April 25th, 2017, Vancouver, BC, Canada –ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the results of the first reverse circulation (“RC”) hole which intersected two intervals of +1,000 parts per million (“ppm”) lithium (Li) on the Agua Fria target, of the Electra Project in Sonora, Mexico. Highlights to date include:
- The first vertical hole, AF-17-001, was drilled to a depth of 126 meters, intersecting two intervals of +1,000 ppm Li in clay-bearing volcanogenic sediments, including 33meters from 3 to 36 meters averaging 1058ppm Li, and 21meters from 54 to 75 meters averaging 1043ppm Li.
- Assays over 1,000 ppm are significant, and represent the cut-off grade used by SRK Consulting (UK) Limited on the neighboring La Ventana lithium deposit, owned jointly by Bacanora Minerals Limited (70%) and Rare Earth Minerals PLC (30%);
- Drilling on the Agua Fria project is progressing well with five completed holes totaling 625 meters. Assays have only been received for hole AF-17-001;
- The Agua Fria projects is being undertaken by a local drilling contractor using a tracked mounted RC rig. The project is staffed by a multinational crew from Canada, Australia and Mexico;
- The Agua Fria project is believed to be the first, comprehensive, fielding test of a portable Laser Induced Breakdown Spectroscopy (LIBS) using a SciAps Z300 instrument pre-calibrated for material type and lithium grade to provide “real time” assay verification.
- Li assays have been received from one drill hole (AF-17-001), and the initial correlation between obtained laboratory values to concentrations determined by the SciAps Z300 instrument is relatively good and very encouraging. Additional applications are being considered to expedite other targets;
- The Agua Fria project envisions a 3,000 meters reverse circulation drilling program investigating a 5 kilometer-long sedimentary unit hosting lithium-enriched clay layers.
Mike England, president of Alix, stated: "We are very pleased with the results from the first drill hole and the drill progress to date the Agua Fria lithium clay targets. With an international team of Canadian, Australian and Mexican personnel, the objective is to discover lithium-rich clay deposits similar in grade and size to that of the Bacanora/REM La Ventana deposit."
Alix and Lithium Australia (“LIT”)(LIT – ASX) further announce that LIT has now satisfied all aspects for its Stage 2 earn-in to 49%. Alix has requested that the Phase 3 JV earn-in be accessed early to ensure the maiden drill campaign is not frustrated for lack of funds resulting in the two Companies amending Phase 3. The remaining 16% earn-in will be staged as listed below and subject to drill results, LIT retains the right to determine the key aspects of the drilling campaign:
LIT can earn a further 16% interest in the Project (65% cumulative) in three stages as listed below:
% earned | Expenditure | Shares | Cash | Cumulative % |
5 | 343,750 | 468,750 | 78,125 | 54 |
5 | 343,750 | 468,750 | 78,125 | 59 |
6 | 412,500 | 562,500 | 93,750 | 65 |
16 | 1,100,000 | 1,500,000 | 250,000 |
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Additionally, the Company also wished to announce the resignation of Tracy Weslosky from its Board of Directors to better focus on other venues. Alix thanks Ms. Weslosky for serving as a Board member and looks forward to continuing working together in the future.
The technical contents of this release were approved by Dr. Michel Boily, PhD, P.Geo, a qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
About Alix Resources
Alix Resources is a junior mining exploration company focused on seeking and acquiring world class lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company.
ON BEHALF OF THE BOARD
“Michael England”
Michael England, President, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
Original Article: http://www.alixresources.com/index.php?page=news&id=1228
