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Vancouver, British Columbia--(Newsfile Corp. - May 11, 2022) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the completion of the inaugural drilling program at its Electra Nickel Project located 35 kilometres northwest of Thunder Bay, Ontario, Canada. The Company has the right to earn a 100% interest in Electra according to the terms of an option agreement signed in December 2020 (see ALX news release dated December 31, 2020).
2022 Exploration Program
The 2022 exploration program began in mid-March 2022 with the opening of winter trails and mobilization of a diamond drill to the drill sites. The network of established forestry roads within Electra provided good access to the target areas and six of the eight planned holes were completed for a total of 1,155 metres drilled. Two targets remain undrilled because of warming weather conditions that exposed creeks and other wetlands, which impeded surface access.
Drill core logging indicates that the immiscible magmatic sulphide segregation process is present at Electra. Sulphide mineralization was intersected in all six holes, mainly pyrite, pyrrhotite, chalcopyrite and sphalerite within mafic/ultramafic rocks, volcanic breccia and intermittent graphitic shale zones (see core photos below). Rare spherical concentrations of pyrite were observed in several zones in hole ELEC22-02 that suggest the hole could lie proximal to a volcanogenic massive sulphide ("VMS") vent. Other alteration minerals were observed such as fuschite, and possible vaesite and violarite. A portable X-ray fluorescence ("XRF") device indicated the presence of nickel, copper and zinc in the drill core.
Sulphide mineralization in hole ELEC22-03, ELEC22-02
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Downhole electromagnetic surveys were completed on two of the first four drill holes to better define the targeted conductors detected by ALX's 2021 airborne VTEMTM survey flown by Geotech Ltd. of Aurora, Ontario. A ground electromagnetic geophysical survey was carried out in the 2022 program on an undrilled target, which has provided an improved collar location for a follow-up drilling program. ALX's drilling permit is good until March 2025.
A total of 477 samples from the first four holes have been shipped to ALS Global Laboratories in Thunder Bay, Ontario. Logging and sampling of the final two holes continues and an estimated 200 additional samples will be shipped in the coming weeks. The geoanalytical results obtained by XRF are not definitive and can vary from conventional analytical processing. The laboratory results will be released following their receipt, compilation and interpretation.
Electra 2022 Drill Hole Plan Map with Downhole EM Loops
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To view maps and photos of Electra click here
Electra is located near Thunder Bay, Ontario, in a fertile exploration district well-linked to highways, roads and trails, and lies near a powerline and the Canadian National Railroad. The Project consists of 190 cell units totaling approximately 4,066 hectares (10,047 acres) and is prospective for nickel-copper-cobalt, platinum group elements, and gold. ALX has the option to earn a 100% interest in Electra after fulfilling payment obligations of cash and common shares, and exploration expenditures.
The technical information in this news release has been reviewed and approved by Dr. Larry Hulbert, D.Sc., P.Geo. who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
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, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 200,000 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 is an active explorer with interests in a number of uranium exploration properties in northern Saskatchewan, including 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 UEX Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages), and in the Draco VMS Project in Norway.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: 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: ALX's preliminary exploration results from the Company's exploration activities at the Electra Nickel Project, and its plans to undertake additional exploration activities at the Electra Nickel 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 its 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 nickel, uranium, gold or other metals or minerals are discovered in quantity, ALX's projects may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Year Ended December 31, 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/123516