- Crews with ALX Resources (AL) found visible gold in two recently-finished drill holes at the company’s Alligator Lake Gold Project
- The project is located approximately 165 kilometres northeast of La Ronge, Saskatchewan
- 2021 drilling successfully intersected a targeted area known to be prospective for high-grade gold mineralization
- The Alligator Gold Project consists of five claims totalling 2,973.32 hectares
- ALX Resources is up 18.75 per cent on the day, with shares of the company trading at C$0.95 at 2:56 pm ET
Crews with ALX Resources (AL) found visible gold in two recently-finished drill holes at the company’s Alligator Lake Gold Project.
The project is located approximately 165 kilometres northeast of La Ronge, Saskatchewan.
The company’s 2021 drilling successfully intersected the targeted Broken Hammer Shear Zone, which is known to be prospective for high-grade gold mineralization.
“The presence of visible gold at shallow depths in our first group of drill holes at Alligator Lake bodes well for the Project. Gold is an elusive target and to plainly see it in our drill core is a very rewarding experience,” said ALX Chairman and CEO Warren Stanyer.
The Alligator Gold Project consists of five claims totalling 2,973.32 hectares and is located adjacent to a provincial highway with an established winter trail suitable for mobilizing drilling equipment directly to ALX’s primary areas of interest.
The project has been held since 1985 by a private company and has been the subject of a number of seasonal prospecting programs, some geophysical surveying and limited drilling.
Prior to ALX’s 2021 work, only 16 diamond drill holes have been drilled since 1995 to depths averaging less than 86 metres.
In January 2021, ALX and Alligator Resources executed a definitive agreement for the project.
The definitive agreement provides ALX with the option to earn an initial 51 per cent interest and up to an 80 per cent interest in the project over a four year period.
Upon ALX obtaining an 80 per cent interest, ALX and ARL will form a joint venture in respect of the development of the project with ALX as the operator.
ALX Resources is up 18.75 per cent on the day, with shares of the company trading at C$0.95 at 2:56 pm ET.