VANCOUVER, November 11, 2016 /
Alix Resources Corp. (TSXV: AIX) (FSE: 37N) ("Alix" or the "Company") is pleased to report the completion l of a Phase 2 budget with their Joint Venture partner,
Lithium Australia, NL to initiate a drill program at its newly discovered Agua Fria site containing lithium-rich clay formations that constitute part of the Electra project, Sonora, Mexico.
Highlights of the Agua Fria discovery include:
- Significant lithium-rich clay layers identified southwest of the large Tule Concession (Electra Project)
- Clay horizons traced for approximately 4.5 km on strike, with indications of width attaining over 800 m.
- Apparent thickness of target layers reaching 20-30 metres
- Assays up to 1,190ppm Li. Additional assays pending
- Successful concession applications accepted
- The new concession included three ranches and Alix is currently negotiating for drill permitting, to be followed by environmental studies. There are no Ejido (community) surface (owner/co-op) rights requirements tied to the new concession application
Alix geologists have just returned from Agua Fria where they carried out follow-up work aiming to better understand the factors controlling the distribution of >1000ppm lithium, to expand areas of known higher grade mineralization with channel sampling and sample additional prospective beds within the Agua Fria basin. The investigated area is at a sufficient development stage to consider the definition of drill targets.
Thirty one samples have been submitted to ALS Chemex in Hermosillo requesting the 4-acid method (ME-MS61) and the previously used ME-MS41 on 8 duplicate samples to provide some data comparison. The high lithium concentrations are associated with grey, brown and white colored clay-rich sedimentary beds dipping shallowly to the east and capped with basaltic flows. This sequence is similar to that found on the nearby La Ventana property held by Bacanora Minerals and REM.
Under the terms of the option and joint venture agreement, between the Company and Lithium Australia NL (LIT) to jointly explore and develop the Electra Project (comprising the Tule, and Tecolote concession applications, and the Agua Fria discovery area), an agreed upon Phase 2 comprises:
- LIT may earn a 49% interest in the project by:
- Issuing 500,000 fully paid ordinary LIT shares to Alix;
- Issuing 500,000 partly paid LIT contributing shares paid to 0.01 Australian cent each (24.99 Australian cents unpaid) to Alix;
- Expending a further $250,000 (Australian) within 12 months of signing; Alix-LIT- combined board to agree on scope of work; LIT to have deciding vote;
In addition, the Company wishes to report that reject samples from both the Tecolote and Agua Fria targets have been sent to, and received in, LIT's offices in Australia. Preliminary test work has been initiated to enhance the recovery of lithium from the clay samples and to develop in - situ methods of analyzing lithium (and associated minerals) that will assist the exploration activities. Additional samples will be shipped shortly from Agua Fria.
Christopher Ecclestone, CEO of Alix, stated: "We are very pleased to have quickly reached this significant milestone with Lithium Australia and look forward to our maiden drill program on Li-rich targets in Agua Fria. The objective is to discover lithium-rich clay layers similar to that of the Bacanora/REM La Ventana deposit."
Managing Director of Lithium Australia, Adrian Griffin commented: "The recent significant discoveries at Agua Fria have rightly resulted in reprioritizing target areas - and that's a nice problem to have. At Lithium Australia we continue to advance the technical support required for the best possible outcome for the shareholders of both Alix and Lithium Australia as we prepare for the maiden drilling campaign."
The technical contents of this release were approved by 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).
SOURCE: Alix Resources Corp.
