Alix Resources Corp.

TSX VENTURE : AIX
FRANKFURT : 37N


Alix Resources Corp.

February 14, 2014 06:01 ET

Alix Increases Land Position at Sheslay

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 14, 2014) - ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) announces it has acquired additional claims in the highly prospective Sheslay Valley region of northwestern British Columbia. The Halt claims cover 993 hectares and were acquired from a third party vendor, and additional mineral tenures totaling 2,193 hectares were also staked by the Company. Collectively, the new acquisitions will be called the Sheslay South Fork Project, which lies east of and contiguous to a large land position held by Teck Resources Ltd., and southeast of claims that were previously acquired by the Company (see news release, February 5, 2014).

The Halt claims cover two Minfile showings, the VI and the Halt prospects. The Halt showing is reportedly underlain by upper Triassic Stuhini Group dacite and andesite, which have been silicified and weathered (Geological and Geochemical Report on the Halt Property, 1982, Minfile #10423, 27p.). The VI showing is also underlain by upper Triassic Stuhini Group feldspar porphyry, augite porphyry basalt flows, tuff and argillite that have been intruded by a late Triassic and early Jurassic diorite to granodiorite stock (1990 Geological and Geochemical Report on the JC1-5 Claims, 1991, Minfile #21209, 36p.). The newly-staked claims are located to the south of the Halt showing, covering southerly tributaries of the Tahlian River. These claims enclose several British Columbia government regional stream sediment sample locations that are anomalous in gold (>11ppb Au).

"We are very excited to have acquired these claims in a rapidly emerging copper-gold porphyry district with two discoveries in the last four months," stated Mike England, President of Alix Resources. "We are presently reviewing historical data for the project, and we anticipate an active exploration program in the coming field season as portions of the Halt claims are road-accessible via the old Golden Bear Mine access road. Alix is also assessing additional possible acquisitions in the Sheslay Valley, an under-explored region that will be a major focus of exploration in British Columbia in 2014."

Purchase price of the Halt Property, from an arm's-length vendor, is $200,000 and two million shares, over three years for a 100% interest, less a 1% Net Smelter Royalty (NSR), that can be purchased at the Company's option for $1.0 million. Purchase price of the newly-staked claims, from a non arms-length vendor, is three million shares.

The Company further announces that it has arranged a non-brokered private placement of 10 million units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of $500,000 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one Share purchase warrant of the Company ("Warrant"). Each whole warrant entitles the holder to purchase an additional share at a price of $0.06 per share for a period of 12 months. Proceeds will be used for the Company's short term payables and for general working capital.

The private placement is subject to TSX Venture Exchange acceptance.

Finder's fees may be payable on the private placement, subject to the policies of the TSX Venture Exchange.

The technical contents of this release were approved by Tom E. McCandless, Ph.D., P.Geo., technical advisor to Alix and a qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

Alix Resources is a junior exploration company actively seeking mineral 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.

Contact Information

  • Alix Resources Corp.
    Michael England
    President
    Telephone: 1-604-683-3995 or Toll Free: 1-888-945-4770
    www.alixresources.com