Alix Resources Corp.: Metallurgical Testing Commences on Lithium Enriched Clays and Trenching Results from Agua Fria at the Electra Project, Sonora, Mexico and Announces Flow Through Financing
January 24, 2017 (Source) — ALIX RESOURCES CORP. (“Alix” or the “Company”) (-TSX-V: AIX) (FSE: 37N) announces the commencement of Agua Fria (Mexico) metallurgical testing and trench results.
- Trench samples demonstrate high lithium grades (up to 1340 ppm)
- Preparations underway for the February 2017 drilling campaign
- Li-mineralized clays extended to over 5 km on strike
- Metallurgical testing commenced
Alix and joint venture partner Lithium Australia NL (ASX: LIT) have dispatched the first samples from Agua Fria (part of the Electra Project, Sonora Mexico, Figure 1) for metallurgical testing at the Kappes Cassiday & Associates facilities (Reno, NV).
Twenty four samples obtained through shallow trenching of the mineralized zone at Agua Fria will be examined to determine:
- Lithium distribution
- Lithium grade
- Scope for beneficiation
- By-product potential
- Grade of by-products
Metallurgical testing will proceed in parallel with a drilling campaign planned for February 2017, with the aim of determining the best beneficiation method for the mineralized material and also obtaining the preferred commercial process of recovering specific metals. LIT and Alix consider efficient beneficiation to be of paramount importance in developing a commercial outcome for these deposits. LIT’s experience in hydrometallurgical process development will be of great benefit in evaluating and testing the beneficiation process to lithium extraction and finally production of lithium carbonate and hydroxide.
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The Agua Fria target zone
The target zone at Agua Fria consists of lithium-rich clays with only small amounts of contamination by volcanogenic detritus. As previously reported (see PR dated December 7, 2016) the target zone is shallow dipping, and exposed over widths of up to 800m. Several surface samples have returned grades exceeding 1000 ppm lithium– grades considered high in samples of this provenance.
Recent results from the southern part of Agua Fria have been received from continuous channel samples collected along 4 trenches totaling 319.7m that were dug perpendicularly across the lithium-rich clays.
Trench #1 returned 712 ppm Li and 2.6% K over its entire length of 146.5 meters, including 928 ppm Li (+2.4% K) over 43 meters and 971 ppm Li (+1.9% K) over 17 meters. Trench #2 is a 50m laterally displaced extension of the first trench and returned 954 ppm Li (+2.1% K) over its entire length of 30 meters.
Trench #3 (located 400 meters north of Trench #1) returned 758 ppm Li (+2.3% K) over its entire length of 103.2 meters, including 31 meters of 949 ppm Li (+2.1% K) and 21 meters of 1004 ppm Li (+1.8% K)
Trench #4 located between trenches #1 and #3 is in terrain more difficult to trench but samples from a 2 meter deep test pit assayed 1130 ppm Li.
Northern Agua Fria
Results from the lesser explored northern part of the Agua Fria formation have also been received, nine channel samples returned up to 1340 ppm Li averaging 1069 ppm Li. The northern clay beds are distinctly darker in color than the southern clay and were originally not believed to be as prospective. However the latest results are very encouraging and we are now carrying out follow-up work involving more detailed sampling and trenching.
Ongoing work is focused on vectoring in on higher grade lithium values within this large prospective basin.
Christopher Ecclestone the CEO of Alix Resources commented: “With this trenching, the imminent met work results and the upcoming drilling the potential of Agua Fria should start to become apparent. The trenching in particular has expanded the Company’s view of the size of the mineralization and has given us an enhanced target map for the drilling season.”
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 further announces that it has arranged a non-brokered private placement of 5,000,000 flow through units (“Units”) at a price of $0.07 per Unit for aggregate gross proceeds of $350,000 (the “Offering”). Each Unit will be comprised of one flow through common share (” FT Share”) and one half Share purchase warrant of the Company (“Warrant”). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24 month period after the Closing Date at an exercise price of $0.10 per share. Proceeds of the financing will be used towards advancing the Company’s lithium projects in Quebec. Finders’ fees and commissions will be paid by Alix in relation to this issuance, subject to the policies of the TSX Venture Exchange.
The private placement is subject to TSX Venture Exchange approval.
About Alix Resources
Alix Resources is a junior mineral exploration company focused on seeking and acquiring world class lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company.
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.
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