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ALIX ANNOUNCES THE START OF 2008 EXPLORATION
IN THE ILIAMNA LAKE REGION, SOUTHWESTERN ALASKA
July 14, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N – FRANKFURT) is pleased to announce that it has commenced IP/resistivity surveying and drilling on the Fog Lake property in Southwestern Alaska in the vicinity of the giant Pebble copper-gold-molybdenum project. Fog is one of three properties in the Kokhanok area on the southern side of the Iliamna Lake, approximately 350 kilometers (200 miles) southwest of Anchorage, Alaska on which Alix will be doing work this summer. Proposed budget for the 2008 work is US$1 million.
Alix has the right to earn 50% of the Fog and KUY properties (see below) from Andover Ventures (AOX-TSX:V) as released July 31, 2007.
The Fog Lake prospect is a gold-copper target on privately owned Alaska Native lands (Bristol Bay Native Corporation sub-surface and Alaska Peninsula Corporation surface) that covers approximately 2330 hectares. Exploration work in the early 1970's identified a 700-meter long by 300-meter wide soil geochemical anomaly at this site. Of the 130 soil samples in the anomalous zone, 49 contained between 100 and 18,800 ppb gold and 65 contained between 70 and 3200 ppm copper. The zone is also anomalous in zinc, lead and silver. Mineralization is hosted in a package of pyritized and altered Tertiary felsic volcanic rocks. The Fog property has never been drilled. Alix has completed a 1500-meter IP/resistivity line at Fog and collared the first of two planned diamond drill holes on July 13th.
Other Alix interests in the south Iliamna Lake area that will be further explored this summer include the KUY and Kamishak properties.
KUY is a porphyry copper-gold target hosted in volcanic and hypabyssal rocks. High-grade gold-silver-telluride quartz vein mineralization was discovered at KUY in the late 1970s, although efforts to intercept this mineralization with drilling by predecessor operators and by Alix have been unsuccessful. In 2007 Alix conducted geologic mapping and sampling, IP/resistivity surveying and diamond drilling at KUY. The 2007 drilling identified broad zones of propylitic and quartz-sericite-pyrite alteration typical of porphyry copper deposits. 2008 work will pursue this porphyry potential and include additional geologic mapping and sampling, IP/resistivity surveying and up to 800 meters of diamond drilling in two or more holes.
Kamishak is another copper-gold target with excellent porphyry potential in the area. Since the early 1990s over 20 diamond drill holes have been drilled at Kamishak by previous operators, mostly targeted into a mineralized intrusive-related breccia. Highlights include 50 meters of 1.32 g/t gold and 0.22% copper, 21.3 meters of 0.85 g/t gold and 1.08% copper, and 3.05 meters of 12.6 g/t gold and 0.49% copper in drilling in the early 1990s (pre-NI 43-101 and not to be relied upon) and 51 meters of 0.46 g/t gold and 0.48% copper in 2006. In 2007 Alix conducted IP/resistivity surveying in areas outside of the previously drilled zone and detected several anomalous areas. The 2008 work at Kamishak will include additional geologic mapping and sampling, and IP/resistivity surveying to better define these areas and up to 800 meters of diamond drilling.
Alix has the option to acquire 100% interest in the Kamishak property (see “Alix Receives TSX-V Acceptance for The Kamishak Property Agreements,” 2/28/08).
In total Alix intends to conduct two weeks of IP surveying and up to 2000 meters of diamond drilling at these three properties in 2008. Additional geologic and geophysical work will also be done this summer by Alix at the Koksetna and Kolossus prospects on the north side of Iliamna Lake 45 miles north-northeast of the Pebble deposit.
The contents of this release were prepared by Alix director and qualified person for this project as defined by National Instrument 43-101, David Hedderly-Smith, Ph.D., P.G.
For further information we invite you to visit us at www.alixresources.com.
Alix is a junior mineral exploration company focused on acquiring potential world class properties in North America.