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January 20, 2011, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the completion of a NI 43-101 report by Norwest Corporation (Norwest) on Alix' Golden Zone Gold-Silver-Copper Property in the Valdez Creek Mining District in south-central Alaska. The report, which has been filed on SEDAR, includes an updated and revised resource model and NI 43-101 compliant resource estimate for the Golden Zone Breccia Pipe deposit on the property.
The company is also pleased to announce the formulation of plans for a 2011 program at the large Golden Zone property.
New NI 43-101 Compliant Resource Estimates
The table below is modified from Table 3-1 of the report and lists the estimated tonnage and grade for a range of gold cut-off grades between 0.5 and 4.0 g/T Au for the deposit.
The revised estimated resource in the Golden Zone Breccia Pipe now indicates the deposit to contain, at a 1 g/T cut-off, 3,169,331 tonnes (3,486,250 tons) of measured and indicated material averaging 3.02 grams per ton and containing 279,166 ounces of gold, 1,523,657 ounces of silver and 3,233 tonnes (3,556 tons; 7,122,000 lbs) of copper. A 2005 NI 43-101 report, also by Norwest but done for Piper Capital, indicated a resource at a 0.03 opt (1.03 gm/T) gold cut-off of 3,088,000 tons of measured and indicated material containing an estimated 253,000 ounces of gold, 1,180,000 ounces of silver and over 6 million lbs of copper at an average grade of 2.81 gm/T Au (see Alix news, November 17, 2010). The precious metal totals in the newly revised resource estimate are roughly 8% greater and the copper totals approximately 3% higher than the totals of similar grades in the 2005 resource estimate. The increase in resource totals is due to additional exploration and rock density data acquired since the 2005 resource estimate.
The Golden Zone Breccia Pipe crops out near the top of a ridge, and the vast majority, if not all, of these resources should be amenable to surface mining means.
2011 Exploration Program Planned
The Golden Zone Property comprises some 24,500 acres (10,000-hectare) and is located 100% on State of Alaska selected and conveyed lands on the south flank of the Alaska Range 150 air-miles (240km) north of Anchorage and 130 air-miles south of Fairbanks. 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.
While the Golden Zone Breccia Pipe is by far the best known and most thoroughly explored mineral deposit on the property, several other intrusion-related gold-copper prospects and showings have also been identified. These prospects occur in three parallel north-northwest trending fault-bounded mineral corridors and include porphyry-type mineralization, skarn and other carbonate replacements, and veins and shear zones, as well as the well-studied hydrothermal breccia pipe. The total length of the trend hosting known gold and gold-copper mineralization is some 13 kilometers (8 miles) stretching from the Riverside prospect on the northeast to the Cohio showing on the southwest. Previous work at the property has identified over a dozen known gold prospects along this trend.
The majority of this summer's effort will focus on a major reconnaissance program working on the identified mineral corridors and prospect-level work on several of the known prospects including the high-grade Wells vein at the riverside prospect and the newly discovered Cohio prospect (see Alix news, October 6, 2010), a gold skarn target at the North Long Creek Prospect and a porphyry/breccia pipe target at the GAS prospect. The 2011 work will also include limited work on the Breccia Pipe in preparation for an anticipated pre-feasibility study to be undertaken next winter. A deep hole (±500 meters) will be drilled through the Breccia Pipe itself to probe for porphyry copper-gold mineralization below the pipe and to collect samples from the upper portion of the pipe for future metallurgical testing.
A preliminary $1 million is budgeted for Alix’ 2011 program at the Golden Zone property; 1500 to 2000 meters of drilling are planned. The work 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.
"We are very pleased with the results of this winter's updated resource estimate by Norwest," said Dr. Hedderly-Smith. "This report provides us a solid resource base for the Golden Zone property, and we can now move forward on two fronts: first, working towards establishing economic feasibility for that resource and second, towards adding to it with additional discoveries. We believe that the Golden Zone property offers significant "blue sky" potential for discovering gold-copper mineralization, both for discovery and delineation of smaller deposits to add to the Breccia Pipe resource as well as for discovery of major deposits that could rival other known Alaskan gold-copper properties.”
Alix Resources is a junior exploration company actively seeking mineral 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:
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