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January 31st, 2011,
VANCOUVER, B.C.–
ALIX RESOURCES CORP. (“Alix” or the
“Company”)(AIX-TSX:V)(37N – FRANKFURT) is
pleased to announce that an option agreement has been signed with
Strategic Metals Ltd. (SMD-TSX:V)
to earn a 100% interest in a portfolio of five properties located in Yukon
Territory. The Hartless Joe, Byng, Meloy, Corky, and Vault properties are
enriched in a broad range of metals, especially gold.
The
Hartless Joe and Byng properties are 28 and 44 kilometers northeast of
Whitehorse, respectively and both host low sulfidation epithermal gold-silver
vein systems developed in mafic and felsic volcanics and associated
sedimentary rocks of the Stikine Terrane. Previous grab sampling from
mineralized veins conducted on behalf of ATAC Resources Ltd. (ATC-TSX:V)
in 2004 returned grades of 0.8 to 251 g/t (grams per tonne) gold and from
13.5 to 5,780 g/t silver. Hartless Joe totals 1,000 hectares under claim and
features numerous undrilled soil geochemical and geophysical targets. Byng
has 405 hectares under claim, and it also features several geochemical
anomalies that have not been tested by drilling.
Corky
is located 125 kilometers northwest, and Meloy is located 80 kilometers
north-northwest, of the community of Haines Junction. Both are copper-gold
prospects with potential molybdenum (Corky) and tungsten (Meloy) credits.
They are both porphyry targets associated with high level granitic
intrusions. The 750 hectare Corky property has seen limited geophysical
surveys and drilling, with eight drill holes totaling only 800 meters. Meloy
covers 850 hectares, and has not been drill tested. Both properties warrant
detailed soil geochemical sampling and geophysical surveys to define targets
for drill testing.
Vault
is another gold prospect, located 140 kilometers northwest of Haines
Junction. It covers 3,650 hectares in Wrangellia Terrane. The Vault property
hosts numerous high gold (200 ppb to over 10,000 ppb Au) soil anomalies, the
distribution of which suggests that the source could be a stacked sequence of
thrust faults cutting Permo-Triassic metasedimentary rocks over 12 kilometers
of strike length. No detailed geophysical surveys or drilling have been
carried out on the Vault property.
To
earn 100% of the five properties Alix will issue 9.9% of its outstanding
share capital to Strategic and make cumulative cash payments totaling
$3,000,000 cash over a four year period. Upon earn-in, the properties will be
subject to a 2% net smelter return royalty. Alix will have the option
to buy back 1% for $1,000,000. During the option earn-in period, Strategic
shall have the right, but not the obligation, to participate in future Alix
equity financings so as to maintain its percentage equity interest in the
company.
“We
are excited to have Alix, with its team of very qualified geologists, join us
in advancing these quality projects. Exploration in the Yukon is
expected to be at record levels this year and we anticipate many new
discoveries will be made.” stated Doug Eaton, President and CEO of
Strategic Metals Ltd.
“Alix
is extremely pleased to be working with Strategic in developing these
properties. There is no question that, as a result of recent
discoveries, the Yukon will be the focus of unprecedented interest from
mining professionals and the investment community worldwide this coming
exploration season. It is our opinion that there will be more discoveries in
this region and I believe that, based on the due diligence of our technical
staff, we have acquired the best available exploration targets” stated
President Michael England.
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 Dr. Tom McCandless,
Technical Advisor to Alix Resources and qualified person as defined by
National Instrument 43-101.
Alix
Resources is a junior exploration company actively seeking base and precious
metal venture opportunities for the benefit of all of its stakeholders.
Strategic
Metals Ltd. is an actively managed junior exploration company that follows a
multifaceted business model to build value through grassroots project
generation and selective drilling aimed at major discoveries.
ON
BEHALF OF THE BOARD
Michael England, President
FOR
FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Forward-Looking Statement:
Some of the statements in this news
release contain forward-looking information that involves inherent risk and
uncertainty affecting the business of Alix Resources, Corp. Actual results
may differ materially from those currently anticipated in such statements.
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.
24hGold
www.24hGold.com
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