Huayou seeks $2.7 billion for Ford-backed Indonesia nickel plant
The fundraising comes as benchmark nickel prices trade near a four-year low amid weaker demand from the stainless steel market.
ALX Resources (TSXV: AL) announced that preliminary results of an airborne electromagnetic survey completed at its Firebird nickel project in Saskatchewan, Canada, successfully delineated several new anomalous zones of strong conductivity in the northern part of the property where no modern airborne EM system has ever been flown.
“The project technical team consisting of ALX and Rio Tinto personnel have identified initial high-priority anomalies based on their strong conductivity and coincident high magnetic responses, which may be suggestive of the presence of sulphides,” ALX said in a media statement.
“Additional processing and modelling of the final survey data are planned in the coming weeks to better assess the depth and character of the best anomalies to determine their viability for potential drill testing.”
Located in Saskatchewan, Firebird is currently the subject of an option agreement with Rio Tinto Exploration Canada
According to the miner, the highly-conductive anomalies found by the survey are complemented by favourable geology, lake sediment geochemistry and in some cases, nearby surface mineralization that could represent an expression of a significant mineralized system on the property.
Firebird is a 20,491-hectare project located near the town of Stony Rapids. The property lies within the Tantato Domain, which forms a segment of the Snowbird Tectonic Zone.
ALX reports that the project hosts a magmatic nickel sulphide mineralizing system that has been underexplored by modern methods until the company acquired it.
Firebird is currently the subject of an option agreement with Rio Tinto Exploration Canada, where Rio Tinto can earn up to an 80% interest in the property.
