Alix Receives Positive Drill Results for the Money Rock / West Pogo Gold Project, Alaska
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/18/12 -- ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE: AIX)(FRANKFURT: 37N) is pleased to announce the completion of drilling results for the Money Rock / West Pogo gold project, located 80 kilometers southeast of Fairbanks, Alaska, and 3.5 kilometers west of the Pogo gold mine. Four NQ core drill holes were completed on the project for a total meterage of 1,474 meters (4,836 ft.), and focused on testing the subsurface expression of a surface rock and soil gold anomaly that extends for over 1,000 meters (3,281 ft.). Gold assays exceeding one gram per tonne were intersected in three holes, and extensive alteration of the style observed at the Pogo Mine in all four holes suggest that drilling has intersected the margins of a gold-bearing system. Significant intervals of gold mineralization (greater than 0.45 g/tonne) are presented in the table below.
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Money Rock / West Pogo Project Drill Results
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Drill hole From, m To, meters Interval, m(i) Au, g/tonne
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WP-12-01 243.7 249.3 5.6 0.67
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including 2.4 1.74
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WP-12-02 74.5 77.7 3.2 1.10
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MR-12-01 48.0 53.0 5.0 0.48
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111.9 112.4 1.1 0.47
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199.0 200.6 1.6 1.67
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MR-12-02 395.3 396.8 1.5 0.53
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(i) Absence of structural and geological contacts precludes an estimate of
true thickness.
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On the West Pogo property, drillhole WP-12-01 intersected 44 meters (144 ft.) of paragneiss followed by metagranite to the end of the hole at 322 meters (1055 ft.). The gold intercepts lie within a 95 meter (311 ft.) zone of dolomite-sericite alteration overprinted by iron oxides after sulfides. Drillhole WP-12-02 was collared 832 meters to the east-northeast and intersected 37 meters (121 ft.) of metagranite, mixed tonalite and metagranite from 37-91 meters (121-298 ft.), mixed tonalite and paragneiss from 91-148 meters (298-485 ft.), metagranite from 148-183 meters (485-600 ft.), and tonalite and gneiss from 183 meters to the end of the hole at 288 meters (944 ft.). Gold occurs with quartz, surrounded by iron oxide alteration that occurs intermittently throughout the entire drillhole.
At Money Rock, MR-12-01 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 (194 ft.), followed by alternating intervals of metagranite from 59-268 meters (194-879 ft.), paragneiss from 268-308 meters (879-1,011 ft.), metagranite from 308-328 meters (1,011-1,076 ft.), and paragneiss to the end of the hole from 328-401 meters (1,076-1,315 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 (450-1,518.6 ft.). Gold in both holes occurs in quartz-arsenopyrite-pyrite veins associated with broad zones of patchy sericite-dolomite-silica alteration. The alteration is similar in style and intensity to that reported in country rocks adjacent to the Liese veins that are presently exploited at the Pogo Mine (Rhys and others, 2003, Mineralium Deposita, v.38, p.863-875). Combined with the gold assays, the drilling results suggest that the margins of a gold mineralized system have been intercepted. A map of the drilling locations and simplified graphic logs can be seen at the Alix website www.alixresources.com.
Core was 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 were shipped to the ALS Minerals facility in North Vancouver, B.C. for assay. ALS Minerals has ISO 9001:2008 and ISO 17025 accreditation as per the Standards Council of Canada. Gold assays were 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). Samples were submitted with blanks and standards inserted into the sample stream.
Alix President and CEO Mike England states, "We are very excited by our first round of drilling at Money Rock / West Pogo. Our gold results are only in the few grams per tonne range, but we have confirmed that we are in a gold-mineralizing system, and we intend to further explore that system in our 2013 exploration program."
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
1-604-683-3988 (FAX)
www.alixresources.com