ALX Uranium (TSXV: AL) announced that it acquired claims prospective for nickel, copper and cobalt mineralization totaling approximately 7,169 hectares at its Falcon nickel project located in the northern Athabasca region of Saskatchewan.
Axis Lake is the most significant Ni-Cu-Co deposit within the Falcon area. It was the subject of historical mineral resource estimates in 3.7 million tonnes of 0.60% nickel, 0.60% copper, and 0.15% cobalt
In a press release, ALX explained that it staked 25 claims during a staking rush in late May 2019 in the historic Axis Lake area, and added to its land position by purchasing a single claim from an arms-length vendor at the Rea Lake deposit located southeast of Axis Lake.
“The centre of the project is located approximately 14 kilometres northwest of Stony Rapids, Saskatchewan within the Tantato Domain, otherwise known as the East Athabasca Mylonite Triangle, which forms a segment of the Snowbird Tectonic Zone. A long history of exploration beginning in 1929 discovered numerous Ni-Cu-Co showings within Falcon’s boundaries,” the media statement reads. “Also located within the Falcon claim group is an estimated 1,500 metres of interpreted strike length of the Rea Lake deposit as well as the entire known extent of the Currie Lake deposit.”
To go ahead with the acquisition, the Vancouver-based miner paid $2,000 in cash. At closing, it will have to disburse an additional $10,000 in cash and issue 200,000 common shares of ALX.