- ALX Resources (AL), in partnership with Rio Tinto, has begun an airborne electromagnetic survey at its Firebird Nickel Project
- The project is currently the subject of an option agreement, under which Rio Tinto may acquire up to an 80 per cent stake
- ALX will carry out the survey, which will consist of roughly 1,060 line kilometres using a helicopter-borne Vertical Time-Domain Electromagnetic system
- A drilling program at the project was completed earlier this year, which returned assays of up to 0.36 per cent nickel over 23.78 metres
- ALX Resources (AL) is currently down 6.67 per cent and is trading at C$0.07 per share
ALX Resources (AL), in partnership with Rio Tinto, has begun an airborne electromagnetic survey at its Firebird Nickel Project.
According to an agreement dated August 24, 2020, ASX-listed Rio Tinto currently holds an option to acquire up to an 80 per cent interest in the project, which covers approximately 20,491 hectares and sits roughly 18 kilometres from the town of Stony Rapids, Saskatchewan.
ALX Resources will carry out the survey, at the request of Rio Tinto, which is expected to consist of 1,060 line kilometres using a helicopter-borne Vertical Time-Domain Electromagnetic system from Ontario-based Geotech.
The survey will focus on the northern part of the Firebird Project, where no airborne electromagnetic survey has been carried out to date.
Warren Stanyer, Chairman and CEO of ALX Resources, commented on the launch of the survey.
“Rio Tinto is moving quickly to assess the exploration potential of Firebird. This leading edge, deep-penetrating airborne survey is an excellent method to locate and better define conductors that could not be detected by historical exploration,” he said.
The survey comes off the back of a helicopter-supported drill program and geophysical campaign that were completed at the Firebird Project earlier this year.
As the company noted back in April, the drilling work identified magmatic nickel, copper and cobalt mineralisation in two out of three holes that were drilled on a number of new targets. These results include up to 0.36 per cent nickel over 23.78 metres and 0.55 per cent nickel over 10.61 metres.
Once the survey is completed, ALX Resources will combine the results with previously collected geophysical data in an effort to generate a new set of drill targets.
ALX Resources (AL) is currently down 6.67 per cent to C$0.07 per share at 2:07pm EDT.
