ALX Resources Corp. Stakes Hummingbird Gold Project, Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - November 25, 2020) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that it has acquired by staking the Hummingbird Gold Project, ("Hummingbird", or the "Project") located in northern Saskatchewan, Canada. Hummingbird consists of 12 claims totaling 14,097.87 hectares (34,836.60 acres) that are situated approximately 35 kilometres (22 miles) northwest of the town of Stony Rapids, Saskatchewan. The Project is contiguous to the Company's Firebird Nickel Project, currently under option to Rio Tinto Exploration Canada Inc. ALX has determined that Hummingbird is prospective for gold mineralization and the Company is using remote sensing techniques to detect surface alteration zones in a large underexplored area.
Highlights of the Hummingbird Gold Project
- ALX recognized the gold potential of Hummingbird and commissioned KorrAI of Halifax, NS to use artificial intelligence ("A.I.") data processing methods to efficiently detect surficial alteration along fault zones partially concealed by vegetation and wetlands.
- Major NE-SW shear zones striking through Hummingbird extend southward to the Pine Channel Assemblage, where historical high-grade surface outcrop and rock samples, some with visible gold, ranged up to 874 grams/tonne ("g/t") gold 1.
- Lake sediment samples collected in the 1980s along these structural trends in the central part of Hummingbird ranged as high as 320 parts per billion ("ppb") gold 2.
- Historical ground prospecting in the 1980s and 1990s westward from the Pine Channel area along the NE-SW trending shear zones simply ended within the central Hummingbird claim block, creating a type of geological "No Man's Land", mainly due to budgetary constraints and low gold prices of the era.
1 "Gold in the Pine Channel Area", Summary of Investigations 1997, B. LaFrance;
2 Assessment Report #74O08-0054: "Final Report on the Pine Channel Project, CBS 7107, Saskatchewan, 1981 Exploration Program, Taiga Consultants Ltd."
"The acquisition of Hummingbird is an example of ALX making new trails in underexplored terrain," said Warren Stanyer, CEO and Chairman of the Company. "The northern Athabasca region hosts high-grade gold showings at Pine Channel and further west lies the million-ounce Goldfields deposit. ALX is using new exploration tools to assess gold potential where little-to-no ground work has been carried out."
2020 Site Visit by ALX
During a Fall 2020 prospecting program in the northern Athabasca region, ALX visited specific target areas at Hummingbird identified by A.I. in conjunction with the results of historical work. A total of 105 rock samples were collected in several target areas throughout the Project with 26% of the samples returning values greater than 50 ppb gold, highlighted by the following outcrop samples assaying greater than 3.0 g/t gold:
|2||76064||Outcrop||10.50*||Garnet gneiss, sulphidic, taken from historical trench|
|2||76053||Outcrop||9.84||Ridgeline outcrop, quartz vein cross-cutting garnet gneiss|
|2||76105||Outcrop||5.91||Quartz vein, mix of vein and wallrock|
|2||76061||Outcrop||5.89*||Garnet gneiss, sulphides|
|2||76058||Outcrop||5.44||Ridgeline outcrop, quartz vein cross-cutting garnet gneiss|
|2||76110||Outcrop||3.72||Garnet/biotite gneiss, taken from historical trench|
|2||76052||Outcrop||3.25||Ridgeline outcrop, quartz vein cross-cutting garnet gneiss|
* Analysis by metallic gold assay
ALX believes that deep geological structures striking through Hummingbird could provide pathways for mineralizing fluids and gold deposition, especially in areas of cross-cutting fault intersections. Future work may include integration of modern airborne geophysical surveys with remote sensing and A.I. techniques, followed by ground-truthing of anomalies to define drill targets.
Hummingbird Geology and Mineralization
Hummingbird is located within the Tantato Domain, a wide lozenge of strongly deformed mylonitic gneisses forming the eastern margin of the Archean Rae Province. The Tantato Domain is part of the Striding-Athabasca mylonite zone, which is interpreted as a deep crustal intracontinental strike-slip shear zone at the junction of the Rae and Hearne provinces. Most gold occurrences in the host area are localized in a relatively small 90 square kilometer region along the north shore of Lake Athabasca, bounded by Robillard Bay to the west and Camille Bay to the east. There are two main rock types in the host area: mylonitic garnet clinopyroxene mafic gneisses and mylonitic garnet quartzfeldspathic felsic gneisses. In the western part of Hummingbird within the Pine Channel assemblage, gold occurs in arsenopyrite-bearing quartz veins filling late fractures and faults, which cut across granulite-facies Archean gneisses of the Tantato Domain (from "Gold in the Pine Channel Area", LaFrance,1997).
To access maps and photos of Hummingbird, please click here
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.
Rock samples described in this news release were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK and analyzed using a four-acid digestion with inductively coupled plasma mass spectrometry (ICP-MS). Gold, platinum and palladium were analyzed by fire assay techniques. Samples that returned > 3000 ppb gold by fire assay were further analyzed by metallic gold assay.
Readers are advised 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. Historical geochemical results quoted herein were transcribed directly from mineral showings described in the Saskatchewan Mineral Deposits Index, or from assessment reports and scientific papers archived by the Government of Saskatchewan. Management cautions that certain historical results collected and reported by past operators have not been verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Hummingbird property 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-cobalt and uranium 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 owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada, who can earn up to an 80% interest), Flying Vee and Sceptre Gold projects in northern Saskatchewan, the Vixen Gold Project and the Electra Nickel Project located in historic mining districts of Ontario, Canada, and 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, with Denison Mines Corp. (80% interest) operating exploration since 2016.
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
FORWARD LOOKING STATEMENTS
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 Hummingbird Gold Project ("Hummingbird") is prospective for gold mineralization; the Company's plans to undertake exploration activities at Hummingbird, and expend funds on Hummingbird. 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 Hummingbird, including drilling; our initial findings at Hummingbird may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at Hummingbird; 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 Hummingbird, and even if gold or other metals or minerals are discovered in quantity, the project may not be prove to be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Nine Months Ended September 30, 2020, 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
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