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Alix Review of Cache Gold Property, Nunavut Demonstrates Significant Historic Diamond Drill Gold Assays

Date : 09/27/2012 @ 6:00PM
Source : Marketwired

Alix Review of Cache Gold Property, Nunavut Demonstrates Significant Historic Diamond Drill Gold Assays


ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) announces it is reassessing claims held in its portfolio located in the Rankin Inlet area of Nunavut based on the recent success of Northquest Ltd.; Northquest announced drilling 164.41 m of 5.39 g/t Au at Pistol Bay located approximately 60 kilometres south of Rankin Inlet and 80 kilometres south of the Meliadine Project of Agnico Eagle Mines (2.9 million ounces at a grade of 7.2 grams gold per tonne). (see NQ press release dated Sept 6, 2012). Alix's Cache Gold property consists of 120 ha of early-stage Archean Lode-gold prospects located within the Ennadai-Rankin Greenstone Belt in the Kaminak-Quartzite Lake area, 150 km southwest of Rankin Inlet, Nunavut (approx. 90 kilometres south of Northquest's Pistol Bay).

Alix is currently assembling an on the ground site inspection survey and reconnaissance work program on the Cache Project, anticipated to begin in late September, 2012, weather permitting.

Five holes were drilled in 1994 by Cyprus Canada for a total of 2,211.2 m on the Cache showing. Highlighted intersections include 6.36 g/t Au over 30.4 m, 2.42 g/t Au over 12.4 m, 8.53 g/t Au over 10.8 m (see Northern Miner article, July 4th, 1994). In 1988, 18 diamond drill holes were completed on the Cache showing (14 holes) and its inferred extension (four holes) for a total of 4,008.9 m. Several gold-anomalous zones were intersected and a series of four stacked horizons over 200 m strike length was roughly delineated. Sample intersections include: 8.37g/t Au over 8.55 m, 10.70 g/t Au over 3.85 m and 5.91 g/t Au over 5.13 m.

Based on the 1988 drill program, Noble Peak Resources calculated an internal112,000 tr. oz. gold resource(i) estimate of 362,873.9 T grading 9.6 g/T Au to a depth of 183 m over a strike length of 213 m.

(i)This Cache Gold Property calculation was completed prior to N.I. 43-101 and therefore was not done to N.I. 43-101 standards A qualified person has not completed sufficient work to classify the historical estimate as current mineral resources, and the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The reader is cautioned that the above results are subject to potential changes subsequent to update exploration work.

The Cache Gold property is underlain by an E-W trending package of mafic to felsic volcanic rocks to the north, and a quartz-feldspar porphyritic intrusion to the south. Mafic volcanic rocks crop out in most northern part of the property.

The technical contents of this release were approved by Paul D. Gray, P.Geo., Technical Advisor to Alix Resources and qualified person as defined by National Instrument 43-101.

Alix Resources is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all our stakeholders. For further information we invite you to visit us at www.alixresources.com.

ON BEHALF OF THE BOARD

Michael England, President

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. 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 Corp. Michael England President 1-604-683-3995 or Toll Free: 1-888-945-4770 1-604-683-3988 (FAX)



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