ALX signs option agreement with Rio Tinto for Falcon nickel project
Mining Technology - ALX Resources has signed an option agreement with global mining major Rio Tinto over the Falcon nickel project in Canada.
The project is located near Stony Rapids at the terminus of Highway 905 in northern Saskatchewan.
Under the option agreement, Rio Tinto may acquire approximately 80% in the Falcon project, which will be renamed as the Firebird nickel project.
Rio Tinto will acquire this interest by spending a total of $12m in exploration expenditures over six years and making a total of $125,000 in cash payments to ALX.
The project comprises 68 claims, which are fully owned by ALX. The size of the project is now approximately 20,500ha.
ALX CEO and chairman Warren Stanyer said: “ALX welcomes this exploration partnership with Rio Tinto, one of the world’s largest and most innovative mining and exploration companies.