ALX Resources Corp. Completes Prospecting Program at McKenzie Lake Uranium Project

ALX Resources Corp. Completes Prospecting Program at McKenzie Lake Uranium Project

alx resources corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the completion of a surface prospecting program in October 2023 at its 100%-owned McKenzie Lake Uranium Project ("McKenzie Lake", or the "Project") located in the southeastern Athabasca Basin area of northern Saskatchewan, Canada.

McKenzie Lake 2023 Prospecting Program

The purpose of the 2023 prospecting and mapping program was to follow up on the results of ALX's 2021 airborne radiometric survey that had detected a highly-anomalous uranium signature that was determined to be related to uranium mineralization in a basement derived boulder ("Boulder #1") discovered in an initial site visit (2021) to McKenzie Lake (see ALX news release dated September 21, 2023).

Access to the Project in October 2023 was gained by helicopter and supported a three-person geological crew for prospecting. Weather conditions limited the amount of field work that could be completed; however, the crew was able to spend all or portions of 6 days prospecting in the discovery area of Boulder #1 and several other target areas identified from the 2021 airborne radiometric survey. Boulders or outcrops of interest were sampled and measured for radioactivity with a hand-held RS-125 Super-SPEC gamma-ray spectrometer (RS-125), which displays radioactivity in counts per second ("cps").

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Photo 1: Boulder #1, relocated and excavated in October 2023, measured >6,000 cps

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Sample 149616, collected in 2021 from Boulder #1, is interpreted from the geochemical assay results to be derived from a calcareous arkose or possibly calc-silicate rock that forms part of the Wollaston Domain metasediments. The geochemical results from sample 149616 returned 844 parts per million ("ppm") uranium (total digestion) with a corresponding uranium assay of 0.101% U3O8. The 2023 prospecting program revisited this boulder sample and excavated the overburden cover over the boulder to gain a better understanding of the nature of this occurrence. This revealed that it was a much larger boulder than originally suspected from the 2021 prospecting program - the boulder is approximately 0.4 by 0.6 metres in top surface area and least 30 centimetres thick.

The excavation of Boulder #1 also revealed that the uranium mineralization is associated with hydrothermal hematite alteration and a light yellowish-green alteration that is believed to be a secondary hydrothermal alteration that is often associated with uranium mineralization (Photo 2). Furthermore, it was observed that the boulder is very angular, which indicates that it has probably not moved very far from the original bedrock source.

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Photo 2: Sample collected in 2023 from Boulder #1 that shows light yellowish-green alteration and red hematite alteration that is associated with the uranium mineralization

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A second highly-radioactive boulder (Boulder #2), which measured between 4,000 and 16,000 cps on the RS-125, was discovered in another target area that was prioritized for follow-up because of an anomalous radiometric response detected in the 2021 airborne radiometric survey. Boulder #2, discovered beneath overburden cover, is located approximately 2.4 kilometers west-southwest of Boulder #1. The boulder is a dark red (hematite altered) pegmatitic syenite and approximately 1.2 x 1.2 metres in surface area. The angular to sub-angular shape of the boulder suggests that it has not been transported very far from its original bedrock location (Photo 3).

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Photo 3: Site of Boulder #2, discovered and excavated in October 2023, measured 4,000 to 16,000 cps

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Syenite, generally a type of igneous rock but less commonly also known to have a metasomatic origin, is host to uranium mineralization in Saskatchewan at the historic Gunnar Mine near Uranium City, SK. Most of the uranium deposits in the Beaverlodge (Uranium City) district in northern Saskatchewan are located within or adjacent to 'granitic' (sensu lato) rocks. While some workers classify them as granite-related uranium deposits (Chi et al., 2020), other workers have called them "vein uranium deposits" (Ruzicka, 1993), "metasomatic deposits" (IAEA, 2009), and "structure-bound deposits" under the class of "metamorphite deposits" (IAEA, 2018).

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Photo 4: Boulder #2 is a hematized syenite with a measured radioactivity of up to 16,000 cps

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Samples taken during the 2023 prospecting program were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK ("SRC") for geochemical analysis. Results will be released following their receipt, compilation and interpretation.

Recommendations for further work at McKenzie Lake include:

  • Additional prospecting to locate boulders (or more ideally outcrop and/or subcrop) of similar rock types and alteration to the radioactive boulders found to date. Contingent upon these results, the most prospective areas for follow-up work can be established, including but not limited to, targeted geological mapping, airborne and ground geophysical surveys, and geochemical surveys to identify potential drill targets;
  • Geochemical orientation surveys of surficial materials to determine whether there may be a response associated with the anomalous radioactive boulders. If the geochemical orientation survey results are positive a more detailed surficial materials geochemical survey could be completed to aid in identification of bedrock sources of the uranium mineralization that has been identified in boulders;
  • Compilation of previous work, including soil or till samples, lake sediment samples, and rock sample geochemical results;
  • Identification of the most prospective areas for follow-up work based upon compilation of historical data and ALX's more recent work; and
  • Establish glacial ice directions using available historical data, field data, and high-resolution air photo or satellite photo observations.

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McKenzie Lake Project

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About McKenzie Lake

McKenzie Lake (5 claims totaling 6,916 hectares, or 17,097 acres) is located in an emerging uranium exploration district in the southeast Athabasca Basin area after new discoveries by Baseload Energy Corp. and 92 Energy Limited in 2021-2022. ALX acquired McKenzie Lake in the fall of 2021 by staking, and by the purchase of three McKenzie Lake claims totaling 2,464 hectares (6,098 acres), which are subject to a 2.0% underlying royalty in favour of the arm's length vendor.

A high-resolution airborne magnetic and radiometric survey at McKenzie Lake flown in 2021 by Special Projects Inc. of Calgary, AB, provided detailed geophysical information on the geological structures present on the Project and identified radiometric "hot spots" for future investigation. ALX subsequently employed artificial intelligence analysis provided by KorrAI of Halifax, NS, to assist in the selection of target areas for surface prospecting at McKenzie Lake.

For further information on McKenzie Lake click here.

NationaI Instrument 43-101 Disclosure

Geochemical analyses carried out in 2021 by SRC consisted of Multi-element ICP-OES Total Digestion and ICP-MS Partial Digestion analyses, and uranium assay analysis (U3O8). Management 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.

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 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 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 2023 exploration results and future exploration plans at the McKenzie Lake Uranium Project, and ALX's ability to continue to expend funds on those 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 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 Six Months Ended June 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/186506

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

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QX Resources Ltd  Large Basin Confirmed in Drillholes at Liberty Lithium Brine

QX Resources Ltd Large Basin Confirmed in Drillholes at Liberty Lithium Brine

Perth, Australia (ABN Newswire) - QX Resources Limited (ASX:QXR) can confirm that the Liberty Lithium brine project in California, USA, is a large brine basin with numerous brine aquifers, shown in downhole sampling and geophysics in the second hole of the Company's two-hole diamond drill program (Table 1*).

- Drilling and geophysics indicate the existence of a large brine basin at Liberty Lithium Brine Project USA, with brine intersected over 400 m vertically.

o Geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada, with encouraging initial lithium assay results, aquifers and salinity.

- Lithium brine specialists have proposed additional drilling to intersect deep lithium brines in the centre of the basin, in a more favourable setting, further west of recent drilling.

- Discussions continue with various USA based battery supply participants who are keen to work with potential new lithium developers within the USA, including with Stardust who aim to IPO in June.

- QXR and IG Lithium Option Agreements are being amended to facilitate undertaking further drilling.

- QXR aims to provide an update soon on progress with gold exploration in Queensland.

Porous conglomerates saturated with brines were intersected beneath fine grained lake sediments with sandy layers. The geology intersected is very encouraging as it is similar to the producing sequences of Clayton Valley Nevada, where Albemarle's producing lithium brine deposit is located. Detailed downhole geophysics together with initial downhole brine sampling (packer sampling) shows increasing salinity with depth, together with large brine volumes, both encouraging for discovering a potentially economic lithium brine deposit in the properties.

Although the maximum lithium assay values were 50mg/l Li over 15 metres near the base of hole #2 (Table 2*), the salinity and conductivity increased with depth, at levels similar to known producers. Ingress of fresh water into the aquifers may explain the lower lithium values in drill holes #1 and #2 being located close to a range front fault on the edge of the basin. These initial holes were located near the edge of the basin in part for logistics and access reasons as well as the surface lithium anomaly.

Hole #2 also intersected thick porous brine horizons - critical for future success- which is considered encouraging, together with the geological similarity to Clayton Valley NV (Albemarle's Silver Peak mine). These similarities include basal porous conglomerate units containing brine beneath finer grained lake sediments.

However, the best producing horizons at Clayton Valley are tuff units within the sediment package which have not been intersected in drillholes to date, but which outcrop 4km to the southwest of hole #2 (Figure 4*).

Results were analysed by external lithium brine specialists to produce interpretations, including the globally recognised Hydrominex Geoscience Consulting. Lithium brine specialists have advised additional drilling is required to potentially intersect deep lithium brines in the centre of the basin, further west of drilling undertaken by QXR, based on lab results to date.

QXR Managing Director, Stephen Promnitz, said: "QXR has defined a new large scale brine basin, saturated with brines, at the Liberty Lithium Brine Project. A large near-surface brine field with lithium potential is rare to date in the USA. The geological setting, with conglomerates loaded with brines, is similar to Albemarle's producing deposit. We are yet to find tuff horizons similar to Clayton Valley, which are the best brine aquifers - although they do outcrop nearby, suggesting they may exist within the basin. Surface and downhole geophysics make it compelling for further drilling to the west, in the centre of the basin under deeper sediments, which may intersect higher grade lithium brine, compared to the drilling to date."

Next Steps

Applications for further drillholes were submitted some time ago. To provide operational flexibility, an amended drill program has been submitted to regulators for approval. Bulk volumes of brine will be submitted for testwork with selected direct lithium extraction (DLE) providers, as well as with lithium refiner Stardust Power Inc, with whom QXR holds at Letter of Intent (ASX announcement 29 Feb 2024). Stardust expects to list on NASDAQ in June via a c.US$490m deal and then plans to build a lithium refinery in Oklahoma.

Discussions continue with various USA based battery supply participants who are keen to work with potential new lithium developers within the USA.

QXR and IG Lithium are currently discussing amendments to the Option Agreements to facilitate the undertaking of further drilling.

Background

The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1*). The Company entered an Option to Purchase Agreement and an Operating Agreement (Option Agreements) to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). Based on results received to date, the Company is currently in discussion with IG Lithium regarding potential renegotiation of the Option Agreements to allow a longer period of time to conduct additional drilling prior to any future commitments.

Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2, 3*).

Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).

QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the lithium brines from the Liberty Lithium Brine Project. The parties intend to evaluate options to potentially supply Stardust Power with lithium brine products, dependent on results, on a non-exclusive basis for processing into battery-grade lithium materials for electric vehicles (ASX announcement 29 Feb 2024). The Company plans to share the results of the two hole drill program with Stardust as part of ongoing discussions.

Drillholes

Drillhole #1 (LLD23001) was completed at 369 metres depth. Target horizons were intersected at 49m depth and 329m depth. Fine grained sediments, gravels and coarse alluvial fan material were intersected down the length of the hole. An interpretation is that the drillhole went through the range front fault at 249m depth.

Drillhole #2 (LLD24002) was completed at 433 metres depth, located 4km to the south of drillhole #1. Both drillholes were centred over significant MT geophysical targets interpreted as a series of conductive brine bearing aquifers at depth. Both holes were positioned within an extensive lithium brine surface anomaly of over 10km defined in auger samples. An interpretation is that the drillhole went through the range front fault at 370m depth.

Figures 5 shows the increase in lithium and chloride concentration in brine with increasing depth. Figures 6-8* show interpretations of the possible geology on MT geophysical lines and the location of proposed drill holes.

The location of the proposed drill holes is also shown in Figure 9*.

Recommendations

Results were analysed by external lithium brine specialists to produce interpretations, including the globally recognised Hydrominex Geoscience Consulting, and others who have closely reviewed the geological setting of Albemarle's Silver Peak lithium brine producer in Clayton Valley, Nevada. Their recommendations included additional drilling further west of drilling undertaken by QXR, to potentially intersect deep lithium brines in the centre of the basin, based on lab results to date. Surface and downhole geophysics suggests that the basin is angled to the west with deeper sediments and brines to the west of recent drilling. Further, the geochemistry of the brine samples may suggest an ingress of fresh water into the aquifers, resulting in lower lithium grade in the two holes drilled to date, as the holes were drilled adjacent to a range front fault with significant fresh water inflows into the basin, along the basin edge.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/C58T0H5U



About QX Resources Ltd:

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has acquired a controlling interest in four projects through targeted M&A - all of which sit in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) now spans more than 350 km2.

Gold portfolio: QXR is also developing two Central Queensland gold projects - Lucky Break and Belyando - through an earn-in agreement with Zamia Resources Pty Ltd. Both gold projects are strategically located within the Drummond Basin, a region that has a >6.5moz gold endowment.

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Miguel notably served as the Mining Director at Sigma Lithium from 2021 to 2022, where he spearheaded major advancements in lithium extraction technologies and sustainability practices. Under his leadership, the company implemented initiatives such as using 100% renewable energy and recycled water, producing "quintuple zero green" lithium with a focus on zero tailings dams and zero hazardous waste.

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Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to announce the filing of the report " NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada USA", with effective date April 29 2024 (Feasibility Study or Report), to support the disclosure in the Company's news release dated April 29, 2024 (see news release ). The Report was prepared in accordance with National Instrument 43-101 (NI 43-101) by Wood Canada Limited (Wood), Global Resource Engineering, Ltd. (GRE) and WSP USA Environment and Infrastructure, Inc. (WSP). All currency amounts in this news release are presented in US dollars.

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Brunswick Exploration Launches Multinational Exploration Campaign

Brunswick Exploration Inc. (" BRW " or the " Company ") is pleased to announce that it has started a helicopter-supported prospecting campaign in Quebec with additional programs in Labrador and Greenland to begin in July and August 2024, respectively. BRW plans to systematically test hundreds of new and outcropping S-type pegmatite targets across its portfolio.

Mr. Killian Charles, President and CEO of BRW, commented: "While we continue to focus our efforts into the Mirage Project, we are thrilled to start new, ambitious grassroots initiatives throughout Eastern Canada and Greenland. These initiatives are a core pillar of BRW's strategy and, as the lithium industry remains ripe for new discoveries, we will continue to leverage our exploration expertise to rapidly identify new targets and explore in sound jurisdictions."

News Provided by GlobeNewswire via QuoteMedia

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