ALX Resources Corp. Update on Lithium Exploration Plans, James Bay Region, Quebec
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Vancouver, British Columbia--(Newsfile Corp. - April 25, 2023) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to provide an update on its 2023 prospecting program at its Hydra Lithium Project ("Hydra", or the "Project") located in the James Bay Region of the Province of Quebec, Canada. The focus of the program is to explore for lithium-cesium-tantalum ("LCT") type pegmatites by way of systematic prospecting, geological mapping and geochemical sampling (the "Program").
2023 Exploration Plans at Hydra
ALX has contracted a Quebec-based geological consulting company and a helicopter for the initial phase of the Program. Accommodation in the James Bay region for exploration workers is sparse due to the immense amount of lithium exploration pending for the 2023 spring/summer season, but the Company secured lodgings and will base its initial work from the town of Radisson, Quebec. The Program is planned to begin on May 31, 2023 and the first phase of work will continue until early July 2023.
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ALX will utilize a high-resolution drone during the evaluation of the Hydra sub-projects to optimize the process of locating and assessing prospective pegmatite outcrops. Samples will be fast-tracked for analysis whenever possible to provide prompt information regarding the geochemistry of sampled pegmatites.
To view maps and more information on Hydra, visit our website at: https://alxresources.com/hydra-lithium/
Hydra is 100%-owned by ALX with no royalties applicable, and consists of eight sub-projects totaling 29,263 hectares (72,309 acres) that are known as Volta (4,806 ha.), Echo (5,537 ha.), Nike (2,056 ha.), Sprite (3,438 ha.), Cobra (4,249 ha.), Viper (1,280 ha.), Python West (4,298 ha.) and Python East (3,219 ha.). The sub-projects were selected for staking based upon the presence of historical lithium, cesium and tantalum lake sediment anomalies and by a review of public-domain geological mapping. ALX utilized an artificial intelligence search of Quebec government assessment files that found the Python West lithium showing in a pegmatite discovered during a historical uranium exploration program. A 2008 sample from the pegmatite returned a value of 330 parts per million lithium.
ALX believes that Hydra is highly prospective for LCT pegmatites, as suggested by the highly-positive exploration reports from the Corvette Lithium Deposit, but is underexplored because historical exploration carried out in the James Bay region was mainly focussed on gold and base metals. The James Bay Hydroelectric Project (total investment by Hydro-Qu�bec is estimated at greater than CAD$16 billion since the early 1970s) has created infrastructure for mineral exploration in the form of several all-weather roads, including the Trans-Taiga Road. Serviceable airstrips are located in the vicinity providing aircraft support capability for Hydra.
NationaI Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by John Charlton, P.Geo., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.
Management cautions that historical results were collected and reported by operators unrelated to ALX and have not been verified nor confirmed by its Qualified Person but they create a scientific basis for ongoing work in the Hydra project area. Management further 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.
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, 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 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's uranium holdings in northern Saskatchewan include 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 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 owns 100% interests in lithium exploration properties staked in 2022-2023 known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, a 100% interest in the Anchor Lithium Project, located in Nova Scotia, Canada, and 100% interests in the Crystal Lithium Project and the Reindeer Lithium Project, both located in Saskatchewan, Canada.
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: [email protected]
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 2023 exploration plans at the Hydra Lithium Project, and ALX's ability to continue to expend funds at that 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 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 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 lithium, uranium, 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 Year Ended December 31, 2022, 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/163635
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