Canada’s ALX Resource Corp has plans to acquire 100pc interest in the Electra Nickel project located in Thunder Bay, Ontario.
Electra Nickel was previously known as Bateman Lake Property and is believed to hold large deposits of nickel and copper along with other minerals. According to historic data, the area produced about 9.29mn mt of ore between 1972-1988, grading 1.75pc nickel and 0.88pc copper.
ALX will pay $135,000 in cash, $500,000 in exploration costs along with 1.1 million common shares under the agreement to acquire all 148 units of the Electra project spreading across more than 7000 acres. This acquisition will be subject to signing of the agreement by both parties and approval from the TSX Venture Exchange.