VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - ALIX RESOURCES CORP. (News - Market indicators)(FRANKFURT:37N) ("Alix" or the "Company") is pleased to announce the signing of a contract with Core-One Drilling Inc. of Delta, Colorado, for diamond drilling at the Company's flagship Golden Zone property this upcoming field season.
The Golden Zone property in the Valdez Creek Mining District in south-central Alaska hosts the Golden Zone Breccia Pipe and several other intrusion-related gold-copper prospects and showings. Alix recently announced the release of a revised resource model and N.I. 43-101 compliant resource estimate for the Breccia Pipe by Norwest Corporation (see Alix News, January 20, 2011). The revised estimate indicated the Breccia Pipe deposit contains, at a 1 g/T Au cut-off, 3,169,331 tonnes (3,486,250 tons) of measured and indicated resource averaging 3.02 grams per ton gold and containing 279,166 ounces of gold, 1,523,657 ounces of silver and 3,233 tonnes (3,556 tons) of copper. At a 0.5 g/T cut-off, the Breccia Pipe contains 6,333,100 tonnes (6,966,410 tons) of measured and indicated resource averaging 1.89 grams per ton gold and containing 349,320 ounces of gold, 1,926,596 ounces of silver and 4,940 tonnes (5,434 tons) of copper. The Golden Zone Breccia Pipe crops out near the top of a ridge, and the vast majority, if not all, of these resources should be amenable to surface mining means.
The 2011 contract with Core-One calls for a minimum of 1500 meters of HQ core drilling - Alix anticipates drilling 2500 meters or more on the property this summer. A preliminary $1.5 million is currently budgeted for Alix's 2011 program at the Golden Zone property with work scheduled to start in late May or early June.
While the Golden Zone Breccia Pipe is by far the best known and most thoroughly explored mineral deposit on the property, several other intrusion-related gold-copper prospects and showings have also been identified in past work. The 2011 drilling will include one deep hole of approximately 500 meters aimed to pass "down the throat" of the Breccia Pipe to collect material for future metallurgical testing and to test the environs in the presumed lower regions of the pipe and possibly below it.
"It will be exciting to test the lower regions of the Breccia Pipe and maybe also get into the rocks from which this significant gold-copper deposit is sourced," said David Hedderly-Smith, Ph.D., P.G. Dr. Hedderly-Smith is a Director of Alix and a Qualified Person as defined by NI 43-101 and also prepared and approved the geological and technical information contained in this release.
The bulk of the 2011 drilling, however, will be directed to assess several other prospects, including porphyry-type mineralization, skarn and other carbonate replacements, and veins and shear zones, occurring in three parallel north-northwest trending fault-bounded mineral corridors on the 24,500-acre (10,000-hectare) property. Previous work at the property has identified over a dozen known gold prospects along this 13-kilometer (8-mile) trend stretching from the Riverside prospect on the northeast to the Cohio showing on the southwest. Targets likely to be drilled include the high-grade Wells vein at the Riverside prospect (see Alix news, October 6, 2010), a gold skarn target at the North Long Creek Prospect and a porphyry/breccia pipe target at the GAS prospect.
"We are extremely pleased to have our drilling contract for the upcoming season in hand at this relatively early date. We are also in the process of hiring technical personnel and lining up the logistics for this year's work," said Mike England, President and CEO of Alix. "With Norwest's revised 43-101 resource estimate behind us, we can now focus our attention on assessing the "blue sky" potential for discovery and delineation of additional areas of gold-copper mineralization at the Golden Zone. We're looking forward to a very successful season."
Alix Resources is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders. For further information we invite you to visit us at www.alixresources.com.
ON BEHALF OF THE BOARD
Michael England, President
Neither 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.
