Hydra Lithium Project

Project Snapshot

Ownership:

ALX 100%

Size:

4 sub-projects with 306 mineral licenses totaling ~15,837 ha

Location:

James Bay Region, Quebec

In September 2022, ALX acquired the Hydra Lithium Project (“Hydra”, or the “Project”) by map staking in the James Bay region of northern Quebec, Canada. Hydra consists of 306 mineral claims in four sub-projects totalling 15,837 hectares (39,134 acres), located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum (“LCT”) type pegmatites. Hydra is 100%-owned by ALX with no applicable royalties and the newly-staked claims are in good standing until September 2025.

About the Hydra Lithium Project

  • Hydra is underexplored for lithium-cesium-tantalum (“LCT”) bearing pegmatites, with historical exploration within the James Bay region focused on gold and base metals;
  • A regional surficial geochemical review and analysis of the James Bay region was completed by KorrAI of Halifax, Nova Scotia, which identified several areas considered highly prospective for LCT pegmatites;
  • The James Bay Hydroelectric Project (total investment by Hydro-Québec is estimated at greater than CAD$16 billion since the late 1970s) created infrastructure for mineral exploration in the form of several all-weather roads, including the Trans-Taiga Road. Working airstrips are present in the region that support helicopter access to Hydra;
  • ALX has access to a proprietary high-resolution airborne geophysical database acquired from historical diamond exploration in the James Bay region that could provide important information for the identification of regional trends with potential for hosting pegmatitic rocks;
  • Exploration success has been realized by several junior exploration companies in the James Bay region where ALX has staked the Hydra claims, most notably by Patriot Battery Metals Inc., which has reported highly-significant lithium drill intersections in 2021-2022 from their flagship Corvette Lithium Property.
ALX’s Hydra claims and infrastructure in the James Bay Region, Quebec
Hydra consists of four sub-projects totaling 15,837 hectares (39,133 acres) known as Volta (4,806 ha.), Echo (5,537 ha.), Nike (2,056 ha.), and Sprite (3,438 ha.), all located within a fertile mineral exploration district that is known to host the following existing lithium deposits:
  • James Bay Lithium – (Indicated Mineral Resource:  40.33 million tonnes grading 1.4% Li2O), owned by Allkem Limited;1
  • Rose – (Probable: 26.3 million tonnes grading 0.87% Li2O and 138 ppm Ta2O5), owned by Critical Elements Lithium Corporation;2
  • Whabouchi – (Measured + Indicated “in Pit” Mineral Resource: 37.356 million tonnes grading 1.48% Li2O), owned by Livent Corporation and Investissment Québec.3

1 Preliminary Economic Assessment, NI 43-101 Technical Report, James Bay Lithium Project Ontario Canada, by G Mining Services, March 8, 2021
2 Rose Lithium-Tantalum Project Feasibility Study NI 43-101 Technical Report, by Simon Boudreau, P.Eng., May 27, 2022
3 NI 43-101 Technical Report on the Whabouchi Lithium Mine and Shawnigan Electrochemical Plant, by Met-Chem et al, November 7, 2018

On November 14, 2022, ALX announced the completion of a reconnaissance helicopter-supported prospecting program at Hydra.

ALX prospecting team sampling outcropping pegmatite at the Sprite Project, Oct. 2022

Highlights of ALX's Hydra 2022 Prospecting Program

  • ALX performed site visits on all four sub-projects (Volta, Sprite, Nike and Echo) at Hydra beginning in mid-October 2022. The helicopter-assisted reconnaissance prospecting was successful in locating pegmatite bodies in several locations, despite the onset of poor weather conditions that limited the scope of the program;
  • The Volta and Sprite projects were interpreted by our experienced field team to host the most prospective geology visited during the program. Pegmatite rocks sampled on these two projects may be lithium-bearing pending laboratory analyses;
  • Samples were submitted to SGS Canada Inc. for multi-element analysis. Results are expected in December 2022 and will be released following their receipt, compilation and interpretation.
Outcrop sampling at the Volta Project, Oct. 2022
Helicopter-supported prospecting at the Echo Project, Oct. 2022

2022-2023 Exploration Plans

Following receipt of the results of the 2022 prospecting program, ALX is planning a high-resolution magnetic and radiometric survey in early 2023 to provide additional geophysical information regarding structure and extent of pegmatite bodies. In the 2023 field season, follow-up geochemical and geological surveys are planned across the highest-priority areas in order to map out lithium-bearing pegmatite dykes and sills and optimize potential drill targets.

National Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by John Charlton, P.Geo., a consultant to ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

Mineral resource information from lithium deposits in the James Bay region quoted herein were taken directly from publicly available disclosure. Management cautions that historical results were collected and reported by operators unrelated to ALX and have not been verified nor confirmed by its Qualified Person but create a scientific basis for ongoing work in the Hydra project area. 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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