October 28th, 2015, Vancouver, BC, Canada – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the acquisition of a 100% interest in two large exploration concession applications covering 22,625 hectares adjoining Bacanora Minerals Ltd. (BCN-TSX:V) Sonora Lithium Project.
The concessions being acquired by Alix target extensions of lithium-bearing host horizons contiguous to the Sonora Lithium Project owned by Bacanora Minerals Ltd. (BCN) and Rare Earths Minerals PLC (REM) (a partnership known as BCN/REM). The 2010 greenfield lithium discovery at BCN/REM’s property is now being fast-tracked to production. The Sonora Lithium Project is comprised of a lithium resource hosted in hectorite and polylithionite clays within a volcano-sedimentary sequence.
Alix Resources is acquiring a 100% interest in the two concession applications, “Tule” and “Tecolote”, via a Mexican company based in Hermosillo, Sonora, Mexico. The Mexican company has submitted applications for the concessions with the Mexican Mining Authority.
President Mike England states, “Alix’s Mexican consultants have succeeded in acquiring the only readily available ground on the inferred lithium trends and contiguous to BCM-REM Sonora Project. Our concessions are extremely well situated and, being on the same trend as Bacanora’s growing deposit, have us eager to commence work in the coming weeks.”
About Alix’s Tule Concession
The first of Alix’s new properties, the Tule Concession, comprises 18,125 hectares (approximately 15 kilometers east-west by 12 kilometers north-south). Recent BCN/REM presentations illustrate a series of four lithium-bearing beds that are interpreted to extend for several kilometers to the south of the BCN/REM property. Alix’s Tule Concession covers the extension of three of these lithium-bearing horizons.
The mineralized trend on the BCN/REM property has been interpreted to extend approximately 15 kilometres SSE from the La Ventana Lithium Deposit to the location of another lithium prospect, and at least an additional 12 kilometers from this point, towards the Alix Tule Concession.
About Alix’s Tecolote Concession
Alix’s second property, the Tecolote Concession, is located north of the Buenavista Concession at BCN/REM’s Sonora Project and north of the village of Huasabas. The property covers approximately 4,500 hectares. Intercepts from 11 of the 24 reverse-circulation (RC) holes drilled at the Buenavista Concession returned values in excess of 1,018 ppm Li and as high as 2,210 ppm Li (equivalent to 0.54% and 1.18% LCE, respectively) in a lithium-rich stratigraphic trend interpreted by Bacanora to extend north, through Alix’s Tecolote concession (Bacanora PR, Jan 14, 2015). Alix’s concession covers approximately 7 kilometers of this interpreted stratigraphic trend.
The host rocks on BCN/REM’s Buenavista concession are calcareous, fine-grained sandstone to mudstone intercalated with tuffaceous bands that are locally gypsiferous. The stratigraphic controls and strong bedding of the volcano-sedimentary sequences are projected to be traceable for long distances north of Buenavista concession.
Alix has retained a team of experienced Mexican and Canadian geologists and associates to assist with the exploration of these two large concessions.
The boundaries of each concession are located with reference to a concession monument and the distances and directions from the monument are specified in the title document as issued by the Mexican Mining Authority once the approval for a claim application has been granted.
Terms of the deal, upon TSX Venture Exchange approval, call for the issuance of 4 million shares to arms length vendors, plus grant a 1.5% NSR, one percent of which may be purchased back by Alix for $1 million, at any time, up to 10 years after the date of closing.
The technical contents of this release were approved by Mr. Case Lewis, 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.
ON BEHALF OF THE BOARD
Michael England, President, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll Free: 1-888-945-4770
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.
Original Article: http://www.alixresources.com/index.php?page=news&id=1159