Alix Acquires Cross Lake Lithium Property, Manitoba

August 25, 2016

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Alix Resources Corp (TSXV:AIX) has acquired a 100-per-cent interest in the Cross Lake lithium property located about 528 kilometres north of Winnipeg, Man.

The Cross Lake Property comprises one Mineral Exploration Licence (MEL 1050A) encompassing 5,040 hectares and is located about 4 km southwest of the community of Cross Lake. The property covers the Cross Lake pegmatite field, including the Liz Lithium prospect, located on Spodumene and Metis Islands in the southwestern corner of Cross Lake. The granitic pegmatites form an 8 km-long, en echelon and lenticular swarm south of Cross Island dipping 45degree north.

The Cross Lake Property was explored from the late 1970’s to 1981 by the Tantalum Mining Corporation of Canada Limited (“TANCO”). The Company discovered tantalum (Ta) and niobium (Nb) oxide mineralization in granitic pegmatites. TANCO, was the operator of the Tanco mine, located at Bernic Lake, in southeastern Manitoba (now owned by Cabot Corporation), which was North America’s largest producer of spodumene, tantalum and cesium.

In 1980-1981, TANCO drilled 23 diamond drill holes totaling 2,483 m. Several holes intersected zones of spodumene mineralization (e.g. up to 40 % spodumene in hole # 3 over a 1.3 m width). Moreover, 20 m-thick spodumene-rich intersections in individual and/or multiple intervals were encountered. The core was analyzed only for tantalum and tin. The documented occurrences of spodumene showings and the geological data base from TANCO’s drilling campaign present a compelling target with a potential to discover and define new lithium resources.

President and CEO Michael England commented, “We are pleased to add the Cross Lake property to Alix’s expanding portfolio of lithium projects, with key spodumene (hard-rock) projects now held in Quebec, Ontario and Manitoba. Furthermore, Lithium Australia NL is a funding partner in a joint venture with Alix to actively explore two concessions comprising 22,000 hectares, located north and south of Bacanora Minerals’ Sonora developing-stage Lithium Project.”

Cumulative terms of the deal call for Alix to issue 500,000 shares and a cash payment of Cdn $10,000 to two arm-length vendors. There are no royalties retained on the property.

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Category: Energy