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ALX Resources Corp. (AL.V) staked eight Hydra sub-projects in late 2022 and early 2023. Post the transaction closure on July 7, 2023, both ALX and Forrestania now own a 50% interest in the Project. The projected total of staking and exploration costs by ALX for the 2023 field season is CAD $900,000. Forrestania matched ALX’s commitment to earn its 50% interest.
On July 6, 2023, Forrestania received shareholder approval for share issuance to close the transaction at an Extraordinary General Meeting. The newly-formed 50:50 joint venture, the ‘Hydra JV’, will explore and administer the Project. ALX will act as the operator for an industry-standard administration fee. Both ALX and Forrestania will vest with a 1.50% net smelter returns royalty.
Warren Stanyer, CEO and Chairman of ALX, expressed excitement about the partnership at Hydra with Forrestania. He anticipates resuming lithium exploration in the James Bay region once weather and forest fire conditions permit.
ALX began its current exploration at Hydra for lithium-cesium-tantalum (‘LCT’) pegmatites on May 31, 2023. However, access restrictions due to forest fires led to the suspension of the program on June 4, 2023. Upon resumption, the Hydra JV will focus on systematic prospecting, geological mapping, and geochemical sampling.
Forrestania shares ALX’s belief that Hydra holds potential for LCT pegmatites. This belief is supported by encouraging exploration reports from the nearby Corvette Lithium Project owned by Patriot Battery Metals Inc.
ALX’s sub-projects were selected for staking based on the presence of historical lithium, cesium, and tantalum lake sediment anomalies. ALX used an artificial intelligence (‘A.I.’) search of Quebec government assessment files that found the Python West lithium showing in a pegmatite discovered during a historical uranium exploration program.
ALX is based in Vancouver, BC, Canada. Its common shares are listed on the TSX Venture Exchange under the symbol ‘AL’, on the Frankfurt Stock Exchange under the symbol ‘6LLN’, and in the United States OTC market under the symbol ‘ALXEF’. ALX’s mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, lithium, nickel-copper-cobalt, and gold projects.
Company Website: https://alxresources.com
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