Alix Enters Into Property Option Agreement to Joint Venture Up To 60% Of Vanadiumcorp’s Iron-T Vanadium Project
July 6, 2017 (Source) – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce that it has entered into a Mineral Property Option Agreement dated June 27th (the “Option Agreement”) with VanadiumCorp Resource Inc. (VRB-TSX:V) (“VRB”))(“VanadiumCorp”) to joint venture up to an 60% interest in the Iron-T Vanadium Project (the “Property”) which spans 3,500 hectares and encompasses an NI 43-101 vanadium resource adjacent to the mining center of Matagami, Quebec (the “Transaction”).
As consideration for the grant of the arm’s length option and pursuant to the terms of the Option Agreement, Alix will pay VanadiumCorp an aggregate stock consideration of 5,000,000 common shares and incur an aggregate of $2,000,000 CDN of staged expenditures to earn a 60% interest in the Property as follows:
|Date||Aggregate Stock Consideration||Aggregate Work Obligation|
|On execution of Option Agreement and regulatory approval (closing date)||200,000 common shares||Nil|
|On or before June 30, 2018;||Nil||$100,000 CDN|
|On or before 12 months from Closing Date||600,000 common shares||Nil|
|On or before June 30, 2019;||Nil||$400,000 CDN|
|On or before 24 months from Closing Date||1,200,000 common shares||Nil|
|On or before June 30, 2020;||Nil||$1,000,000 CDN|
|On or before 36 months from Closing Date||3,000,000 common shares||Nil|
|On or before June 30, 2021;||Nil||2,000,000 CDN|
Located 350km west of the VanadiumCorp Lac Dore Vanadium Project, the Iron-T Vanadium Project encompasses a current NI 43-101 VTM resource, titled the “Genesis Zone” measures 14,376,000 tonnes inferred at 0.42% V2O5*. VTM mineralization is at surface, open at depth and along strike. Consistent drill results, trench samples and geophysics along the entire 22km strike-length confirm remarkably similar geology to the Lac Doré Vanadium Project including virtually no impurities and exceptional metallurgical recoveries.
*See VRB release dated June 3, 2011 entitled “SGS-Geostat Delivers New Resource Calculation Iron-T Vanadium-Iron-Titanium Project” announcing “Technical Report, Resource Update of the IRON-T VANADIUM-TITANIUM-IRON Property, MATAGAMI AREA, QUEBEC, CANADA” dated May 19, 2011, written by Maxime Dupéré P.Geo., SGS Canada inc. – Geostat for Apella Ressources Inc.
Mike England, President of Alix Resources stated “We are very excited to be entering into the vanadium space with long term vanadium developer VanadiumCorp. Their years of experience and knowledge will be a great benefit to Alix and its shareholders.”
VanadiumCorp is developing new processing technology for efficient and carbon free direct recovery of vanadiferous titanomagnetite “VTM” into vanadium electrolyte and other vanadium, iron and titanium products without slagging, smelting and roasting and it is understood Alix will have access to this technology as it pertains to the Iron-T Vanadium Project. Trial production of iron, titanium and vanadium directly from VRB’s Lac Dore VTM concentrate in Phase II development of Vanadiumcorp-Electrochem Technology has recently commenced.
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About Alix Resources
Alix Resources is a junior exploration project generator focused on acquiring advanced lithium properties in excellent mining jurisdictions. Alix continues to evaluate suitable prospects that fit the mandate of the Company.
The Transaction is subject to certain closing conditions, including, the approval of the TSX Venture Exchange (the “TSX-V”). There can be no assurance that the Transaction will close as proposed or at all.
The technical contents of this release were approved by Paul Sorbara, P. Geo, who is a director of VanadiumCorp and a qualified person as defined by National Instrument 43-101. To the best of the issuer’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of this mineral resources inaccurate or misleading
ON BEHALF OF THE BOARD
Michael England, President, 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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