Caribou Commences Mobilization and Work Programs on Yukon Gold, Silver and Base Metal Properties
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/06/11 -- CARIBOU COPPER RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE: CKR) and ALIX RESOURCES CORP. ("Alix") (TSX VENTURE: AIX)(FRANKFURT: 37N) are pleased to announce that work programs have been established for their Hartless Joe, Corky and Vault properties located in the Yukon Territory. Mobilization into these properties will commence by June 10th 2011 and UTM Exploration Services Ltd. of Smithers, BC has been engaged to conduct exploration and geological support. In late January of this year, Alix signed an option agreement with Strategic Metals Ltd. (TSX VENTURE: SMD) to earn a 100% interest in a portfolio of five Yukon properties: Hartless Joe, Corky, Vault, Meloy and Byng. All of these properties appear enriched in a broad range of metals, particularly gold. In May 2011, Caribou entered into an agreement with Alix to earn 49% interest in the five properties, and to share its proportionate amount of the underlying agreement with Strategic Metals, Ltd. (see news release 11th May 2011).
The Hartless Joe property is 28 kilometers northeast of Whitehorse and hosts a low sulphidation epithermal gold-silver vein system developed in mafic and felsic volcanics and associated sedimentary rocks of the Stikine Terrane. Previous grab sampling from mineralized veins conducted on behalf of ATAC Resources Ltd. in 2004 returned grades of 0.8 to 251 g/t (grams per tonne) gold and from 13.5 to 5,780 g/t silver. Hartless Joe totals 1,000 hectares under claim and features numerous undrilled soil geochemical and geophysical targets.
Corky and Vault are located 125 and 140 kilometers, respectively, northwest of the community of Haines Junction. Both are copper-gold prospects with potential. They are both porphyry targets associated with high level granitic intrusions. The 750 hectare Corky property has seen limited geophysical surveys and drilling, with eight drill holes totaling only 800 meters. Vault covers 3,650 hectares and hosts numerous high gold (200 ppb to over 10,000 ppb Au) soil anomalies, the distribution of which suggests that the source could be a stacked sequence of thrust faults cutting Permo-Triassic metasedimentary rocks over 12 kilometers of strike length. No detailed geophysical surveys or drilling have been carried out on the Vault property.
The Hartless Joe property will see detailed mapping, prospecting and follow-up geochemical soil sampling prior to selecting drill targets. The areas highlighted during the 2008 field program are the main focus of work, and the target area for the field program is a six square kilometer zone that encompasses the Grumpy, Les 2, Les 7, and Ace showings.
The Corky and Vault properties will see detailed mapping, prospecting, drill target selection and surface identification of geophysical anomalies.
A field-portable BQ diameter core rig is available for each property and will be utilized as targets are selected.
The technical contents of this release were approved by Dr. Tom McCandless, Director and Technical Advisor to Caribou Copper and qualified person as defined by National Instrument 43-101.
Caribou Copper's mission is to identify, acquire, and advance high potential base and precious metal prospects.
Alix Resources is a junior exploration company actively seeking base and precious metal venture opportunities for the benefit of all of its stakeholders.
ON BEHALF OF THE BOARD
Michael England, President
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Caribou Copper Resources Ltd. and 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.
Caribou Copper Resources Ltd.
1-604-683-3995 or Toll Free: 1-888-945-4770