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Alix Resources Corp

Exchange: TSXV Exchange | Sep 23, 2017, 3:37 AM EDT

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Alix Acquires Properties In The Golden Triangle, B.C.




Alix Acquires Properties In The Golden Triangle, B.C.



Vancouver, British Columbia (FSCwire) - ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the signing of a Letter of Intent (LOI) to acquire a 100% interest in a property package comprising five claim blocks located 19 to 40 kilometres northeast of Stewart, British Columbia, in the Golden Triangle. The properties are prospective for gold, silver, copper, lead and zinc.

 

Summary

 

  • Portland Property

 

  • Kelly Girl Claim

 

  • Lucky Date Claim

 

  • About the Golden Triangle

 

  • Deal Terms

 

Portland Property

 

The Portland Property, the largest claim block, comprises 2,416 hectares and covers both the Victor and Portland MINFILE occurrences. The property is located approximately 19 kilometres northeast of Stewart and is traversed by Hwy 37A. Both targets have been subject to historical surface and underground activity dating from the early 1900’s, but remain relatively unexplored by modern means, with only one assessment report covering the claim area, filed in 2006.

 

The Portland prospect is located about 1 kilometre north of Hwy 37A, with historical work reported from 1910 through 1931. Activities focused on a north-striking, westerly-dipping quartz vein, up to 0.6 metres wide, in a zone of brecciated argillite. The vein was exposed in a 60-metre-long tunnel, with pyrite reported as the principal sulphide. A grab sample assayed 8.6 g/t Au and 432 g/t Ag. (1) (9) *

 

The Victor Showing is located just south of Hwy 37A, 21 kilometres northeast of Stewart, with historic work reported from 1909 to 1910. The showing comprises a series of open cuts and an adit at least 43 metres in length. Mineralization at the adit comprises a fracture zone at the contact of a porphyry dike in argillite and hosts at least two lenses of nearly massive sphalerite-galena. The northwestern lens is 6.1 metres long, 4.6 metres deep and 0.25 metre wide. The southeastern lens is about 4.6 metres long and 0.1 to 0.2 metre wide. A grab sample from the adit dump assayed trace gold, 582.9 g/t Ag, 44.0 % Pb and 22.6% Zn. (2) (7) *

 

Kelly Girl Claim

 

Approximately 3 kilometres to the west of the Portland Property, the Kelly Girl Claim comprises 36 ha and covers the Kelly Girl MINFILE showing. In 1990, an 80-centimetre chip sample assayed 3.21 g/t Au and 3.4 g/t Ag. A grab sample from nearby float assayed 4.54 g/t Au, 71.8 g/t Ag, 7.92% Cu. (3) (4) (5) *

 

Lucky Date Claim

 

Approximately 3.1 kilometres to the southeast of the Portland Property, the Lucky Date Claim comprises 54 ha and covers the plotted location of three historic MINFILE occurrences: St. Elmo, Jutland, and Lucky Date. The exact locations of these occurrences are not known, and exploration activity is reported from the 1920’s to the 1940’s, however there are no recent assessment reports covering the occurrences. (10)

On the Lucky Date showing, a channel sample collected in 1946(?) from the I.X.L. quartz vein, assayed 0.34 g/t Au, 185.1 g/t Ag, 0.15% Cu, 1.6% Pb, 6.9% Zn and 0.13% Cd (cadmium) across a width of 0.76 metre.

 

The Goat Vein extends over a length of 240 metres from 1067 to 1189 metres elevation. A channel sample taken in 1946(?) from an adit at 1067 metres elevation, assayed 75.4 g/t Ag, 2.90% Pb, 3.9 % Zn and 0.05% cadmium (with 0.07% Cu and nil Au) across a width of 0.71 metres. The location of this vein is not specified in the historical reports. (6) (8) *

 

The St. Elmo Minfile is designated by BC MINFILE as a past producer with a 13.6 tonne shipment of sorted ore mined in 1947 averaging 4,217 g/t Ag, 17.5% Pb and 22.8 % Zn.  A chip sample from the upper lens assayed 2972.6 g/t Ag, 8.3 % Pb, 4.6% Zn, 0.8% Cu and 0.69 g/t Au across 0.18 metres. (11) *

 

* The reader is cautioned that grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.

 

Mike England, president of Alix, states, "We are very pleased to have acquired a prospective group of properties in the heart of one of the busiest exploration gold and silver camps in Canada. Company personnel are reviewing assessment files and data on the properties and planning a site visit to commence in early September.

 

About the Golden Triangle

 

The Golden Triangle of British Columbia is currently one of the most active exploration and mine development districts in Canada. Major infrastructure improvements are in progress in the area, concurrent with extensive gold mine development, including the recent (June 20, 2017) announcement by Pretium Resources Inc., of the first gold poured at the Brucejack mine, the newest gold mine in Canada.

 

Terms of the Deal

 

Cumulative terms of the deal call for Alix to make cash payments of $100,000, issue 5 million shares and spend $300,000 over a 3-year period. A 3% NSR will be granted to the vendor with 2% purchasable by Alix at any time for $2 million.

 

The technical contents of this release were approved by Case Lewis, 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 acquisition and exploration of precious metal and lithium projects globally. Current projects are active through Joint Venture partners and/or by the Company in Sonora, Mexico, Nevada, Manitoba, Ontario and Quebec. Alix continues to evaluate suitable prospects that fit the mandate of the Company.

 

References

 

(1)     Geological Survey of Canada Memoir 175

 

(2)     Minister of Mines Annual Report 1910

 

(3)     MINFILE No 104A 159

 

(4)     Assessment Report 21244

 

(5)     Assessment Report 22890

 

(6)     Minister of Mines Annual Report 1946, page 80

 

(7)     MINFILE No 104A 030

 

(8)     MINFILE No 104A 047

 

(9)     MINFILE No 104A 031

 

(10)    MINFILE No 104A 046

 

(11)    Minister of Mines Annual Report 1947, page 91

 

ON BEHALF OF THE BOARD

 

“Michael England”

                                                                       

Michael England, President, CEO, 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.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/AlixAug282017.pdf

Source: Alix Resources Corp. (TSX Venture:AIX)

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