Vixen Gold Project

On September 26, 2019, ALX announced the acquisition of claims prospective for gold mineralization in the Red Lake Mining District of Ontario, Canada. The Vixen Gold Project (“Vixen” or the “Project”) consists of three sub-projects totaling 10,008 hectares (27,730 acres) staked within the Birch-Uchi greenstone belt, located approximately 60 kilometres (37 miles) east of Red Lake, Ontario, Canada. Vixen is owned 100% by the Company, subject to a 2.0% net smelter returns royalty (“NSR”).

ALX acquired Vixen after its review of historical surface exploration carried out by the Ontario Geological Survey (the “OGS”), and of Province of Ontario assessment records describing gold showings and past-producing mines located near the ALX claims.

Vixen South demonstrates a credible setting for significant gold mineralization. In 1991, pristine gold grains were found by the OGS in till samples collected from Vixen South, which is a possible indication of an on-property source. Vixen South and Vixen West each lie within 10 kilometres (6 miles) of past-producing gold mines, and each lie within approximately 25 kilometres (15.5 miles) from the Springpole gold deposit (“Springpole”) owned by First Mining Gold Corp., which hosts an indicated mineral resource estimated at 139.1 million tonnes containing 4.67 million ounces of gold and 24.19 million ounces silver at an average grade of 1.04 grams/tonne gold and 5.4 grams/tonne silver1. Vixen North is located approximately 6 kilometres (4 miles) northwest of Springpole near other high-grade gold deposits and hosts historical showings in surface trenching with gold values ranging up to 9.5 grams/tonne gold2.

  1. Springpole Indicated Mineral Resource Estimate was calculated by SRK Consulting (Canada) Inc. in “Preliminary Economic Assessment Update for the Springpole Gold Project, Ontario, Canada” dated June 6, 2017 (Arseneau, et al)
  2. “Brengold Prospect” - Trenching was carried out by Brengold Mines Limited in 1934 and is described in Ontario Department of Mines, Vol. XLVI, Part VII, pages 25-26.

2019 Exploration at Vixen

ALX has initiated a geophysical study from historical digital airborne data, accessed through Condor Consulting, Inc. of Lakewood, Colorado (“Condor Consulting”). Condor Consulting are recognized experts in the field of airborne electromagnetics and have been retained by ALX to perform a detailed interpretation of historical airborne data collected in the 1990s, before modern modeling techniques were available to explorers. A final report regarding the significance of the historical results is pending. ALX intends to collect soil geochemical samples at Vixen in the fall of 2019 where faulting and possible geological contacts are interpreted to act as conduits for hydrothermal fluids for precious metals.

About Vixen and the Red Lake Mining District

Vixen consists of 496 mineral claims totaling 10,008 hectares (27,730 acres) located within the Birch-Uchi greenstone belt. The Vixen claims were staked by a related party to ALX (the “Vendor”) and were acquired by the Company in exchange for reimbursement of the Vendor’s staking costs, and implementation of an exclusive three-year geological services agreement between ALX and the vendor. A 2.0 % NSR was granted in favour of the Vendor, 1.0% of which can be purchased by the Company for $1.5 million. The Vixen acquisition is subject to acceptance by the TSX Venture Exchange.

To date, the Red Lake Mining District (“Red Lake”) has produced over 30 million ounces of gold since mines began production in 1925 (readers are cautioned that mineralization present on adjacent properties may not be present at Vixen). Historic gold mines in the Red Lake camp include the Campbell mine, the Red Lake mine, and the Couchenour-Williams mine, all multi-million ounce gold producers. Vixen lies within the Birch-Uchi greenstone belt, a geological trend located to the northeast of Red Lake that is highly-prospective for new showings of gold mineralization. ALX considers Vixen underexplored where areas of limited outcrop inhibited surface exploration and plans to identify new drill targets through its geophysical review and leading-edge geochemical exploration techniques.

National Instrument 43-101 Disclosure

The technical information in this news release was reviewed and approved by Neil McCallum, P. Geo., a consultant to the Company, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the information is deemed credible and was produced by professional geologists of the eras discussed. ALX further cautions investors that it has reviewed but has not verified all of the historical Vixen exploration data.