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July 25, 2011, VANCOUVER, B.C.– ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce that the 2011 drill program at the company's Golden Zone gold-silver-copper property in the Valdez Creek Mining District in south-central Alaska is progressing on schedule.
Two HQ diamond drill holes have been drilled at the Lower Riverside prospect at the north end of the 10,000 hectare (24,500-acre) property. Both holes appear to have encountered the Wells vein, a quartz-arsenopyrite-pyrrhotite-pyrite-chalcopyrite replacement vein in Triassic limestone. Five composites of chip/channel samples collected by Hidefield Gold across the 1.5-meter (5-foot) vein from a trench in 2006 returned analyses ranging up to 34.6 gm/T (1.01 opt) Au across 1.49 meters (4.9 feet) and 30.9 gm/T (0.90 opt) Au across 1.40 meters (4.6 feet) (see Alix News, October 6, 2010).
Alix’s first 2011 hole (GZRS11-001) was 76.5 meters (251 feet) deep and encountered the vein with a 2.2-meter intercept with good chalcopyrite and arsenopyrite mineralization from 24.4 to 26.6 meters (79.9 to 87.2 feet). 17.6 meters of an altered monzo-diorite porphyry dike with disseminated pyrrhotite and minor arsenopyrite was also encountered in the first hole from 54.3 to 71.9 meters (178.1 to 235.8 feet). True widths not known.
The second hole (GZRS11-002) was 153 meters (502 feet) deep and encountered the vein with a 1.8-meter intercept from 40.4 to 42.2 meters (132.5 to 138.5 feet), as well as two or three narrower (possibly parallel) secondary veins between 43.6 to 45.0 meters (142.9 to 147.7 feet). 108 core samples, generally containing 1.52 meters (5 feet) of split core from the two holes, have been submitted to ALS Laboratories in Fairbanks. True widths not known.
Alix has now moved the drill from the Riverside prospect to the Golden Zone Breccia Pipe. In January of 2011 Alix announced the release of a revised resource model and N.I. 43-101 compliant resource estimate for the Golden Zone Breccia Pipe by Norwest Corporation (see Alix News, January 20, 2011) indicating the deposit to contain, at a 1.0 g/T cut-off, 3,169,331 tonnes (3,486,250 tons) of measured and indicated material averaging 3.02 grams per ton Au and containing 279,166 ounces of gold, 1,523,657 ounces of silver and 3,233 tonnes (3,556 tons; 7,112,000 lbs) of copper.
The vast majority of these resources are within 200 meters of the surface, and only limited drilling has been done into the deeper portions of the near-vertical breccia pipe. Alix's third 2011 hole (GZBP11-003) has been collared and is intended to drill down through the breccia pipe to a depth of roughly 500 meters.
"We're very pleased with the encouraging results from the Riverside prospect and now eagerly anticipate results of our deep hole into and possibly out the bottom of the Golden Zone Breccia Pipe," said Mike England, President and CEO of Alix. "We're headed into untested ground here and are very excited over what we might find."
The 2011 drilling contract with Core-One Drilling Inc. of Delta, Colorado, calls for a minimum of 1500 meters of HQ core drilling; Alix anticipates drilling 2500 meters on the property this summer with $1.5 million currently budgeted for the 2011 Golden Zone program.
Alix's 2011 program is being directed by David Hedderly-Smith, Ph.D, P.G., who is a Director of Alix and a Qualified Person as defined by NI 43-101 and who also prepared and approved the geological and technical information contained in this release. Dr. Hedderly-Smith is being be aided by Dr. Charles C. Hawley, another Alix Director and Q.P. Dr. Hawley has been associated with the development of the Golden Zone property for nearly 40 years.
Alix Resources is a junior exploration company actively seeking base and precious metal venture opportunities for the benefit of all of its stakeholders. For more information visit the website at www.alixresources.com.
ON BEHALF OF THE BOARD
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Toll Free: 1-888-945-4770
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Alix Resources, Corp. Actual results may differ materially from those currently anticipated in such statements. 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.