Alix Negotiating to Expand Gold Property in Nunavut
VANCOUVER, BRITISH COLUMBIA, May 26, 2010 (MARKETWIRE via COMTEX News Network) --
ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE: AIX)(FRANKFURT: 37N) announces it has entered into negotiations with Nunavut Tunngavik Incorporated to acquire additional ground surrounding its Cache Property located in Nunavut. This property boasts several high grade historic intercepts including 31.2 g/t Au over 48.2 m, and 58.6 g/t Au over 4.0 m with coarse visible gold.
The Company is in discussions with Aurora Geosciences out of Whitehorse to put together a ground program and drilling budget for the upcoming season on the Cache property.
The Cache Property consists of 120 ha of early-stage Archean Lode-gold prospects located within the Ennadai-Rankin Greenstone Belt in the Kaminak-Quartzite Lake area, 150 km southwest of Rankin Inlet, Nunavut. Successful conclusion of the new agreement would see the property position expand to approximately 5,000 hectares.
The property is underlain by an E-W trending package of mafic to felsic volcanic rocks to the north, and a quartz-feldspar porphyritic intrusion to the south. Mafic volcanic rocks crop out in most northern part of the property. Twenty-one diamond drill holes (5875.5 m) were drilled on the Cache property during programs in 1988 (16 holes) and 1994 (5 holes). An additional twenty drill holes (3127.6 m) have been drilled nearby, but off property. Significant drill intersections include: 8.37 g/t Au over 8.55 m, 10.70 g/t Au over 3.85 m and 5.91 g/t Au over 5.13 m (1988 program); and 2.42 g/t Au over 12.4 m, 8.53 g/t Au over 10.8 m, 6.36 g/t Au over 30.4 m (1994 program). Based the 1988 drill program, Noble Peak Resources calculated a reserve of 362,873.9 t grading 9.6 g/t Au to a depth of 183 m over a strike length of 213 m. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
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 mineral and energy opportunities for the benefit of all our 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.
Contacts: Alix Resources Corp. Michael England President 1-604-683-3995 or Toll Free: 1-888-945-4770 604-683-3988 (FAX) www.alixresources.com
SOURCE: Alix Resources Corp.
http://www.alixresources.com
Copyright 2010 Marketwire, Inc., All rights reserved.
