Financial Press: First Phase of Drilling Finishes Ahead of Schedule at the Money Rock/West Pogo Gold Project in Alaska

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Less than two months after Alix Resources Corp. began drilling projects at the Money Rock / West Pogo project in Alaska, and the Vancouver-based company is already reporting the second phase of drilling is now underway at the site.

Less than two months after Alix Resources Corp. began drilling projects at the Money Rock / West Pogo project in Alaska, and the Vancouver-based company is already reporting the second phase of drilling is now underway at the site. - (Financial Press)

Alix has completed phase one drilling at its Money Rock / West Pogo gold project, located 80 kilometers southeast of Fairbanks, Alaska, the company announced today.

“The Money Rock/West Pogo ground shares very similar geology to that at Pogo,” stated Alix President Mike England. “Previous work at West Pogo identified two zones of gold mineralization from rock-chip grab samples with up to 118.5g/T gold.”

The Money Rock / West Pogo land package consists of 21 square miles of claims in close proximity to the world-class Pogo gold mine.

At the Pogo Mine, located 3.5 kilometers east of the project and operated by Sumitomo Metals Corp., an average of close to 400,000 ounces of gold is produced each year.

“Alix’s experienced team of geologists have invested an enormous amount of time poring over data and reports from the Pogo area in Alaska,” said England.

The recently completed first phase of drilling focused on the West Pogo portion of the project, with two NQ core holes completed for a cumulative total meterage of 610 meters (2,002 ft.). Both holes encountered metagranite with broad intervals of brecciation, including zones of iron-stained sericite alteration and arsenopyrite.

“Core is being sawed in half and sampled at roughly one meter intervals, then delivered by truck to ALS-Chemex (Fairbanks, Alaska) for sample preparation, after which sample pulps are shipped to the ALS Minerals facility in North Vancouver, B.C. for assay,” said England.

Previously, a northwest-oriented, inclined hole was drilled in 2003 by AngloGold Ashanti (USA) Exploration Inc. at the same site, and encountered wide zones of low-grade gold mineralization.

In the present program, the inclined drillhole was northeast-oriented, designed to intersect a northwest-trending fabric at depth that was identified after re-assessment of geophysical data for the West Pogo property. After passing through 44 meters (144 ft.) of mostly paragneiss, the drill encountered metagranite with sericite-altered, iron-stained zones of brecciation and veining with arsenopyrite or pyrite that appear to increase with depth to the end of the hole at 321 meters (1,055 ft.).

Drillhole WP-12-02 was collared 832 meters (2,730 ft.) east-northeast of the first hole, and oriented northwest to test the eastern end of the NE-trending anomaly, where gold-in-soil values range from 20 ppb up to 163 ppb Au and a float grab sample of silicified metagranite returned 2.12 g/t Au.

The drillhole immediately encountered silicified metagranite with a similar style of alteration as observed in WP-12-01 down to 150 meters (500 ft.), where increasingly abundant intervals of brecciated and silicified metagranite with zones of arsenopyrite and pyrite plus traces of chalcopyrite occur. These zones increase in width and intensity of sulfide mineralization to the end of the hole at 289 meters (947 ft.). Details of the interval lengths and intensity of sulfide mineralization will become available as the logging is finalized on WP-12-02.

“In phase two of the program, a third drillhole (MR-12-01) will be positioned 719 meters (2,360 ft.) north-northeast of WP-12-02, and oriented to the southeast, to test the extent and dimensions of mineralization encountered in the second drillhole,” said England.

Alix is exploring the West Pogo part of the project under an agreement with Corvus Gold Inc. whereby Alix will complete USD $5M in work on the project and pay $125,000 over five years to earn a 60% interest in the project.

Mining, the second largest industry in Alaska, has had a long and colorful past, a critical present and a very bright future. The mines at Pogo, and have ignited excitement by producing good local jobs and contributing consistently to the surrounding communities.

“The future of mining in Alaska, on prospects that are well defined and those that are yet to be discovered, is without limit,” said England.

Alix Resources Corp. is a junior exploration company actively seeking and developing mineral opportunities for the benefit of all its stakeholders.

Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the author’s only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.

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