Alix Resources Corp. (TSXV:AIX) announced the acquisition of the Jackpot Lithium property located about 140 km NNE of Thunder Bay, Ontario, from arms-length vendors.
Lithium was first discovered near Georgia Lake in 1955 within granitic pegmatites. The current Jackpot property covers the Jackpot lithium deposits, described in a 1965 report by E.G. Pye published by the Ontario Department of Mines. The Jackpot deposits were tested by a total of 32 diamond drill holes in 1955 by Ontario Lithium Company Limited, an associated company of Conwest Exploration Co. Ltd. The drilling confirmed the presence of at least two spodumene-bearing granitic pegmatite bodies, one at the surface (Dyke No. 1) and a second body (Dyke No. 2) lying beneath the Dyke No. 1.
Dyke No. 1 is a 6 to 9 meters thick, flat-lying body occurring as outcrops and further exposed by historic trenching. A review of Ontario government assessment files suggest little drilling was completed on Dyke No. 1 as efforts appear to have been focused on the larger (No. 2) Dyke. The 1955 drill logs extracted from archived files indicate assaying from only one drilled section within the No. 1 Dyke, even if spodumene is identified in several drill logs. Records from DDH 428 intersected 1.47 wt. % Li2O over 3.96 m from the surface. The Company has not verified the reported assays. The No.1 Dyke represents a readily accessible target for trenching and bulk sampling and to acquire sufficient material for metallurgical testing.
The Dyke No. 2, is not exposed at the surface and was discovered by diamond drilling. Dyke No.2 has been described by Pye (1965) as follows: “… Historical drill intercepts include 1.52 per cent Li2O over 10.6 metres (drill hole 411) and 1.17 per cent Li2O over 21.2 metres from drill hole 407.” All drill intercepts reported are historical in nature and are taken from assessment files available at the Ontario Ministry of Northern Development and Mines. The assay results have not been verified by the Company.
Alix Resources President and CEO Michael England stated:
We are pleased to add the Jackpot Lithium property to expand Alix’s portfolio of lithium projects and to be at the forefront of the incoming demand for developing sustainable energy solutions. Alix now has lithium projects in Mexico and Canada and will continue to seek and, if warranted, acquire quality lithium assets for its growing portfolio.