Projects

Flying Vee

ALX owns a 100% interest in Flying Vee, which consists of 14 claims totaling 27,622 hectares (68,257 acres) prospective for nickel-copper-cobalt and gold mineralization, with no applicable royalties. The southern boundaries of Flying Vee are located approximately 20 kilometres (14 miles) north of Stony Rapids, SK. ALX initially staked 5 claims at Flying Vee in 2018 and added 8 new claims in April 2019 after a staking rush was triggered by an emerging battery metals company (Kobold Metals). One additional claim was staked by ALX in June 2020.

Highlights

Highlights at Flying Vee include:

  • Drill hole NL08-001 at Reeve Lake by Strongbow Exploration Inc. in 2008 intersected 1.89% nickel, 0.96% copper and 0.11% cobalt over 0.80 metres and was never followed up;
  • The Day Lake Gold Showing was discovered in 1968 by Canadian Industrial Gas & Oil Ltd. who reported a sample value of 0.14 oz/ton gold (4.38 g/t) over 1.5 metres, including a selected arsenopyrite-rich sample containing 0.81 oz/ton gold (25.31 g/t). In 1986, Colchis Resources Ltd. (“Colchis”) completed VLF geophysical surveying and surface sampling and identified a continuous 1,500 metre-long chert horizon within the Day Lake showing area with discontinuous anomalous gold values along its entire length. In 1988, Colchis drilled eleven shallow diamond drill holes totaling 561.75 metres (averaging 51.68 metres depth) to test two parallel sulphide-mineralized conductive zones and intersected 0.031 oz/ton gold (0.97 g/t) and 0.152 oz/ton silver (4.75 g/t) over 1.0 metre in hole DL-2-88, and 0.066 oz/ton gold (2.06 g/t) over 1.0 metre in hole DL-8-88.

2020 Summer/Fall Surface Exploration

In July 2020, ALX carried out a low social impact prospecting and sampling program in three project areas near Stony Rapids, SK, including Flying Vee.

At the Day Lake Gold Showing an +8 kilometre-long conductive zone, interpreted as iron formation, was prospected over a strike length of approximately 1,600 metres. The arsenopyrite-bearing gossanous outcrop and historical pits returned highly anomalous gold concentrations ranging up to 8,342 parts per billion (“ppb”) gold (8.34 g/t gold).

Highlights of Flying Vee July 2020 Rock Sampling

Showing
Name
Sample
Number
Sample
Type
Gold
(ppb)
Day Lake 146054 Grab 8342
Day Lake 146061 Grab 5380
Day Lake 146060 Grab 3699
Day Lake 146025 Grab 2583

ALX is developing a surface exploration plan that would include additional prospecting, geological mapping, soil sampling and ground geophysical surveying to define drill targets at greater depth than the shallow holes drilled by Colchis in 1988.

National Instrument 43-101 Disclosure

The technical information in this disclosure 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 NI 43-101. Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the historical information is deemed credible and was produced by professional geoscientists in the years discussed.

Geochemical Analysis

Grab samples described in this disclosure were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK. Base metals were analyzed using a 4-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 digestion followed by base metal wt% assay by Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES). Gold, platinum and palladium were analyzed by fire assay techniques.

Proximity to Mineral Discoveries, Deposits, Mills and Mines

  • Approximately 20 km north of Axis Lake-Currie Lake-Rea Lake nickel-copper-cobalt deposits.
  • Approximately 120 km east of the Goldfields Project gold deposits near Uranium City owned by Fortune Bay Corp. (Measured and Indicated resources of 1,026,000 ounces of gold contained in 20.86 million tons at a cut-off grade of 50 g/t gold).
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