Alix Resources and Lithium Australia Solidify Electra JV

Alix Resources Corp (TSXV:AIX) and Lithium Australia NL (ASX:LIT) announced a definitive agreement, work program commencing on the electra lithium project and alix interest in developing lithium extraction technology.
As quoted in the press release:

Alix Resources Corp. and Lithium Australia NL have made significant progress related to the joint exploration and development on the Electra project, Sonora, Mexico, including:

• Signing of a definitive agreement between AIX and LIT to explore and develop the Electra project whereby LIT will earn a 49% interest in the Electra project through the issuance to AIX of 1,000,000 fully paid ordinary LIT shares. 1,000,0000 partly paid LIT contributing shares paid to 0.001 Australian cent each (24.99 Australian cents unpaid), and expenditures of $400,000. LIT has a further option to increase its interest in the Electra project to 65% through the issuance to AIX of 1,500,000 fully paid ordinary LIT shares, expenditures of $1,500,000 and a cash payment of $250,000; -An exploration budget for the Electra project has been approved by LIT, securing the financing for the upcoming Phase 1 Electra work program, with work to begin in early May;
• Also included in the definitive agreement is the right for AIX to be granted a 10% interest in any novel lithium extraction technologies (“LET”) used or developed in relation to the Project properties (Tecolote and Tule Concessions) and/or the Sonora Project currently owned by Bacanora Minerals Ltd. and REM, whether patented or not patented..

The Electra Project consists of two exploration concession applications covering 22,625 hectares, with the Tecolote concession adjoining BCN-REM’s Sonora Lithium Project to the north, and the Tule concession being contiguous to the south. The Phase 1 program will follow-up on lithium anomalous clays discovered in December 2015 (see AIX PR January 6, 2016). Exploration on the large (18,125 hectares) Tule concession will focus on sedimentary beds discovered in December. These are similar to, on trend and correlate with geological units which host BCN-REM’s La Ventana lithium deposit.
Drilling and exploration work have established the BCN-REM Sonora Project NI43-101 Indicated Mineral Resource of 1.12 Mt LCE contained in 95 Mt of clay at a lithium grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a lithium grade of 2,300 ppm.

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