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April 15th, 2016, Vancouver, BC, Canada – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the acquisition of the Fish Lake Lithium brine property (“Fish Lake Property” or the “Property”) located about 250 kms SSE of Reno, Nevada, from arms-length vendors.
The Fish Lake lithium property comprises 12 unpatented placer claims located south of, and adjacent to, Menika Mining Ltd.’s (MML-TSX:V) property in Fish Lake Valley, Esmeralda County, Nevada. The Property has excellent access and logistics, with all-weather gravel roads from Highways 264 and 265. The village of Dyer is approximately 20 kms to the south and the town of Tonopah, the nearest full service center, approximately 75 km to the east.
The Fish Lake property is located approximately 33 kms North-West of the Silver Peak lithium mine in the Clayton Valley, owned and operated by Albemarle Corporation (NYSE: ALB), which has produced lithium minerals from brines continuously since 1966. The Fish Lake Valley has the potential to host lithium brines similar to Clayton Valley, sourced from lithium enriched Tertiary rhyolitic tuffs or ash flow tuffs accumulated in a basinal environment.
The Fish Lake Valley is a high elevation basin with low precipitation, with elevations of 1,200 meters, compared to about elevation of 400 meters for Clayton Valley. Other companies actively exploring in the Fish Valley include Menika Mining Ltd. (in a joint venture with Lithium Corporation) and Nevada Sunrise Ltd. (NEV-TSX:V), on their Atlantis lithium property.
Fish Lake Valley was the site of borax mining during the 1870s by two companies, 'Griffing & Nyman's' and 'Pacific Borax Works. The Company’s property covers remnants of an old borax mining operation (possibly Pacific Borax).
President and CEO Michael England commented, "With the addition of two lithium projects recently, the Jackpot property in Ontario, and the Fish Lake property in Nevada, Alix has taken great strides in expanding its lithium portfolio. We are pleased to be advised and assisted by Aurora Geosciences Ltd., in the advancement of the Fish Lake property. Alix now has lithium projects in Mexico, U.S.A., and Canada and will continue to seek and, if warranted, acquire quality lithium assets for its growing portfolio.”
Terms of the agreement call for Alix to issue 200,000 shares and pay $20,000 USD on the 12 month anniversary and grant a half percent NSR of which the Company can purchase half back at any time for $500,000 USD.
This transaction is subject to TSX Venture approval.
The technical contents of this release were approved by Roger Hulstein, BSc, PGeo, a member of the Association of Professional Engineers and Geoscientists of British Columbia, as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
Alix Resources is a junior mining exploration company focussed on seeking and acquiring lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company. The Company is also exploring the Electra Project in Sonora, Mexico, consisting of two strategically located concessions, contiguous to Bacanora Minerals' Sonora Lithium Project. The Company’s Joint Venture partner on the Electra Project is global lithium developer Lithium Australia NL, whom are developing the Sileach™ processing approach for recovering lithium from silicate minerals including spodumene and mica.
ON BEHALF OF THE BOARD
Michael England, President, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
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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).