On March 26, 2021, ALX announced it had purchased an additional eight claim units at Vixen. The eight claim units comprise approximately 162 hectares (399 acres) and are located within the Vixen South claim block. ALX agreed to pay $2,500 cash and 200,000 common shares to an arm’s-length vendor for a 100% interest in the Claims, subject to a 1.5% net smelter returns royalty in favour of the vendor, which can be purchased in its entirety by ALX for $1.5 million.
In early May 2021, ALX executed an option-to-purchase agreement for an additional nineteen claim units and a single patented claim. The claims comprise approximately 384 hectares (949 acres) and are located along the northern edge of the Vixen South claim block. ALX has agreed to pay arm’s-length vendors (the “Vendors”) $5,000 cash in exchange for an exclusive 90-day due diligence period to investigate the claims, which includes a site visit planned for late May 2021. If the Company decides to proceed to an option period, an additional $10,000 cash and 200,000 common shares of ALX are payable to the Vendors. If ALX wishes to proceed to purchase a 100% interest in the claims, the Company would be required to pay to the Vendors an additional $25,000 cash and 300,000 common shares of ALX on or before December 1, 2021. The claims would remain subject to a 2.5% net smelter returns royalty (“NSR”) in favour of the Vendors, which can be purchased in its entirety by ALX for $2.5 million.
On September 9, 2021, ALX announced the execution of an option agreement for Vixen, whereby First Mining Gold Corp. ("First Mining") (TSX: FF) has the option to earn an initial 70% interest in Vixen by making cash payments totaling $550,000, the issuance of First Mining common shares totaling $400,000 to ALX, and by incurring at least $500,000 of expenditures at Vixen during the first three years of the option term. Upon completing the first stage of the earn-in, First Mining will hold, through its wholly-owned subsidiary company Gold Canyon Resources Inc. (“Gold Canyon”), a 70% interest in Vixen and will have an additional two-year period to acquire the remaining 30% interest in Vixen by electing to make a $500,000 cash payment to ALX and by the issuance of First Mining common shares to ALX totaling $500,000.In the event that First Mining elects not to complete the second stage of the earn-in, ALX and Gold Canyon will enter into a 70%-30% joint venture agreement with respect to Vixen.