ALX Uranium samples up to 3.13% Ni at Falcon
2019-11-12 09:02 ET – News Release
Mr. Warren Stanyer reports
ALX URANIUM CORP. SAMPLES UP TO 3.13% NICKEL AT FALCON NICKEL PROJECT, SASKATCHEWAN
ALX Uranium Corp. has received initial analytical results from a reconnaissance prospecting program at its 100-per-cent-owned Falcon nickel project located in the northern Athabasca region of Saskatchewan, Canada. Three grab samples taken from historical trenches were analyzed on a rush basis and returned values of up to 3.13 per cent nickel and 0.367 per cent copper, along with anomalous values of cobalt. A total of 23 additional rock samples and 45 soil samples were collected and submitted for analysis with results expected in two to four weeks.
ALX acquired claims at Falcon beginning in May, 2019, by way of staking and through three separate land purchases, bringing the size of the project to approximately 20,002 hectares (49,427 acres) (see ALX news releases dated June 12, 2019, Oct. 7, 2019, and Oct. 24, 2019).
“Falcon shows the potential to host world-class magmatic nickel-copper-cobalt deposits, yet the property was only sporadically explored over the last half century,” said Warren Stanyer, chief executive officer and chairman of ALX. “During our first visit to the property we confirmed the fertility of the project for nickel, copper and cobalt mineralization associated with anomalous values of gold, platinum and palladium. The next step at Falcon is to locate a potentially higher grade source area for the abundant mineralization found near surface.”
2019 reconnaissance prospecting program
In October, 2019, ALX carried out a site visit with two objectives: (1) to sample historical trenches at the Currie Lake nickel-copper-cobalt deposit, known for its higher grades of nickel, and (2) ground truthing of certain geophysical anomalies identified in a 2005 airborne survey that were never followed up. Rock samples containing up to 50 to 60 per cent sulphides were collected from several historical trenches. Three of the rock samples were submitted on a rush basis to SRC Geoanalytlcal Laboratories in Saskatoon, Sask., and returned the values in the attached table.
Sample No. Nickel (%) Copper (%) Cobalt (%) Gold (ppb) Platinum (ppb) Palladium (ppb) T1-001 1.10 0.327 0.023 240 51 122 T2-002 3.13 0.074 0.074 154 131 258 UNK-002 0.85 0.367 0.020 168 79 66
East of Currie Lake, a total of 45 soil samples were collected from a reconnaissance grid over the surface trace of a high-priority airborne conductor and were submitted for dual spaciotemporal geochemical hydrocarbons (SGH) and ionic leach analyses. This survey represents ALX’s first test of the SGH process, which is reported to detect buried mineralization at depths up to 500 metres. Rock samples were also collected from the interpreted strike areas of three other high-priority airborne anomalies.
2019 work programs
ALX has engaged Condor Consulting Inc. of Lakewood, Colo., to perform a detailed interpretation of historical digital data from three airborne surveys flown over the Falcon area between 1991 and 2008. Condor is recognized internationally as an expert in the field of airborne electromagnetics, and its final report on the results of the historical airborne surveys is pending. ALX has also produced a preliminary 3-D geologic model for Falcon, which is being expanded to better understand the controls on the known zones of nickel-copper-cobalt mineralization hosted by the project.
About the Falcon nickel project
The centre of Falcon is located approximately 14 kilometres (8.7 miles) northwest of Stony Rapids, Sask., within the Tantato domain, which forms a segment of the Snowbird tectonic zone. A long history of exploration beginning in 1929 discovered numerous nickel-copper-cobalt showings within Falcon’s boundaries, including the Axis Lake deposit, the Rea Lake deposit and the Currie Lake deposit.
Axis Lake is the most significant nickel-copper-cobalt deposit within the Falcon area and was the subject of historical mineral resource estimates variously reported as:
- 3.75 million tons of 0.60 per cent nickel, 0.60 per cent copper and 0.15 per cent cobalt (circa 1929 to 1930, from Mineral Occurrences in the Precambrian of Northern Saskatchewan, Beck, 1959) (1);
- 3.4 million tons of 0.60 per cent nickel and 0.60 per cent copper (Technical Report, Organic Soil Sampling, Airborne and Ground Geophysics and Diamond Drilling, Fond Du Lac Property, Fond Du Lac Area, Northern Saskatchewan, Canada dated April 15, 2007, Vivian and Lo, 2007) (2).
Historical mineral resource estimates for Rea Lake of 70.4 million tons grading 0.10 per cent copper and 0.10 per cent nickel plus traces of gold and silver are reported in the Saskatchewan mineral deposit index (SMDI) 1627. Historical mineral resource estimates for Currie Lake of 47,536 tonnes grading 0.79 per cent nickel are reported in SMDI 1585 (3).
(1) (2) (3) The historical mineral resource estimates use categories that are not consistent with National Instrument 43-101 and cannot be compared with NI 43-101 categories, and should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources and ALX is not treating the estimates as a current resource estimates. However, the estimates are relevant to guiding the company’s exploration plans and provide geological information regarding the type of mineralization that could be present in the Falcon area.
The technical information in this news release has been reviewed and approved by Sierd Eriks, PGeo, 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 the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists in the years discussed.
Rock samples described in this news release were shipped to SRC Geoanalytical Laboratories in Saskatoon, Sask., and assayed for base metals by HCl:HNO3 digestion, plus gold and platinum group metals by fire assay with a mass spectrometer finish.
About ALX Uranium Corp.
ALX’s mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in Northern Saskatchewan, Canada, a superior mining jurisdiction. The company executes well-designed exploration programs using the latest technologies and has interests in over 200,000 hectares in Saskatchewan, a province which hosts the richest uranium deposits in the world, a producing gold mine and demonstrates potential for economic base metals deposits. ALX has recently acquired the Vixen gold project in the historic Red Lake mining district of Ontario, Canada, and the Draco VMS (volcanogenic massive sulphide) project in Norway.
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