Alexis Minerals Corporation

Alexis Minerals Corporation

January 24, 2007 11:37 ET

Alexis Cuts 30.2 Feet of 1.03 Ounces Gold Per Ton (35.42 g Au/t Over 9.2 m) in New Deep Zone at Lac Herbin-South and 240 Feet Below Existing Mine

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to report high-grade gold results and substantial vein widths from a recently initiated Phase IV program of underground exploration at its' Lac Herbin deposit. New intersections, outside previously reported Resource areas (see Press Release: January 11, 2007) include 1.03 ounces gold per ton over 30.2 feet, or 35.42 grams gold per tonne (g Au/t) over 9.2 m, approximately 80 m below any previous drilling in the area of the discovery. An additional drill hole 60 metres to the east of the discovery intersection has also encountered a strongly mineralized quartz-tourmaline vein over 12.5 metres core length. Assays from this new hole are unavailable and will be reported shortly.

The new discovery supports the interpretation that the Herbin Deposit strengthens and remains open to depth both to the east and the west.

Drilling results in the discovery area include (see Table 1):

New intersections below previous Resource modelling (at the 300-m Level):

- 35.42 (9.76 cut(i)) g Au/t over 9.2 m (LH02-122),

- including 41.93 (11.28 cut(i)) g Au/t over 7.7 m,

- and including 231.0 (34.28 cut(i)) g Au/t over 1.2 m

- Strongly mineralized 12.5 m intersection (LH02- 123) 60 m east
of LH02-122
- Assays pending

The deepest previous intersections included in recent Resource modeling
in this area and at the 220-m Level returned:

- 23.82 (16.38 cut(i)) over 2.2 m (LH02-118)

- 8.67 g Au/t over 2.0 m (LH02-116)

(i) Cut Grades - See note in Table 1

"The deeper drilling results from this new area are excellent and higher grade than any previous exploration to the south of Lac Herbin," said David Rigg, President and CEO of Alexis Minerals. "The new zone parallels one of the principal ore bodies (S1) in current Resources and is developing into an important gold structure on the project. The new intersections fall outside of current resources, offer very good upside potential for increasing grade and tonnage, and will provide additional input for ongoing feasibility and mine planning."

The Lac Herbin project is located 10 km northeast of Val-d'Or, 1.8 kilometres from the Aurbel Gold Mill, and, adjacent to the past-producing Ferderber and Dumont Mines.

Phase IV Underground Exploration Program

The Board of Directors for Alexis recently approved a Phase IV underground exploration program at Lac Herbin. The program will be undertaken concurrently with feasibility studies and is expected to be completed in March 2007. The Phase 4 program will be directed at:

- Expansion of Inferred Resources through delineation drilling down-dip, down-plunge or on-strike of known Resource areas - all Resource areas remaining open at depth in current modelling

- New discovery in the immediate project area - eleven targets have been identified adjacent to the area of the workings and development

- Ramp development to the 250-metre level - providing access for additional drifting and raising in ore to confirm ore continuity, distribution of high-grade areas within the deposit, and, to confirm the optimal mining approach (long-hole or shrinkage)

- Level development on the 200-, 150 - and 170- m levels to further advance within several of the gold zones and to provide additional drill stations.

A total of 445 m of ramping, 1,180 m of raising and drifting and 8,000 m of diamond drilling are planned for completion during the Phase IV program. Underground drilling continues with two machines. To date, a total of eight additional drillholes for 1156.5 m have been completed. An access drift to facilitate deep drilling on the S1 zone has been completed and the ramp has been advanced 120 metres.

New Discovery Zone

The new intersections are the deepest holes drilled to date on a shear zone (the S3 Shear) which lies along the southern limit of the area of exploration focused upon during the recent underground delineation and development program. The intersections and new discovery lie 80 - 100 metres below any previous work. The S3 shear parallels one of the principal structures hosting ore in the Lac Herbin mine, the S1 shear, and strikes approximately east-southeast with southerly dips of 70 degrees. The structure is also interpreted to be the far-western continuation of the North Shear, a prominent structure and host to ore at the past-producing Ferderber Mine (historical production 1.6 million tonnes (t) at 7 g Au/t) several kilometers to the east.

Mineralization encountered in the new discovery area is open in all directions. Exploration to date on S3 suggests a minimum strike length to mineralization of approximately 200 metres. Indeed, the three principal gold zones (S1, HW and New Discovery Zone) below the 200 m level, all appear to show improved grades and widths with depth, and demonstrate minimum continuous strike length of 200m at the lower limits of current drilling.

Quality Control

The Lac Herbin underground diamond drilling program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., Qualified Person (QP) as defined under NI 43-101 guidelines. Assay samples are taken from underground drill core sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. Analyses were performed by ALS Chemex -Chimitec of Val-d'Or (Quebec).

Richard Roy, P.Geo. and QP; Claude Perrault, P.Eng QP with R.Inglis P.Eng., Michel Labonte and R. Adams P.Eng. , Consultants to Alexis, supervise the underground program.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining

Camps in Quebec. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the Lac Herbin and Lac Pelletier deposits during 2007 - 2008. Alexis has a clear route to 100% ownership of all interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp and has recently purchased the 1400 tonne per day Aurbel gold mill. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp, all of the property holdings of Falconbridge Limited (formerly Noranda Inc.). Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements"

Table 1 -- Results from Underground Diamond Drilling:
New Discovery (S3) Zone, Lac Herbin Project, Val-d'Or, Quebec

Hole From-To (m) Length Zone Uncut Cut Grades(i) True
Number (m) Grades (gAu/t) Width
(gAu/t) (m)
Holes Currently in Resource
LH02-114 92.3 - 95.5 3.2 S3 Shearing - LV 2.0
LH02-116 50.7 - 52.7 2.0 S3 8.67 2.0
including 51.5 - 52.7 1.1 14.13 1.1
LH02-117 49.0 - 51.7 2.7 S3 Shearing - LV 1.7
LH02-118 93.0 - 95.2 2.2 S3 23.82 16.38 1.5
LH02-119 76.3 - 79.3 3.0 S3 4.40 2.0
Holes Outside of Resource Block
LH02-122 155.0 - 162.7 9.2 S3 35.42 9.76 (VG) 4.2
including 155.0 - 162.7 7.7 41.93 11.28 3.5
and including 158.4 - 159.6 1.2 231.0 34.28 0.55
LH02-123 126.0 - 138.5 12.5 S3 Strong QT Veining with - 6.0
Pyrite Assays Pending

Footnotes: (i)Cut Grade- all assays in excess of 34.28 gAu/t are cut conservatively to 34.28 gAu/t (or 1.0 troy ounce/tonne), a common industry practice. Cutting factors at Lac Herbin have been based on statistical results of the bulk sampling and test milling program completed in November 2006 and reported in January 2007 (see Press Release: January 16, 2007).

LV equals Low Values - QT equals Quartz Tourmaline - VG equals Visible native Gold

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304