ALX Resources Corp. pleased to announce that it has entered into an earn-in option agreement with First Mining Gold Corp. on the Company’s 100%-owned Vixen Gold Project . Vixen consists of three sub-projects totaling 10,614 hectares Vixen North, Vixen South and Vixen West, located approximately 60 kilometres east of Red Lake, Ontario and near First Mining’s Springpole Gold Project . ALX first acquired and explored …
ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) (“ALX” or the “Company”) pleased to announce that it has entered into an earn-in option agreement with First Mining Gold Corp. (TSX: FF) (“First Mining”) on the Company’s 100%-owned Vixen Gold Project (“Vixen”). Vixen consists of three sub-projects totaling 10,614 hectares (26,227 acres), Vixen North, Vixen South and Vixen West, located approximately 60 kilometres (37 miles) east of Red Lake, Ontario and near First Mining’s Springpole Gold Project (“Springpole”). ALX first acquired and explored Vixen in 2019, and added additional claims acquisitions in 2021.
Details of the Option Agreement
First Mining will have the option to earn an initial 70% interest in Vixen by making cash payments totaling $550,000, the issuance of First Mining common shares totaling $400,000 to ALX, and by incurring at least $500,000 of expenditures at Vixen during the first three years of the earn-in term. Upon completing the first stage of the earn-in, First Mining will hold, through its wholly-owned subsidiary company Gold...
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