Alix and Lithium Australia Announces Definitive Agreement, Work Program Commencing On the Electra Lithium Project and Alix Interest in Developing Lithium Extraction Technology
April 19, 2016 (Source) — ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) and Lithium Australia NL (“LIT”)(LIT-ASX) are pleased to announce significant progress related to the joint exploration and development on the Electra Project, Sonora, Mexico, including:
- Signing of a definitive agreement between AIX and LIT to explore and develop the Electra project whereby LIT will earn a 49% interest in the Electra project through the issuance to AIX of 1,000,000 fully paid ordinary LIT shares. 1,000,0000 partly paid LIT contributing shares paid to 0.001 Australian cent each (24.99 Australian cents unpaid), and expenditures of $400,000. LIT has a further option to increase its interest in the Electra project to 65% through the issuance to AIX of 1,500,000 fully paid ordinary LIT shares, expenditures of $1,500,000 and a cash payment of $250,000;
- An exploration budget for the Electra project has been approved by LIT, securing the financing for the upcoming Phase 1 Electra work program, with work to begin in early May;
- Also included in the definitive agreement is the right for AIX to be granted a 10% interest in any novel lithium extraction technologies (“LET”) used or developed in relation to the Project properties (Tecolote and Tule Concessions) and/or the Sonora Project currently owned by Bacanora Minerals Ltd. and REM, whether patented or not patented.
The Electra Project consists of two exploration concession applications covering 22,625 hectares, with the Tecolote concession adjoining BCN-REM’s Sonora Lithium Project to the north, and the Tule concession being contiguous to the south. The Phase 1 program will follow-up on lithium anomalous clays discovered in December 2015 (see AIX PR January 6, 2016). Exploration on the large (18,125 hectares) Tule concession will focus on sedimentary beds discovered in December. These are similar to, on trend and correlate with geological units which host BCN-REM’s La Ventana lithium deposit.
Drilling and exploration work have established the BCN-REM Sonora Project NI43-101 Indicated Mineral Resource of 1.12 Mt LCE contained in 95 Mt of clay at a lithium grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a lithium grade of 2,300 ppm.
Alix is also pleased to announce its involvement in the technology space by way of LIT granting a 10% interest in any novel lithium extraction technologies (“LET”) used or developed in relation to the Project properties (Tecolote and Tule Concessions) and/or the Sonora Project currently owned by Bacanora Minerals Ltd. and REM, whether patented or not patented. The lithium clay deposits present a significant metallurgy challenge and the application of the best available technology will be key to commercialize the ore. The application of advanced exploration techniques will accelerate resource assessment. Adoption of mineral separation technology from other industries may allow the production of a beneficiated product, to reduce capital and operating costs.
“Commencing work in Mexico as well as now having an interest in potential new technology for lithium extraction mark an exciting time for Alix and its shareholders.” stated Alix CEO Mike England.
Alix and LIT will harness the expertise of both companies and their strategic partners to advance the Electra Project. Kappes Cassiday and associates (Nevada) will provide valuable processing expertise. In-field lithium assaying capability will be provided by SciAps.
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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 focused on seeking and acquiring lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company. The Company now has active lithium projects in Nevada, Mexico and Ontario.
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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