October 16th, 2017, Vancouver, BC, Canada –ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) announces that Perth-based lithium processing technologist, Lithium Australia NL (ASX: LIT)(“LIT”) has moved to a 54% controlling stake in the Electra lithium project in northwest Mexico. The project comprises the Tecolote, Tule, and Agua Fria concessions and is currently the subject of a farm-in and joint venture between Alix and LIT. LIT has the right under the JV terms to earn an ultimate 65% holding in Electra. Lithium Australia moved to the majority 54% ownership on completion of a recent drilling program.
This generated confirmation of a new 2.5 km-long, 25-50 m-thick mineralized zone lying on the western flank of the Agua Fria concession in what the JV partners described as the project’s best discovery yet.
The terms of the acquisition of the joint venture for the Stage 3 earn-in are described in the table below. LIT was requested by Alix the Stage 3 Joint Venture earn-in be accessed early to ensure the maiden drill campaign was not implement for lack of funds. All other terms of the Joint Venture Agreement remain fully enforceable.