Vancouver, British Columbia–(Newsfile Corp. – June 14, 2021) – ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a diamond drilling program has commenced at its Firebird Nickel Project ("Firebird") located near the town of Stony Rapids in northern Saskatchewan. The drilling program, totaling approximately 1,500 metres, is fully-funded by ALX's exploration partner Rio Tinto Exploration Canada Inc. ("Rio Tinto") and is expected to be completed in mid-July 2021 with ALX as operator.
About the Firebird 2021 Exploration Program
The Firebird 2021 exploration program began in the first week of June with a ground-truthing program of geophysical anomalies that were detected in the airborne VTEM™ Max survey completed in October 2020 (see ALX news release dated November 9, 2020, "ALX Resources Corp. and Rio Tinto Locate Airborne EM Anomalies at the Firebird Nickel Project").
The 2020 airborne survey successfully delineated several new anomalous zones of strong conductivity in the northern part of Firebird where no modern airborne survey had ever been flown and high-grade nickel is present on surface. For example, in July 2020 ALX sampled up to 2.43% nickel in surface grab sampling in the Wiley Lake target area and up to 1.31% nickel in outcrop drilling using a portable backpack drill (see ALX news release dated July 27, 2020, "ALX Resources Corp. Samples up to 2.43% Nickel and 8.34 Grams/Tonne Gold in the Northern Athabasca Region, Saskatchewan"). ALX and Rio Tinto personnel subsequently identified high-priority anomalies from the VTEM™ survey results based on their strong conductivity and coincident high magnetic responses, which may suggest the presence of sulphides. Additional processing and modelling of the final survey data led to target selection for the 2021 drilling program – up to eight holes are planned.
Firebird is currently the subject of an option agreement whereby Rio Tinto Exploration Canada Inc. ("Rio Tinto") can earn up to an 80% interest in Firebird by incurring exploration expenditures of $12.0 million over a six-year period and by making a total of $125,000 in cash payments to the Company (see ALX news release dated August 24, 2020, "ALX Resources Corp. Announces Earn-In for the Falcon Nickel Project").
Click on the highlighted link to view maps and pictures of ALX's exploration activities at the Firebird Nickel Project.
NationaI Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Sierd Eriks, P.Geo., President and Chief Geologist of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
Drill core and grab samples described in this news release were shipped to SRC Geoanalytical Laboratories in Saskatoon, Sask. Base metals were analyzed using a four-acid digestion with inductively coupled plasma mass spectrometry (ICP-MS). Samples that returned over 10,000 parts per million nickel were analyzed with HCl/HNO3 (hydrogen chloride/nitric acid) digestion, followed by base metal weight percentage assay by inductively coupled plasma optical emission spectroscopy (ICP-OES). Gold, platinum and palladium were analyzed by fire assay techniques. Readers are cautioned that grab samples are selective by nature and may not represent the true mineralization on the property.
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 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 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: email@example.com
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 references to ALX's exploration projects, their prospectivity for minerals, and the Company's plans to undertake exploration activities at its 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 at its projects, including drilling; initial findings at its projects may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at its projects; and economic, competitive, governmental, 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, gold or other metals or minerals are discovered in quantity, the projects 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 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/87365