Alix Resources in collaboration with Caribou Copper Resources has announced that their work program for 2011 has begun on the Vault Property located in the Whitehorse Mining District.
Situated northwest of Haines Junction in South-Western Yukon, the initial program included sampling and follow-up of mapping at areas where gold in soil anomalies were identified earlier. The program was then modified to include reconnaissance mapping and sampling. Recently, Prophecy Platinum reported 10.97 Moz PGM+Au inferred and 1.04 Moz of PGM+Au indicated at the Wellgreen Project.
The Vault Property encompasses 3,650 ha and hosts several high gold soil anomalies in metasedimentary rocks. Exposures of mafic rock have also been mapped on the Vault Property, but have not been scrutinized. The altered work program will also include mapping of the gold anomalies and follow-up sampling. Once the sampling program and mapping is complete, the results will be interpreted to determine the targets where drilling will be scheduled.
The Vault property was acquired by Alix Resources as part of Strategic Metals’ Yukon portfolio through an option agreement, which allowed Alix to obtain 100% of the portfolio’s five properties by releasing 9.9% of the outstanding share capital to Strategic Metals and by delivering cumulative cash payments worth $3 million in a span of four years. Caribou Copper Resources entered into an agreement with Alix Resources in May 2011 through which 49% can be earned by spending $600,000 for two years on the property and by issuing 500,000 common shares.
Source: http://www.alixresources.com