Alix Acquires Cross Lake Lithium Property, Manitoba
August 25, 2016 (Source) — ALIX RESOURCES CORP. (TSXV: AIX) (FSE: 37N) (“Alix” or the “Company”) is pleased to announce the acquisition of a 100% interest in the Cross Lake Lithium property (“Cross Lake Property”) located about 528 km north of Winnipeg, Manitoba.
The Cross Lake Property comprises one Mineral Exploration Licence (MEL 1050A) encompassing 5,040 hectares and is located about 4 km southwest of the community of Cross Lake. The property covers the Cross Lake pegmatite field, including the Liz Lithium prospect, located on Spodumene and Metis Islands in the southwestern corner of Cross Lake. The granitic pegmatites form an 8 km-long, en echelon and lenticular swarm south of Cross Island dipping 45° north.
The Cross Lake Property was explored from the late 1970’s to 1981 by the Tantalum Mining Corporation of Canada Limited (“TANCO”). The Company discovered tantalum (Ta) and niobium (Nb) oxide mineralization in granitic pegmatites. TANCO, was the operator of the Tanco mine, located at Bernic Lake, in southeastern Manitoba (now owned by Cabot Corporation), which was North America’s largest producer of spodumene, tantalum and cesium.
In 1980-1981, TANCO drilled 23 diamond drill holes totaling 2,483 m. Several holes intersected zones of spodumene mineralization (e.g. up to 40 % spodumene in hole # 3 over a 1.3 m width). Moreover, 20 m-thick spodumene-rich intersections in individual and/or multiple intervals were encountered. The core was analyzed only for tantalum and tin. The documented occurrences of spodumene showings and the geological data base from TANCO’s drilling campaign present a compelling target with a potential to discover and define new lithium resources.
President and CEO Michael England commented, “We are pleased to add the Cross Lake property to Alix’s expanding portfolio of lithium projects, with key spodumene (hard-rock) projects now held in Quebec, Ontario and Manitoba. Furthermore, Lithium Australia NL is a funding partner in a joint venture with Alix to actively explore two concessions comprising 22,000 hectares, located north and south of Bacanora Minerals’ Sonora developing-stage Lithium Project.”
Cumulative terms of the deal call for Alix to issue 500,000 shares and a cash payment of Cdn $10,000 to two arm-length vendors. There are no royalties retained on the property.
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A finder’s fee may be payable on this transaction. This transaction is subject to TSX Venture approval.
The technical contents of this release were approved by Michel Boily, PhD, P.Geo a Qualified Person 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
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).
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