Alix and Caribou Begin Mapping Interpretation and Target Selection on the Vault Property, Yukon
9/1/2011 10:02:43 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 01, 2011 (MARKETWIRE via COMTEX News Network) --
ALIX RESOURCES CORP. ("Alix") (TSX VENTURE: AIX)(FRANKFURT: 37N) and CARIBOU COPPER RESOURCES LTD. ("Caribou")(TSX VENTURE: CKR) ('the companies') are pleased to announce that detailed mapping has identified additional mineralized outcrops on the Vault Property, located 140 kilometers northwest of Haines Junction in the Yukon. Detailed mapping has been completed over the southeastern one-third of the Vault Property by UTM Exploration, Inc. (Smithers, B.C.), on behalf of the joint venture. The detailed mapping has confirmed regional mapping completed in 2004 that identified large areas of volcanic and sedimentary rocks of the Station Creek, Hasen Creek and Nicolai Formations (Israel, S. and van Zeyl, D., 2004. Preliminary geological map of the Quill Creek area, (parts of NTS 115G/5, 6, 12), southwest Yukon (1:50,000 scale). Yukon Geological Survey, Open File 2004-20). The present mapping program has identified outcrops within these units that are strongly silicified and lined with fine quartz and limonite veinlets containing chalcopyrite, chalcocite, malachite, and azurite. Samples from these outcrops have been submitted for assay with results expected in the coming weeks.
On the northwestern two-thirds of the property, mapping in 2004 by Israel and van Zeyl identified several outcrops of mafic intrusives emplaced within the Station Creek and Hasen Creek Formations, that are similar in position and lithology to rocks comprising the PGE-bearing Wellgreen Intrusion, located one kilometer southwest of the Vault Property and presently under economic assessment by Prophecy Platinum Corp. (TSX VENTURE: NKL). Detailed mapping and sampling of the northwestern portion of Vault will be completed in the coming weeks, with the objective of identifying targets for drilling at the end of the field season.
The original Vault property covers over 34 square kilometers and hosts numerous high gold anomalies that were the initial motivation for acquiring the property (see Alix news release, January 31st, 2011). The newly acquired 'BV' and 'BC' claims lie contiguous and to the southeast of the Vault claims. The BV claims cover a small area between Vault and the Wellgreen Project, with potentially similar geology to Wellgreen. The northern-most BC claims comprise 18.7 square kilometers and are contiguous with the Corky gold and base metal claims to the immediate southeast (see Alix news release, July 29th, 2011). The southernmost BC claim package adds an additional 39.6 square kilometers to the north of the Corky Claims, approximately six kilometers south of the Wellgreen Property.
Investors are invited to visit company websites to view the new map showing the revised Yukon land positions at www.cariboucopper.com and www.alixresources.com.
Alix obtained the Vault and Corky properties 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 is also obligated to pay its proportionate share of the cash payments due under the 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.
ON BEHALF OF THE BOARDS
Michael England, President, Alix Resources Corporation
Tom McCandless, P.Geo, President, Caribou Copper Resources Limited
Forward-Looking Statement:
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 Ltd. 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 Corporation Michael England President 1-604-683-3995 or Toll Free: 1-888-945-4770 www.alixresources.com Caribou Copper Resources Limited Tom McCandless, P.Geo President 1-604-683-3995 or Toll Free: 1-888-945-4770 www.cariboucopper.com
SOURCE: Alix Resources Corp. and Caribou Copper Resources Ltd.
http://www.alixresources.com http://www.cariboucopper.com
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