Flying Vee is comprised of 11 claims totaling 12,950 hectares (31,999 acres) located approximately 25 kilometres (16 miles) north of Stony Rapids. The Project lies within the Tantato Domain, otherwise known as the East Athabasca Mylonite Triangle, which forms a segment of the Snowbird Tectonic Zone. Numerous mineral showings are found within and near Flying Vee, including the on-property Reeve Lake Nickel and Nickel Lake showings, the Day Lake gold showing, and the off-property Axis Lake nickel-copper deposit located approximately 5 kilometres (3 miles) to the south within ALX’s 100%-owned Firebird Nickel Project.

Two main periods of historical exploration by several exploration companies occurred at Flying Vee from 1956 to 1988 and from 2007 to 2009, consisting of prospecting and mapping, trenching, airborne and ground geophysical surveys, and diamond drilling. Several trenches were completed between 1957 and 1962 in the eastern part of the Reeve Lake Showing area south of Nickel Lake that outlined norite-hosted nickel-copper mineralization at surface. Thirteen shallow diamond drillholes were completed in 1964 with the best result in Drillhole #3, which returned up to 0.89% nickel and 0.32% copper over 3.66 metres from 10.67 to 14.33 metres.

In 1968, a gossan zone was discovered at Day Lake within the current Project area, which hosted disseminated pyrite and arsenopyrite mineralization that returned 0.14 oz/ton (4.80 grams/tonne) gold over 1.5 metres, including a selected grab sample assaying 0.81 ounces/ton (27.77 grams/tonne) gold. Diamond drilling was carried out in the Day Lake area in 1986, intersecting anomalous gold and silver mineralization.

Airborne geophysical surveys completed by Strongbow Exploration Inc. (“Strongbow”) in 2007 detected a favorable conductive zone with a coincident magnetic anomaly at Nickel Lake. In 2008, Strongbow tested the Nickel Lake anomaly with drillhole NL08-001, intersecting semi-massive pyrrhotite along with chalcopyrite and rare pentlandite that returned 1.89% nickel, 0.96% copper, and 0.11% cobalt over a 0.8 metre interval from 80.15 to 80.95 metres.

On October 5, 2022, ALX provided an update on 2022 exploration activities at Flying Vee.

Highlights of 2022 Flying Vee Prospecting and Sampling Program 

• In April and May 2022, Geotech Ltd. carried out a leading-edge, helicopter-borne versatile time domain electromagnetic (“VTEMTM Max”) survey and a horizontal magnetic gradiometer geophysical survey over the northern and western part of Flying Vee, totaling 1,267 line kilometres;

• ALX subsequently carried out a prospecting program in September 2022 to ground-truth EM conductors detected in the 2022 airborne survey, numbered from 1 to 7, some of which consist of multiple segments, i.e., 1-A;

• Along the Conductor 6 trend in the Nickel Lake East area, the ALX team re-located a series of trenches last reported by historical explorers in 1964. No work appears to have been performed there for over 50 years. Two oxidized sulphidic grab samples were collected from a trench located along the 6-D conductor trend, of which one sample returned 1.11% nickel, 0.42% copper and 0.05% cobalt;

• A review of historical assessment records from the Saskatchewan Ministry of Energy and Resources led to the realization that drilling performed in 1964 in the Conductor 6 area was mis-labelled as to its location, which propagated further errors in subsequent exploration work and explains the lack of modern follow-up in the Nickel Lake East area;

• ALX’s computer modeling of Conductor 6 shows that none of the thirteen 1964 drill holes intersected the main body of the 2022 EM conductor now fully-imaged by modern geophysical tools, despite five of the drill holes intersecting modest values of nickel, with the highest values in Hole #3 grading up to 0.89% nickel and 0.32% copper over 0.76 metres.