A helicopter-supported diamond drilling programme of up to 1,000m in four to five holes is underway. Mobilisation of the drill rig and personnel is achieved from the town of Stony Rapids, Saskatchewan, located approximately 18km by air from the centre of the Project.

ALX's first drill hole of the 2020 programme is in progress on the V-1 conductive target (V-1) at the historical Currie Lake deposit area (Currie Lake). A site visit carried out by ALX in October 2019 at Currie Lake confirmed grades in surface rock samples of up to 3.17 per cent nickel and 0.40 per cent copper from historical trenches, along with anomalous grades of cobalt, gold and platinum group metals.

ALX has since identified large, highly prospective targets at Currie Lake at greater depths than the mineralised intersections last drilled in 1957 and 1965 - 21 historical drill holes which clearly overshot the anomalies defined by ALX's recent geophysical modelling. Up to three drill holes totalling 535m are recommended for V-1.

"ALX has combined archival data with new technology to define drill targets in a classic setting for magmatic nickel sulphide deposits," said Warren Stanyer, CEO and chairman of ALX. "The targets that have emerged from this process could simply not be seen by historical explorers, which is our modern advantage."

A ground electromagnetic (EM) survey totalling approximately 12 line kilometres is underway on the V-3 target area (V-3), located about 4km east of Currie Lake, to better define the strike, depth and character of the V-3 airborne conductor.

In January 2020, ALX carried out a lake sediment geochemical programme over V-3 using the Spatiotemporal Geochemical Hydrocarbon (SGH) survey method and detected a strong nickel response coincident with the conductor trace. Conventional lake sediment samples were also collected in tandem with the SGH samples and 18 of the 42 samples returned geochemical values of over 100 parts per million (ppm) nickel, with the highest value sample returning maximum values of 396ppm nickel, 103ppm copper and 131ppm cobalt. Background values in the Falcon area for all three elements are generally less than 30ppm. ALX anticipates the results of the current ground EM survey will provide a well-defined target at V-3 for drill testing during the winter 2020 exploration program.

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