Alix Acquires Golden Granite Gold Property, Yavapai County, Arizona
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/05/12 -- ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE: AIX) (FRANKFURT: 37N) is pleased to announce it has acquired an option on the Golden Granite lode gold property located in Yavapai County, Arizona. The 600 acre property is located about 280 kilometers (175 miles) southeast of Las Vegas and about 112 kilometers (70 miles) northwest from Phoenix along highway 93. Alix can acquire 100% of the property by making cash payments totaling US$240,000 and issuing 600,000 shares of stock to the vendors. The vendors will retain a 2% NSR of which 1% can be purchased for US$2M dollars.
The Golden Granite property includes a series of quartz veins hosted in igneous rocks of the Yavapai Terrane, a Proterozoic crustal domain that comprises much of northwestern Arizona. The historic Big Stick Mine on the southwest corner of the property is a high-grade quartz vein system with reported grades of over 13 grams per tonne Au (0.4 ounces per ton) over one meter widths (L.A. Smith, 1958. Arizona Dept. of Mineral Resources, Field Engineers Report, 1p.) . Sampling conducted in 2011 recovered over eight grams per tonne gold in grab samples of fractured, limonitic granite in outcrop.
The Company has applied to the State of Arizona for additional ground and is planning an aggressive exploration program designed to explore both the historic high-grade Big Stick Mine and the bulk- tonnage potential of the mineralized host granite.
To acquire a 100% interest in the property the Alix will make cumulative cash payments of $240,000 and issue 600,000 shares of the Company. The vendor will retain a 2% NSR of which 1% can be purchased back for $2,000,000. A member of the vendor group, David Lajack, is also a director of the Company. This transaction is subject to TSX Venture Exchange approval.
The technical contents of this new release were approved by Dr. Tom E. McCandless, P. Geo., Technical Advisor to the Company and qualified person as defined by Nattional 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
Toll Free: 1-888-945-4770
www.alixresources.com
