Press Release |
Alix Completes First Phase, Starts Second Phase of Drilling at the Money Rock/West Pogo Gold Project, Alaska
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VANCOUVER, BRITISH COLUMBIA, Jul 25 (MARKET WIRE) -- ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) announces that it has completed phase one drilling at its Money Rock / West Pogo gold project, located 80 kilometers southeast of Fairbanks, Alaska. Phase one drilling focused on the West Pogo portion of the project, with two NQ core holes completed for a cumulative total meterage of 610 meters (2,002 ft.). Both holes encountered metagranite with broad intervals of brecciation, including zones of iron-stained sericite alteration and arsenopyrite. At the Pogo Mine, located 3.5 kilometers east of the project and operated by Sumitomo Metals Corp., an average of just under 400,000 ounces of gold is produced each year (Alaska Division of Geological and Geophysical Surveys Special Report 65, 2011). Drillhole WP-12-01 was collared in a broad northeast-trending area of anomalous gold, defined by surface rock and soil assays on the northern edge of the West Pogo claims. Previously, a northwest-oriented, inclined hole was drilled in 2003 by AngloGold Ashanti (USA) Exploration Inc. at the same site, and encountered wide zones of low-grade gold mineralization. In the present program, the inclined drillhole was northeast-oriented, designed to intersect a northwest-trending fabric at depth that was identified after re-assessment of geophysical data for the West Pogo property. After passing through 44 meters (144 ft.) of mostly paragneiss, the drill encountered metagranite with sericite-altered, iron-stained zones of brecciation and veining with arsenopyrite or pyrite that appear to increase with depth to the end of the hole at 321 meters (1,055 ft.). Drillhole WP-12-02 was collared 832 meters (2,730 ft.) east-northeast of the first hole, and oriented northwest to test the eastern end of the NE-trending anomaly, where gold-in-soil values range from 20 ppb up to 163 ppb Au and a float grab sample of silicified metagranite returned 2.12 g/t Au. The drillhole immediately encountered silicified metagranite with a similar style of alteration as observed in WP-12-01 down to 150 meters (500 ft.), where increasingly abundant intervals of brecciated and silicified metagranite with zones of arsenopyrite and pyrite plus traces of chalcopyrite occur. These zones increase in width and intensity of sulfide mineralization to the end of the hole at 289 meters (947 ft.). Details of the interval lengths and intensity of sulfide mineralization will become available as the logging is finalized on WP-12-02. Core is being sawed in half and sampled at roughly one meter intervals, then delivered by truck to ALS-Chemex (Fairbanks, Alaska) for sample preparation, after which sample pulps are shipped to the ALS Minerals facility in North Vancouver, B.C. for assay. Gold assays are by fire assay with AAS finish (ALS protocol Au-AA24), and trace elements by ICP-AES after nitric aqua regia digestion (ALS protocol ME-ICP41). The samples are being submitted with in-house and/or certified gold standards inserted into the sample stream. In phase two of the program, a third drillhole (MR-12-01) will be positioned 719 meters (2,360 ft.) north-northeast of WP-12-02, and oriented to the southeast, to test the extent and dimensions of mineralization encountered in the second drillhole. Alix is exploring the West Pogo part of the project under an agreement with Corvus Gold Inc. (TSX:KOR) whereby Alix will complete USD $5M in work on the project and pay $125,000 over five years to earn a 60% interest in the project (see news release March 5th, 2012). Dr. Tom E. McCandless, P.Geo. and Qualified Person as defined by NI 43-101, has reviewed the technical information contained in this release. Alix Resources Corp. is a junior exploration company actively seeking and developing mineral opportunities for the benefit of all its stakeholders. www.alixresources.com. Corvus Gold Inc. is a resource exploration company focused in Nevada, Alaska and Canada which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. www.corvusgold.com. ON BEHALF OF THE BOARD Michael England, President Forward-Looking Statement: Some 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. Contacts: Alix Resources Corp. Michael England President 1-604-683-3995 or Toll Free: 1-888-945-4770 www.alixresources.com Copyright 2012, Market Wire, All rights reserved. -0-