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Alix acquires Jackpot lithium property in Ontario

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Alix acquires Jackpot lithium property in Ontario

Alix ResourcesCorp. said April 13 that it is acquiring from arms'-length vendors theJackpot lithiumproperty in Ontario in exchange for the issuance of 2.4 million shares and by spendingC$350,000 on the property over a two-year period.

Alix will also grant the vendors a 1.5% net smelter return royaltyon the property, of which 1% may be repurchased for C$1 million.

A 1956 estimate by the Ontario Lithium Co. Ltd. pegged historicalresources at Jackpot, on just the Dyke No. 2 pegmatite zone, at 2 million tonnesat 1.09% lithium oxide.

"Alix now has lithium projects in Mexico and Canada andwill continue to seek and, if warranted, acquire quality lithium assets for itsgrowing portfolio," said President and CEO Michael England.

Alix acquiredin January the Gran 2 concession in Mexico's Sonora state. A month later, the companyinked an option for upto a 65% interest in the Electra lithium project, also in Mexico.