Alix Resources Corp.: Acquisition of Four Lithium Projects in the Preissac-Lacorne Complex of the Abitibi Greenstone Belt, Quebec
June 7, 2016 (Source) — ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the acquisition of a portfolio of lithium properties in the Preissac-Lacorne plutonic complex of the Abitibi Greenstone Belt, province of Quebec, from arms-length vendors. The Preissac-Lacorne Lithium Portfolio consists of claim groups situated within the La Motte, La Corne, Preissac, Figuery and Landrienne townships. The four properties, containing numerous showings mineralized in Li (spodumene) ±Ta (tantalite) ±Be (beryl), have been investigated sporadically by junior mining companies with various geophysical, geochemical and geological tools from the early 1950’s until the present day.
The acquisition is composed of 145 claims covering 6,292 ha and contains numerous lithium spodumene-bearing granitic pegmatite occurrences, showings and prospects of historic significance, explored by leading lithium exploration companies during the early lithium boom of the 1950-1960’s such as; American Lithium Corporation, International Lithium Mining Corp., Duval Lithium, QLC (formerly Lithium Exploration Company Limited), and Quebec Lithium.
The core of the claim group is located 40 km northeast of the mining town of Val d’Or. The recorded mineral claims extend 30 km east-west by 15 km north-south. The properties are accessible by a network of paved roads connecting to the main 117 Highway linking Val d’Or to Rouyn-Noranda. The region holds several precious and base metals mines and possesses all the infrastructures and workforce necessary to support a mining operation.
Highlights of properties comprised in the Preissac-Lacorne Lithium Project
- The International Lithium Property is located in the Figuery Township (NTS 32D08). Mineralization consists of spodumene-rich sub-horizontal, irregular dykes. Drilling carried out by International Lithium Corp. in the 1950’s, delineated a 3.7-m thick, 119 x 104 m area providing an historical resource estimate of 135,000t @ 0.95 wt. % Li2O (Source: RP 446; MERQ)*.
- The La Motte Lithium Property is located in the La Motte Township (NTS 32D08). Granitic pegmatites dykes, 0.60 to 1.20 m thick, reveal 15 to 30% spodumene accompanied of beryl. Diamond drilling generated key assays of 1.65 wt. % Li2O on 1.0 m and 1.12 wt. % Li2O on 1.32 m, respectively (Source : GM 03089;MERQ).
- The Duval Lithium Property is also situated in the La Motte Township (NTS 32D8). The mineralization is contained within two granitic pegmatite dykes (182-259 m long x 2-3 m thick), rich in spodumene (Li) with accessory tantalite (Ta) and Beryl (Be). The dykes were investigated by 27 DDH by Ascot Metals in 1955. Dyke #1 yielded Li2O assays of 1.45 wt. % Li2O (n=15), whereas, Dyke #2 produced 0.57% Li2O (n=4). Historical resource estimates were 75,000t @1.45 wt. % Li2O (Source: RG160; MERQ)*.
- The West Canada Lithium Property (“WCL”) is contiguous to the western boundary of RB Energy’s Canada Lithium Mine property located in the La Corne Township (NTS 32C05). RB Energy’s Quebec Lithium Mine reported measured and indicated resources of 29.3 Mt grading 1.19% Li2O and 20.9 Mt of inferred resources grading 1.15% Li2O, respectively (source: NI43-101 Technical Report filed by Canada Lithium ,on SEDAR, June 8, 2011).
Mike England, President and CEO of Alix Resources Corp. commented: “With the acquisition of a substantial group of claims in the Preissac-Lacorne area of Quebec, one of the world’s most productive terranes for Li±Ta±Be mineralization, Alix has added considerably to its portfolio of lithium-bearing properties.”
Cumulative terms of the deal call for Alix to issue 5 million shares over 6 months plus a onetime cash payment of $10,000. In addition a 1.0% NSR will be granted to the vendors with the Company able to purchase back one-half per-cent for $500,000.
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A finder’s fee will 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; an independent Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
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 Mexico, Ontario and Quebec.
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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