Alix and Caribou Commence Drilling in Yukon
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/15/11 -- - ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) and CARIBOU COPPER RESOURCES LTD. ("Caribou") (TSX VENTURE:CKR) are pleased to announce that drilling has commenced on the Corky Property, located 125 kilometers northwest of Haines Junction in the Whitehorse Mining District of Yukon.
The Corky Property hosts a copper-molybdenum-gold porphyry system positioned within the Kluane Range of southwestern Yukon,. Phase 1 exploration consisted of mapping and sampling, and was completed on behalf of the joint venture by UTM Exploration Services Ltd. (Smithers, B.C.). Results from this latest exploration effort confirmed the presence of copper mineralization both visually and from preliminary assay results. Complete assays are pending and expected in the coming weeks.
Drill targets have been selected on the basis of preliminary assay results and on the distribution of azurite, malachite, chalcopyrite, chalcocite, sphalerite, bornite, pyrite and garnet-rich skarn mineralization in outcrop. Lynn Corp Drilling (Smithers, B.C.) has been contracted for diamond drilling at the Corky property, with up to 2000 meters of NQ core drilling scheduled for the property.
Alix obtained the Corky property as part of a five-property Yukon portfolio from Strategic Metals Ltd. (TSX VENTURE:SMD) in an option agreement whereby Alix can obtain 100% of the five properties by issuing 9.9% of its outstanding share capital to Strategic and making cumulative cash payments totaling $3,000,000 over a four-year period (see Alix News Release January 31, 2011). In May 2011, Caribou entered into an agreement with Alix whereby 49% interest in the five properties can be obtained by issuing 500,000 common shares and spending $600,000 on the properties over two years (see Caribou News Release May 11th, 2011). Caribou also shares its proportionate amount of the underlying agreement with Strategic Metals Ltd. on these five properties.
The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., President and Director of Caribou Copper and qualified person as defined by National Instrument 43-101.
Alix Resources is a junior exploration company actively seeking base and precious metal venture opportunities for the benefit of all of its stakeholders. For more information visit the website at www.alixresources.com.
Caribou Copper's mission is to identify, acquire, and advance high potential base and precious metal prospects. For more information visit the website at www.cariboucopper.com.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Alix Resources Corp. and Caribou Copper Resources. 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.
Alix Resources Corporation
1-604-683-3995 or Toll Free: 1-888-945-4770