Alix Resources Corp.

Alix Resources Corp.

August 24, 2012 10:02 ET

Alix Completes Successful Exploration Program at the Money Rock/West Pogo Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2012) - ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) is pleased to announce the completion of its 2012 exploration program at the Money Rock / West Pogo gold project, located 80 kilometers southeast of Fairbanks, Alaska. Two NQ core drill holes were completed on the West Pogo portion of the project, and two were completed at Money Rock for a total meterage of 1,474 meters (4,835.5 ft.). The four inclined holes tested the subsurface expression of a surface rock and soil gold anomaly that extends for over 1,000 meters (3,000 ft.) across both properties, and all holes encountered zones of hydrothermal alteration and sulfide mineralization. The project is located only 3.5 kilometers (two miles) west of the Pogo Mine, operated by Sumitomo Metals Corp. and producing nearly 400,000 ounces of gold each year (Alaska Division of Geological and Geophysical Surveys Special Report 65, 2011).

At West Pogo, drillhole WP-12-01 was collared on the northern edge of the claims, and drillhole WP-12-02 was collared 832 meters (2,730 ft.) to the east-northeast. As reported previously, two drillholes on the West Pogo portion of the project encountered metagranite with sericite-altered, iron-stained zones of brecciation and veining with arsenopyrite +/- pyrite that appeared to increase with depth (see news release, July 25, 2012).

At Money Rock, the first drillhole was collared 732 meters (2,400 ft.) north-northeast of WP-12-02 and drilled to the southeast. Drillhole MR-12-01 encountered paragneiss from surface to 59 meters (195 ft.), followed by alternating intervals of metagranite from 59-268 meters (195-881 ft.), paragneiss from 268-308 meters (881-1,011 ft.), metagranite from 308-328 meters (1,011-1,077 ft.), and paragneiss to the end of the hole from 328-401 meters (1,314 ft.). Drillhole MR-12-02 was drilled from the same collar and directed to the east-southeast, encountering mixed paragneiss and metagranite from surface to 46 meters (150 ft.), followed by metagranite from 46-110 meters (150-360 ft.), paragneiss from 110-137 meters (360-450 ft.), and metagranite to the end of the hole from 137-463 meters (450-1519.5 ft.). Both drillholes exhibit broad zones of sericite-carbonate-silica alteration with arsenopyrite and other sulfides in veins and as disseminations. Collectively, all four holes have demonstrated continuous alteration and mineralization at depth beneath the 1,000 meter long surface gold anomaly. More detailed descriptions will be provided as logs are completed and complete assays are received in the coming weeks. The exploration program also included the collection of 31 silt, 387 soil, and 119 rock samples over the project area.

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.

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.


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.

Contact Information

  • Alix Resources Corp.
    Michael England
    1-604-683-3995 or Toll Free: 1-888-945-4770