Draco VMS Project - Norway

Project Snapshot

Ownership:

ALX 100%

Size:

10 claims totaling 5,959 ha acquired by staking.

Location:

Located in the Grong-Stekebjokk region that encompasses Central Norway and
West-central Sweden.

Draco Location Map Showing 3 Main Prospects: Valkyrie, Fero & Vektor
Draco Location Map Showing 3 Main Prospects: Valkyrie, Fero & Vektor

Regional Significance

  • Norway’s Fennsocandian Shield shares geological characteristics with the ancient shields found in Canada, Australia, Brazil and South Africa.

  • One of the most prolific regions for volcanogenic massive sulphide (VMS) copper-zinc deposits that included 4 producing mines with historical production totaling ~24.5 million tonnes Cu-Zn from 1952-1998.

2022 Exploration Plans

  • Since the beginning of the COVID 19 pandemic, access to the Draco project has been impeded due to country-wide lockdowns and travel restrictions to Norway. ALX is seeking exploration partners for Draco and has engaged in discussions with several parties with the goal of partnering with a qualified mineral exploration company.

Exploration Summary:

Draco hosts 3 significant prospects within its property boundary:

1. Valkyrie

  • 6 claims totaling 4,350 ha, with target areas ~ 9.0 km from the past-producing Joma mine (reported historical resource of 22.5 million tons grading 1.6% Cu, 1.5% Zn 1).

  • The Joma mine produced 171,000 tonnes of Cu, 166,000 tonnes of Zn and an unknown amount of Au and Ag from 1972-1998 (Geological Survey of Finland, Special Paper 53, 2012)

Valkyrie Prospect: 3D Mag Model
Valkyrie Prospect: 3D Mag Model

2. Fero

  • 2 claims totaling 813 ha, with target areas located ~1.0 km from the Skiftesmyr VMS deposit.

  • Indicated mineral resource at Skiftesmyr totaled 3.51 million tonnes grading 1.0% Cu, 1.5% Zn, 0.1 g/t Au and 2.5 g/t Ag + Inferred resource of 0.57 million tonnes grading 1.0% Cu, 1.6% Zn, 0.1 g/t Au, 2.7 g/t Ag., estimated using a cut-off grade of 0.5% Cu2 (Source: Technical Report, Skiftesmyr Mineral Resource Estimate, October 2013, by Geovista AB);

Fero Prospect: 3D Mag Model
Fero Prospect: 3D Mag Model

3. Vektor

  • Two claims totaling 796 ha with target areas located within 5.0 km of the past-producing Gjersvik mine (reported historical resource of 1.62 million tonnes3, of which 500,000 tonnes grading 2.15% copper and 0.5% zinc were mined from 1993 to 1998) (Geological Survey of Finland, Special Paper 53, 2012).

Vektor Prospect: 3D Mag Model
Vektor Prospect: 3D Mag Model

1, 2, 3. The historical mineral resource estimates listed above either use categories that are not compliant with National Instrument 43‑101 (“NI 43‑101”) and cannot be compared to NI 43-101 categories, or are not current estimates as prescribed by NI 43-101, and therefore 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. However, the estimates are relevant to guiding the Company’s exploration plans and provide important geological information regarding the type of mineralization that could be present in the Draco VMS Project area. Mineralization hosted on adjacent properties is not necessarily indicative of mineralization that may be hosted on the Company’s Draco VMS Project.

National Instrument 43-101 Disclosure
The technical information on this web page has been reviewed and approved by Sierd Eriks, P.Geo., Technical Advisor to ALX, and/or Jody Dahrouge, P.Geo., a Director of ALX, who are Qualified Persons in accordance with the Canadian regulatory requirements set out in NI 43-101. Readers are cautioned that some of the technical information described on this web page is historical in nature; however, the historical information is deemed credible and was produced by professional geologists/geoscientists in the years discussed.

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