Flying Vee Nickel Project

Project Snapshot

Ownership:

ALX 100%

Size:

14 claims totaling 27,622 acquired by staking over a three year period

Location:

Located outside the northeast fringe of the Athabasca Basin~20 km northwest
of the Hamlet of Stony Rapids

Flying Vee is comprised of 25 claims totaling 34,588 hectares (85,467 acres) located approximately 25 kilometres (15 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, 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, now under option to Rio Tinto Exploration Canada Inc.

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 Exploration

  • In April and May 2022, Geotech Ltd. carried out a leading-edge, helicopter-borne versatile time domain electromagnetic (“VTEMTM Max”) and a horizontal magnetic gradiometer geophysical survey over the northern and western part of Flying Vee, totaling 1,197 line kilometres;
  • The airborne survey confirmed electromagnetic (“EM”) conductive trends along and around the known historical nickel sulphide showings (e.g., the Reeve Lake Nickel Showing, and Nickel Lake Showing areas) and identified several new EM conductive trends in areas of the Project where there are no records of EM conductors or nickel sulphide mineralization;
  • A follow-up helicopter-assisted prospecting program was carried out by ALX in late September 2022. The main objective of the program was to ground-truth EM conductors from the 2022 airborne survey, numbered from 1 to 7, some of which consist of multiple segments, i.e., 1-A;
  • Along the 1-D conductor trend, the ALX team located a previously unreported gossanous outcrop (approximately 10 by 15 metres in area) and an associated gossanous boulder field with significant sulphide mineralization. Sulphide mineralization is comprised of disseminated to semi-massive pyrrhotite, up to 25%, accompanied by local occurrences of up to 2% disseminated chalcopyrite (see photos below);
  • New claims were staked in May 2022 near the outer claim boundaries of Flying Vee to better cover the extent of the airborne EM conductors located in 2022.
A total of 32 rock grab samples were collected from Flying Vee for assay and whole rock analyses of prospective mafic rock units and were submitted on a rush basis to the Saskatchewan Research Council’s Geoanalytical Laboratories.  Results will be released upon their receipt and interpretation.
2022 Flying Vee VTEM Max Anomalies and Mineral Showings

Preliminary Observations of the 2022 Flying Vee Prospecting Program

Conductor Area 1

A significant area of gossanous outcrop (approximately 10 by 15 metres in area) and an associated gossanous boulder field with significant sulphide mineralization marks the 1-D conductor trend. Conductor 1-D represents a high priority area for further work.

Conductor Area 2

The discovery of pyrrhotite mineralization in subcrop and boulders as well as favourable mafic host rocks along the Conductor 2 trend upgrades the potential of this conductor and indicates further investigation is warranted.

Conductor Area 3

Favourable mafic host rocks were noted along the land portions of Conductor 3 but no direct explanation for the conductor was observed. It was noted that a significant portion of middle part of Conductor 3 trends under a lake. Mafic rock units, potentially noritic, were observed and indicate potential for nickel sulphide mineralization at depth. Further investigation of Conductor 3 trend is warranted.

Conductor Area 6 (Nickel Lake Showing trend)

Samples were collected from historical trenches on the 6-B and 6-D VTEM conductor trends (matching the historical Nickel Lake conductor trend) to provide a modern context for the nature of the mineralization found by previous explorers that occurs along this long conductive trend.

Conductor Area 7

Favourable mafic host rocks and minor gossanous sulphide mineralization were located along the Conductor 7 trend, which indicates that this trend holds potential to host nickel sulphide mineralization at depth.  Further investigation of the Conductor 7 trend is warranted.

In order to efficiently focus future surface exploration, further investigation of the EM-associated and magnetic anomalies detected by the 2022 VTEM survey should consist of the following:

  •   Computer modelling such as Maxwell modelling should be carried out on all significant anomalies to better define their depth, size and character;
  •   Ground geophysical surveys such as magnetics and/or induced polarization should be implemented to follow-up geophysical anomalies that might require additional survey work to optimize their location, depth and morphology;
  •   Ground prospecting and geochemical sampling/mapping should target anomalous areas interpreted from airborne and/or ground geophysical surveys;
  •   Helicopter-assisted diamond drilling to test the best targets developed from the above exploration techniques.

National Instrument 43-101 Disclosure

The technical information in this disclosure has been reviewed and approved by Robert Campbell, P.Geo., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in NI 43-101. Management cautions that some of the technical information described in this news release is historical in nature and is taken directly from assessment work filings published by the Government of Saskatchewan. However, this historical information is deemed credible and was produced by professional geologists in the years discussed. 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.

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