ALX Resources (TSXV: AL) announced that it has executed a definitive agreement for an option to purchase a 100% interest in the Electra nickel project in the Thunder Bay South Mining District of Ontario.
In a press release, ALX said that the deal refers to 148 units totalling over 3,000 hectares. Total payments are $135,000 cash, 1.1 million common shares of ALX, and $500,000 in exploration expenditures.
According to the Vancouver-based miner, Electra – formerly known as the Bateman Lake property – is prospective for nickel, copper, cobalt, platinum group elements and gold mineralization.
“The presence of komatiitic ultramafic rocks with spinifex textures grading up to approximately 1.0% nickel in surface sampling is reminiscent of the mineralization styles found in the Kambalda District of Australia, and the Raglan district of Quebec,” the media brief states.
“Gold mineralization is present at Electra. In 1995, Hemlo Gold Mines mapped a gold-bearing system over a 700-metre strike length and sampled up to 82.5 grams/tonne gold on the northeast shore of Bateman Lake within a Timiniskaming conglomerate, which Hemlo stated could represent the distal expression of a larger gold-bearing system at depth.”
Electra sits on the Shebandowan Greenstone Belt, approximately 35 kilometres northwest of Thunder Bay. ALX considers the property to be underexplored, especially in the past decade where little to no modern exploration has been carried out.