09:03:24 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Alix Resources Corp (3)
Symbol AIX
Shares Issued 70,373,191
Close 2017-04-25 C$ 0.055
Market Cap C$ 3,870,526
Recent Sedar Documents

Alix Resources drills 33 m of 1,058 ppm Li at Agua Fria

2017-04-25 08:27 ET - News Release

Mr. Michael England reports

ALIX INTERSECTS + 1,000 PPM LITHIUM IN THE 1ST DRILL HOLE ON ITS AGUA FRIA LITHIUM PROJECT, SONORA MEXICO

Alix Resources Corp. has provided the results of the first reverse circulation (RC) hole which intersected two intervals of over 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 metres, intersecting two intervals of over 1,000 parts per million Li in clay-bearing volcanogenic sediments, including 33 metres from three to 36 metres averaging 1,058 ppm Li and 21 metres from 54 to 75 metres averaging 1,043 ppm Li.
  • Assays over 1,000 ppm are significant and represent the cut-off grade used by SRK Consulting (UK) Ltd. on the neighbouring La Ventana lithium deposit, owned jointly by Bacanora Minerals Ltd. (70 per cent) and Rare Earth Minerals PLC (30 per cent).
  • Drilling on the Agua Fria project is progressing well with five completed holes totalling 625 metres. Assays have only been received for hole AF-17-001.
  • The Agua Fria project is being undertaken by a local drilling contractor using a track 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 precalibrated 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-metre reverse circulation drilling program investigating a five-kilometre-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 Vantana deposit."

Alix and Lithium Australia (LIT) further announce that LIT has now satisfied all aspects for its stage 2 earn-in to 49 per cent. Alix has requested that the phase 3 joint venture 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-per-cent earn-in will be staged as listed in the table and subject to drill results, LIT retains the right to determine the key aspects of the drilling campaign.

LIT can earn a further 16-per-cent interest in the project (65 per cent cumulative) in three stages as listed in the table.

% 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            

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, PGeo, 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 Corp.

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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.