Thank you for confirming your email - You will now receive updates regarding Alix.
October 6, 2010, VANCOUVER, B.C.– ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce that the Company has entered into an Option Agreement with Hidefield Gold Limited (Hidefield) and Mines Trust Company (Mines Trust) to acquire up to a 70% interest in the Golden Zone Gold-Silver-Copper Property, located in the Chulitna mineral belt of the Valdez Creek Mining District in south-central Alaska, approximately 150 miles north of Anchorage. A budget on the order of $500,000 to $1,000,000 is anticipated by Alix for exploration and development in the 2011 field season at the Golden Zone.
The program will have three major goals – refinement of the existing resource database on the property in anticipation of a pre-feasibility study expected to begin next winter (2011-2012), continued exploration on several of the existing prospects and reconnaissance exploration to identify additional prospects. Alix currently has $400,000.00 on-hand to devote to the Golden Zone project this year and intends to raise additional funds through private placement of Alix stock this winter and/or spring.
The 24,500 acre (10,000-hectare) Golden Zone Property consists of about 21,600 acres (8748 ha) of mining claims, an extensive upland mining lease (2920 acres; 1183 ha), and a small staging area lease (40 acres; 16 ha) on the Alaska Railroad, all on State of Alaska selected and conveyed land. The Golden Zone property is located 150 air-miles (240km) north of Anchorage and 130 air-miles south of Fairbanks, Alaska, on the south flank of the Alaska Range. The project area is readily accessible by dirt road 15 miles (24 km) from the Alaska Railroad and Parks Highway (State Highway No. 3) linking Anchorage and Fairbanks.
“We expect that the Golden Zone Property will become a very major asset for Alix,” stated Alix President and CEO Michael England. "The property offers us a combination of an established 43-101 compliant resource and excellent logistics, along with what we believe is great potential for additional discoveries in what appears to be a very promising trend of gold mineralization. Alix is very excited with this opportunity to acquire the property at this point in its exploration and development.”
Work at the Golden Zone Property since 1970 includes 136 core holes totaling 18,750 meters, 62 reverse circulation holes totaling 5,500 meters, 121 surface cuts and trenches totaling 5,500 meters and 1,100 meters of underground workings, with well over three quarters of this work done on the Breccia Pipe. Additionally several tens of thousands meters of ground geophysical surveys and a close-spaced helicopter-borne aeromagnetic and EM survey have been completed, and over 1500 rock chip samples and 2200 soil samples have been collected on the property. Data from all of this work is available to Alix.
Several types of intrusion-related deposits exist on the Golden Zone property: porphyry-type, skarn and other carbonate replacements, veins and shear zones, and a well studied hydrothermal breccia pipe. The most advanced deposit on the property is the Golden Zone Breccia Pipe which has a N.I. 43-101 compliant resource, established by Norwest Corporation for Piper Capital Inc. as outlined in an N.I. 43-101 Independent Technical Report dated May 16, 2005, and filed by Piper Capital on May 31, 2005. The technical report is available through the Sedar web site (http://www.sedar.com).
The Golden Zone Breccia Pipe and a dozen or so other prospects on the property define three parallel north to north-northwest trending fault-bounded mineral corridors. Many of these prospects are inadequately explored and several of them warrant detailed exploration and/or drilling in the upcoming field season.
Seven kilometers to the north-northwest of the Breccia pipe in the Golden Zone Corridor at the northern end of the property significant mineralization was identified at the Riverside prospect in the Wells Vein, which was re-excavated by Hidefield in 2006. Five 2006 chip samples across the 5-foot (1.5 meter) vein returned the following analyses:
- 25.9 gm/T (0.75 opt) across 0.79 meters (2.6 feet)
- 34.6 gm/T (1.01 opt) across 1.49 meters (4.9 feet)
- 0.1 gm/T (0.003 opt) across 0.98 meters (3.2 feet)
- 30.9 gm/T (0.90 opt) across 1.40 meters (4.6 feet)
- 25.9 gm/T (0.75 opt) across 0.79 meters (2.6 feet)
Hidefield/Mines Trust report a projected strike length of 150 meters (500 feet) on the Wells Vein. The vein has not yet been drilled.
Also in the 2006 Hidefield work, ten rock-chip samples from the newly discovered Cohio Prospect ten kilometers south-southwest of the Breccia Pipe returned gold analyses ranging from negligible to 111 ppm Au. Three consecutive grab samples collected along a roughly 1-kilometer traverse along a ridge contained 9.7, 15.0 and 111.0 ppm Au. The Cohio Prospect is along trend with the mineral corridors, and much of the area between the Breccia Pipe and the Cohio Prospect has only seen minimal exploration.
Alix’s 2011 program at the Golden Zone Property will be performed under the supervision of David Hedderly-Smith, Ph.D., P.G., who is a Director of Alix and a Qualified Person as defined by NI 43-101. Dr. Hedderly-Smith also prepared and approved the geological and technical information contained in this release.
“While we were initially attracted to the Golden Zone by the opportunity offered by the property’s N.I. 43-101 compliant resource base and exceptionally good logistics, combined with today’s evolving precious metals market, our continuing review of the property’s database is showing some really great blue-sky potential there,” stated Dr. Hedderly-Smith. “Much of the ground held by claims, including ground in extensions of the identified mineral corridors between the Breccia Pipe and the Cohio showing ten kilometers to the southwest, has seen only minimal exploration to date, and we intend to aggressively explore these areas. Indeed the Cohio showing itself hasn’t been revisited since its discovery in 2006, and the Wells Vein at the Riverside prospect is still awaiting its first drill hole!”
The Company will acquire a 51% controlling interest in the Golden Zone Property for a total consideration of US$60,000 in cash, issuance of US$500,000 worth of Alix shares and expenditures of US$1,500,000 for exploration and development on the property by December 31, 2013.
The Company can acquire another 19% interest in the Golden Zone property (70% total) by making additional property expenditures of $1,000,000, paying an additional US$50,000 in cash, and issuing an additional US$500,000 worth of Alix shares by December 31, 2015.
The transaction is subject to approval from the TSX Venture Exchange.
Alix Resources is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders. For further information we invite you to visit us at www.alixresources.com.
ON BEHALF OF THE BOARD
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Toll Free: 1-888-945-4770
Neither 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.