analyses;
- Samples were submitted to SGS Canada Inc. for multi-element analysis. Results are expected in December 2022 and will be released following their receipt, compilation and interpretation.
ALX prospecting team sampling outcropping pegmatite at the Sprite Project, Oct. 2022
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ALX's Hydra Lithium Project claims and infrastructure in the James Bay Region, Quebec
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2022-2023 Exploration Plans
Following receipt of the results of the 2022 prospecting, ALX is planning a high-resolution magnetic and radiometric survey in early 2023 to provide additional geophysical information regarding structure and extent of pegmatite bodies. In the 2023 field season, follow-up geochemical and geological surveys are planned across the highest-priority areas in order to map out lithium-bearing pegmatite dykes and sills and optimize potential drill targets.
To view maps and more information on Hydra, visit our website at: https://alxresources.com/hydra-lithium/
About Hydra
Hydra consists of four sub-projects totaling 15,837 hectares (39,134 acres) known as Volta (4,806 ha.), Echo (5,537 ha.), Nike (2,056 ha.), and Sprite (3,438 ha.), all located within a fertile mineral exploration district that is known to host the following existing lithium deposits:
- James Bay Lithium - (Indicated Mineral Resource: 40.33 million tonnes grading 1.4% Li2O), owned by Allkem Limited;1
- Rose - (Probable: 26.3 million tonnes grading 0.87% Li2O and 138 ppm Ta2O5), owned by Critical Elements Lithium Corporation;2
- Whabouchi - (Measured + Indicated "in Pit" Mineral Resource: 37.356 million tonnes grading 1.48% Li2O), owned by Livent Corporation and Investissment Québec.3
1 Preliminary Economic Assessment, NI 43-101 Technical Report, James Bay Lithium Project Ontario Canada, by G Mining Services, March 8, 2021
2 Rose Lithium-Tantalum Project Feasibility Study NI 43-101 Technical Report, by Simon Boudreau, P.Eng., May 27, 2022
3 NI 43-101 Technical Report on the Whabouchi Lithium Mine and Shawnigan Electrochemical Plant, by Met-Chem et al, November 7, 2018
ALX believes that Hydra is underexplored for LCT pegmatites because of the high prospectivity of the region, as suggested by the Corvette Lithium Deposit, and because the historical focus of exploration in the James Bay Region has been on gold and base metals. The James Bay Hydroelectric Project (total investment by Hydro-Québec is estimated at greater than CAD$16 billion since the early 1970s) has created infrastructure for mineral exploration in the form of several all-weather roads, including the Trans-Taiga Road. A working airstrip is located central to Hydra.
Exploration success has been realized by several junior exploration companies in the James Bay region where ALX has staked the Hydra claims, most notably by Patriot Battery Metals Inc., which has reported highly-significant lithium drill intersections in 2022 from their flagship Corvette Lithium Property.
NationaI Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by John Charlton, 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.
Mineral resource information from lithium deposits in the James Bay region quoted in this news release were taken directly from publicly available disclosure. Management cautions that historical results were collected and reported by operators unrelated to ALX and have not been verified nor confirmed by its Qualified Person but create a scientific basis for ongoing work in the Hydra 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, which include uranium, lithium, 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 Canadian 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's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project,the Sabre 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 owns 100% interests in four lithium exploration properties staked in September 2022 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada.
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 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, 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
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 2022-2023 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 and Metis communities and the results of such consultations;and economic, competitive, governmental, societal, public health, 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 Six Months Ended June 30, 2022, 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/144096
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ALX Resources Corp. Samples 1.11% Nickel at the Flying Vee Nickel Project, Northern Athabasca Basin Area, Saskatchewan
ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that recent surface sampling at the Flying Vee Nickel Project ("Flying Vee", or the "Project") performed as follow up to a 2022 airborne electromagnetic ("EM") survey has returned values of up to 1.11% nickel and 0.42% copper from a historical trench located over a newly-identified EM conductor. Flying Vee is located in the Athabasca region of northern Saskatchewan approximately 25 kilometres (16 miles) north of Stony Rapids, Saskatchewan, Canada.
Highlights of 2022 Flying Vee Prospecting and Sampling Program
- In April and May 2022, Geotech Ltd. carried out a leading-edge, helicopter-borne versatile time domain electromagnetic ("VTEMTM Max") survey and a horizontal magnetic gradiometer geophysical survey over the northern and western part of Flying Vee, totaling 1,267 line kilometres;
- ALX subsequently carried out a prospecting program in September 2022 to ground-truth EM conductors detected in the 2022 airborne survey, numbered from 1 to 7, some of which consist of multiple segments, i.e., 1-A;
- Along the Conductor 6 trend in the Nickel Lake East area, the ALX team re-located a series of trenches last reported by historical explorers in 1964. No work appears to have been performed there for over 50 years. Two oxidized sulphidic grab samples were collected from a trench located along the 6-D conductor trend, of which one sample returned 1.11% nickel, 0.42% copper and 0.05% cobalt;
- A review of historical assessment records from the Saskatchewan Ministry of Energy and Resources led to the realization that drilling performed in 1964 in the Conductor 6 area was mis-labelled as to its location, which propagated further errors in subsequent exploration work and explains the lack of modern follow-up in the Nickel Lake East area;
- ALX's computer modeling of Conductor 6 shows that none of the thirteen 1964 drill holes intersected the main body of the 2022 EM conductor now fully-imaged by modern geophysical tools, despite five of the drill holes intersecting modest values of nickel, with the highest values in Hole #3 grading up to 0.89% nickel and 0.32% copper over 0.76 metres.
Flying Vee cross-section model of Conductor 6 with 1964 shallow drill holes
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2022 Flying Vee VTEM Max Anomalies and Mineral Showings
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Close-up of sample from historical trench at Conductor 6-D (1.11% Ni, 0.42% Cu)
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To view maps and photos of Flying Vee, visit our website at: Flying Vee Nickel Project - ALX Resources
ALX's Exploration Plans at Flying Vee
In order to efficiently focus future surface exploration, further investigation of the EM-associated and magnetic anomalies detected by the 2022 VTEM survey is recommended, consisting of the following:
- Computer modelling is underway on all significant EM anomalies to better define their depth, size and character;
- Ground geophysical surveys such as magnetics and/or induced polarization to follow-up geophysical anomalies that might require additional survey work to optimize their location, depth and morphology;
- Ground prospecting and geochemical sampling/mapping on target anomalous areas interpreted from airborne and/or ground geophysical surveys;
- Helicopter-assisted diamond drilling to test the best targets developed from the above exploration techniques.
About the Flying Vee Project
Flying Vee is comprised of 25 claims totaling 34,588 hectares (85,467 acres) located approximately 25 kilometres (16 miles) north of Stony Rapids. The Project lies within the Tantato Domain, otherwise known as the East Athabasca Mylonite Triangle, which forms a segment of the Snowbird Tectonic Zone. Numerous mineral showings are found within and near Flying Vee, including the on-property Reeve Lake Nickel and Nickel Lake showings, and the off-property Axis Lake nickel-copper deposit ("Axis Lake") located approximately 5 kilometres (3 miles) to the south within ALX's 100%-owned Firebird Nickel Project, now under option to Rio Tinto Exploration Canada Inc.
Two main periods of historical exploration by several exploration companies occurred at Flying Vee from 1956 to 1988 and from 2007 to 2009, consisting of prospecting and mapping, trenching, airborne and ground geophysical surveys, and diamond drilling. Several trenches were completed between 1957 and 1962 in the eastern part of the Project area south of Nickel Lake that outlined norite-hosted nickel-copper mineralization at surface. Thirteen shallow diamond drillholes were completed in 1964 with the best result in Hole #3, which returned 0.89% nickel and 0.32% copper over 0.76 metres from 11.59 to 12.38 metres. ALX terms this area as the "Nickel Lake East" showing.
In 1968, a gossan zone was discovered at Day Lake within the current Project area, which hosted disseminated pyrite and arsenopyrite mineralization that returned 0.14 oz/ton (4.80 grams/tonne) gold over 1.5 metres, including a selected grab sample assaying 0.81 ounces/ton (27.77 grams/tonne) gold. Diamond drilling was carried out in the Day Lake area in 1986, intersecting anomalous gold and silver mineralization.
Airborne geophysical surveys completed by Strongbow Exploration Inc. ("Strongbow") in 2007 and 2008 detected a favorable conductive zone with a coincident magnetic anomaly at the Nickel Lake West Showing. In 2008, Strongbow tested the Nickel Lake West anomaly with drillhole NL08-01, intersecting semi-massive pyrrhotite along with chalcopyrite and rare pentlandite that returned 1.89% nickel, 0.96% copper, and 0.11% cobalt over a 0.80 metre interval from 80.15 to 80.95 metres (downhole drill depths).
National Instrument 43-101 Disclosure
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 NI 43-101. Management cautions that some of the technical information described in this news release is historical in nature and is taken directly from assessment work filings published by the Government of Saskatchewan. However, this historical information is deemed credible and was produced by professional geologists in the years discussed. 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.
Rock grab samples collected from Flying Vee in the fall of 2022 were submitted to the Saskatchewan Research Council's Geoanalytical Laboratories in Saskatoon, Saskatchewan for a complete suite of trace element analyses, including both total and partial digestions, and whole rock analyses utilizing lithium metaborate fusion. Complete results for all of the requested analyses are pending. The nickel, copper and cobalt results reported herein were derived by 4-acid total digestion of a 0.125 gram pulp followed by inductively coupled plasma-optical emission spectrometry (ICP-OES) analysis.
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, which include uranium, lithium, 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 Canadian 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's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project,the Sabre 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) acting as operator of exploration since 2016.
ALX owns 100% interests in four lithium exploration properties staked in September 2022 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, and a 100% interest in two exploration lithium exploration properties known as the Anchor Lithium Project in Nova Scotia, Canada.
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 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, 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
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 statements regarding ALX's initial observations from 2022 geophysical and geological exploration programs at the Flying Vee Nickel 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, Metis communities and other stakeholders in the region;and economic, competitive, governmental, societal, public health, weather-related, 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 Six Months Ended June 30, 2022, 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/143436
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ALX Resources Corp. Invites You to Join Us at the Red Cloud Fall Mining Showcase 2022
ALX Resources Corp. (TSXV: AL) is pleased to announce that the company will be presenting at Red Cloud's 2022 Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel from November 9-10, 2022.
Warren Stanyer will be presenting on November 9th at 3:20pm Eastern Standard time.
For more information and/or to register for the conference please visit: https://redcloudfs.com/fallminingshowcase2022/.
We look forward to seeing you there.
For further information:
ALX Resources Corp.
Roger Leschuk
6046290293
rleschuk@alxresources.com
www.alxresources.com
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B2Gold Targets 30% Reduction in GHG Emissions by 2030 and Announces Expansion of the Fekola Solar Plant
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") is pleased to announce that the Company has set a target to reduce its Scope 1 and 2 greenhouse gas ("GHG") emissions by 30% by 2030 against a 2021 baseline.
As a Company, B2Gold recognizes that climate change is a critical global challenge and understands that it must act accordingly. B2Gold has been an innovative leader within the mining industry with respect to the management of sustainability issues and this commitment to GHG emissions reduction forms a key part of our Climate Strategy, incorporating climate management as a part of its business strategy and planning process.
B2Gold's Climate Strategy for contributing to global climate change action contains the following objectives:
- Identify and understand our climate risks (physical and transitional) and incorporate mitigation measures to make the Company more resilient as society transitions to a low-carbon economy.
- Establish and report progress against science informed emissions reductions targets, including maintaining an updated GHG emissions inventory (Scope 1, 2 and 3 emissions).
- Evaluate and implement changes to our energy and fuel sources to increase the proportion of renewable energy used in our operations.
- Continuously improve our disclosure on our climate risk management performance, to align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
In order to achieve the Company's GHG emission reduction target, B2Gold is pursuing initiatives to increase the proportion of renewable energy sources, electrify operations, and improve energy efficiency. B2Gold is proud to be an industry leader in the implementation of renewable energy solutions to actively manage our emissions. B2Gold's Otjikoto and Fekola operations both maintain fully autonomous hybrid power plants consisting of 5.8 megawatt ("MWac") and 30 MWac solar installed capacity, respectively.
B2Gold is also pleased to announce the expansion of its Fekola solar plant, which is currently in the detailed design stage. The Fekola solar plant expansion is expected to increase solar power capacity by 22 MWac, reduce GHG emissions by approximately 24,000 tonnes per year and reduce heavy fuel oil consumption by an average 7.6 million liters per year. Construction of the Fekola solar plant expansion project is expected to begin in the third quarter of 2023 and is estimated to be complete in the third quarter of 2024.
Since 2016, B2Gold has reported annually on climate risk management in our Responsible Mining Report and in 2021 the Company released its inaugural Climate Strategy Report. Additional information regarding B2Gold's climate risk management and our Environmental, Social and Governance risk management and performance is available at www.b2gold.com .
About B2Gold Corp.
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous exploration and development projects in various countries including Mali, Colombia, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 30, 2022 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; and including, without limitation: projected gold production, cash operating costs and AISC on a consolidated and mine by mine basis in 2023; total consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023; the Company reducing its GHG by 30% by 2030 against a 2021 baseline; the Fekola solar plant expansion increasing solar power capacity by 22 MWac, reducing GHG emissions by approximately 24,000 tonnes per year and reducing heavy fuel oil consumption by an average 7.6 million liters per year; and construction of the Fekola solar plant expansion project beginning in the third quarter of 2023 and completing in the third quarter of 2024. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedar.com and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
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Mink Ventures' Exploration Progress from Its Montcalm Ni-Cu-Co Project
Further, historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response (ex. Hole MAC9731 see Fig.2). Numerous magnetic targets of this nature are present on Mink's claims both within the Hook Zone and across the southern portion of the property representing valid exploration targets.
Mink's claims cover very prospective geology including approximately 10 square km of the gabbro phase of the Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm mine (see Fig.1- light blue unit). Mink's project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration. The Company has 14,928,257 shares outstanding.
Qualified Person
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.
FIGURE 1: MONTCALM GABBRO COMPLEX GEOLOGY
FIGURE 2: COMPILATION MAP - MAGNETICS, HISTORIC DRILL HOLES & TARGET AREAS
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for battery metals (nickel, copper, cobalt) at its Montcalm project, which covers approximately 40 km2 adjacent to Glencore's former Montcalm Mine which had historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co. (Ont. Geological Survey, Atkinson, 2010. The project has excellent access and infrastructure with an all-weather access road and power as well as its proximity to the Timmins Mining Camp. The Company has 14,928,257 shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E: ndixon@minkventures.com or Kevin Filo, Director, T: 705-266-6818 or visit www.sedar.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, but not limited to, statements with respect to the common shares beginning trading on the TSXV. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and Mink disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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.
