ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a helicopter borne airborne electromagnetic ("EM") survey has commenced on its 100%-owned Cannon Copper Project ("Cannon Copper", or the "Project") located in Kamichisitit Township within the Sault Ste. Marie Mining District of Ontario, Canada. The Project hosts the historic Cannon Copper Mine and Mill (also known as the Crownbridge Copper Mine), which saw limited copper mining and processing in the late 1960s and early 1970s.
The airborne EM survey will consist of 194 line kilometres at 150-metre spacing utilizing the helicopter-borne Vertical Time-Domain Electromagnetic ("VTEM™Max") system from Geotech Ltd. of Aurora, Ontario, Canada. The VTEM™ Max system offers a high degree of depth penetration and represents the first modern airborne EM system flown on the Project.
"ALX uses modern tools to find sulphide mineralization that was not visible to explorers over five decades ago," said Warren Stanyer, CEO and Chairman of ALX. "Like so many historical mineral occurrences in Canada, the mine workings at Cannon Copper may represent a relatively shallow trace of a much larger mineralizing system that has never been fully explored."
Following completion of the VTEM™ survey, ALX is planning its first site visit to Cannon Copper since 2013. New geophysical targets detected by the airborne survey will be followed up in the summer of 2021 by prospecting, the use of leading-edge geochemical and ground geophysical surveys, and future diamond drilling on new target areas.
Highlights of the Cannon Copper Project
- Cannon Copper is located approximately 35 kilometres northwest of Elliott Lake in an exploration district known for high-grade copper occurrences both on surface and in drill holes, but the area remains underexplored for base metals in the modern era.
- The Project is accessible by way of paved highways connecting to secondary roads and trails, and lies within a kilometre of an active powerline.
- The past-producing Cannon (Crownbridge) Copper Mine and Mill operated intermittently as a regional copper processing facility from 1966 until 1972. Production statistics for the Cannon Copper property are unknown. The Ministry of Energy, Mines and Northern Development of Ontario currently lists a historical mineral resource for the Cannon Copper Mine of 415,000 tonnes grading 1.8% copper over a width of 6.5 feet (1.98 metres) (Note: This historical resource is not compliant with the standards of National Instrument 43-101 - see "National Instrument 43-101 Disclosure" later in this news release for additional cautionary language).1
- Copper mineralization was traced historically along a strike length of approximately 2,680 kilometres (1.6 miles) within quartz veins and conglomerates, in a series of mineralized zones at depths ranging from near-surface to approximately 300 metres (984 feet).2
- A single deep hole (hole CR-15) drilled by Crownbridge Copper Mines Limited in 1963, intersected chalcopyrite mineralization within argillitic rocks beginning at a depth of 580.34 metres (1,904 feet), located well below the quartz vein-hosted copper mineralization forming the identified mineralized zones. Historical operators recommended follow-up to hole CR-15 to test for new sedimentary-hosted copper resources, but no follow-up deep drilling was carried out.3
1 Ontario Geological Survey, Open File Report 6366, Report of Activities 2019.
2Ontario Ministry of Energy, Northern Development and Mines Assessment File #41J11SE0023.
3Ontario Ministry of Energy, Northern Development and Mines Assessment File #41J11SE0031.
To view maps of Cannon Copper click here
About Cannon Copper
ALX maintained 100% ownership since 2015 of thirteen claim units at Cannon Copper totaling 289 hectares (714 acres) following the amalgamation of Alpha Exploration Inc. and Lakeland Resources Ltd., The Company has staked an additional 104 units since October 2020 and expanded the size of the Project to 117 cell units totaling 2,600 hectares (6,425 acres).
The Cannon Copper property is underlain by the Gowganda Formation which is part of the Proterozoic Huronian Supergroup metasedimentary rocks of the Southern Province. Mineralization consists of chalcopyrite and pyrite, both disseminated and massive, in structurally-controlled quartz veins and in the quartz breccia zone alongside the quartz veins, with minor disseminated bornite. Minor gold values have been reported in some zones. Alteration of the host Gowganda Formation consists of chlorite, chlorite/silica, hematite and hematite/silica alteration.
Exploration is recorded from 1956 by Great Lakes Copper and later by Andover Mining & Exploration Ltd. ("Andover") from 1958 to 1960. Andover drilled 75 holes for a total of approximately 9,185 metres (30,133 feet), which outlined the mineralized zones on the property to a depth of less than 150 metres (500 feet). In 1963, Crownbridge Copper Mines Limited acquired the property and drilled an additional 11,910 metres (39,077 feet) in both shallow and deep holes, testing for mineralization to a depth of over 580 metres (1,900 feet). In 1968, Cannon Mines Ltd. ("Cannon") acquired the property, sank an 245-metre (800-foot) decline and began processing material in a newly-erected mill. For unknown reasons, Cannon ceased all operations in 1972. Other companies in the early 1970s made attempts to restart operations but no further development or mineral production is recorded after 1975. A predecessor of ALX acquired the Cannon Copper property in 2012.
NationaI Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geo., who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. The historical mineral resource estimate quoted in this news release uses categories that are not compliant with National Instrument 43-101 ("NI 43-101") and cannot be compared to NI 43-101 categories, and is not a current estimate as prescribed by NI 43-101. Readers are cautioned that a Qualified Person has not done sufficient work to classify the estimate as a current resource and ALX is not treating the estimate as a current resource estimate.
Geochemical results and geological descriptions quoted in this news release were taken directly from assessment work filings published by the Government of Ontario. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Cannon Copper area. Management further cautions that past 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.
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 gold, nickel, copper, and uranium projects. The Company uses the latest exploration technologies and holds interests in over 200,000 hectares of prospective lands in Saskatchewan and Ontario, stable Canadian jurisdictions that collectively host the highest-grade uranium mines in the world and offer a significant legacy of production from gold and base metals mines.
ALX 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 Vixen Gold Project, the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, and in the Draco VMS Project in Norway. ALX holds interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, located within the prolific Patterson Lake Corridor, with Denison Mines Corp. (80% interest) operating exploration since 2016, a 40% interest in the Black Lake Uranium Project, a joint venture with UEX Corporation and Orano Canada Inc., and a 100% interest in the Gibbons Creek Uranium Project.
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: firstname.lastname@example.org
On Behalf of the Board of Directors of ALX Resources Corp.
Warren Stanyer, CEO and Chairman
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: the Cannon Copper Project ("Cannon Copper") is prospective for copper and gold mineralization; the Company's plans to undertake exploration activities at Cannon Copper, and expend funds on Cannon Copper. 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 at Cannon Copper, including drilling; our initial findings at Cannon Copper may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at Cannon Copper; 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 Cannon Copper, and even if copper or other metals or minerals are discovered in quantity, the project may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Three Months Ended March 31, 2021, 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/90061