Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

October 02, 2007 08:00 ET

Alexis' Lac Pelletier Continues to Provide Strong Results-Up to 7.61 Grams Per Tonne Gold Over 14.9 Metres (0.22 oz. Over 48.9 Feet)

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2007) - Alexis Minerals Corporation (TSX:AMC) is pleased to announce that results from a drilling program on the company's Lac Pelletier gold project, continue to return thick gold intercepts that have the potential to be recovered by low-cost bulk mining methods. Drilling to delineate an area for potential long-hole mining is proving successful in an area adjacent to the historic ramp and within the known deposit (see Press Releases : August 31, 2006 ; April 19, 2007 ; August 13, 2007). Assay results have been received from 24 recently completed drillholes for 3136.0 m of drilling (see Figure 1). The program has been successful in outlining several large-volume ore shoots that can potentially be mined using low-cost, longhole bulk mining methods during the early production stages of a Lac Pelletier operation. Engineering studies on the feasibility of mining these areas is currently underway. In addition, exploration drilling outside of the known resource area continues to define significant gold mineralization.

Significant results from recent definition drilling (20 holes for 2104 m, Table 1) are:

- 10.81 (9.01 cut(i)) g Au/t over 6.6 m (Hole 17475-47)

- 7.61 g Au/t over 14.9 m (Hole 17475-45)

- 8.15 (7.89 cut(i)) g Au/t over 11.5 m (Hole 17475-30)

- 6.34 g Au/t over 9.7 m (Hole 17475-24)

The best results to date from barge-based exploration drilling (4 holes for 1032 m, Table 2) are:

- 9.14 g Au/t over 9.4 m (Hole 17475-59)

(i)Cut Grades - See note in Table 2

"Drilling to test potential for low-cost, bulk-mineable resources at Lac Pelletier has been very encouraging and enhances the potential of the project area," stated David M. Rigg, President and CEO of Alexis Minerals. "Drilling has confirmed continuity to mineralization in this area and supports the potential of locating additional low-cost, bulk-mineable resources elsewhere on the property. Exploration drilling outside of the area of known resources also continues to encourage us and supports our strong belief that excellent potential for resource expansion exists on the property. Lac Pelletier offers Alexis potential for production with a short lead-in time from start up and low capital costs. Alexis will focus on dewatering the underground infrastructure at Lac Pelletier in 2007 and underground exploration to upgrade and expand the resource, test mining to confirm grade, and further metallurgical work in 2008."

The current program has confirmed the presence of a large and extensive area of well developed mineralization at the point of intersection of the two principal gold structures, the B Shear and Zone 4. The zone has been confirmed over a minimum plunge length of 80 metres, a true vertical thickness of up to 25.5 m and a width of up to 30 m. The trend remains open down plunge through the area of known Resources over a strike distance of 400 metres.. The thickened area trends east northeast and plunges at 15 to 20 degrees. Mineralization is characterized by a strongly chlorite-carbonated altered shear zone containing up to 5% disseminated to fracture filling pyrite and 10-40% quartz-carbonate-tourmaline veins and veinlets. Fine disseminated visible gold is occasionally observed associated with the sulphides. The drill program continues to expand the zone. Additional results will be reported as results become available from the assay laboratory. Holes are closely spaced on a 10 x 15 metre pattern and have been drilled vertically to best evaluate the zones mining potential.

Alexis is earning into a 100% interest in the 722.6 Ha Lac Pelletier property. The deposit lies centrally within the property and 4 km southwest of the town of Rouyn-Noranda, Quebec. The project is a strategic exploration and mine development property and Alexis is now well advanced with permitting, site planning and preparations to proceed with initial construction, dewatering of the ramp and further underground exploration, mine development and bulk sampling. Alexis is scheduled to develop the project into production during 2008, in concert with production from Lac Herbin, also in 2008. Lac Herbin and Lac Pelletier will support full scale operation of the wholly-owned, 1400 tpd Aurbel Gold Mill in Val d'Or, 100 km to the east of Rouyn-Noranda.

Quality Control

The Lac Pelletier program is supervised by Claude Savard, P.Geo. and Claude Gagnier, P.Geo., Qualified Persons as defined under NI 43-101 guidelines. Ms. Savard and Mr. Gagnier have reviewed this press release. Engineering work is supervised by Robert Inglis, P.Eng and Claude Perrault P.Eng. Assay samples are taken from 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 and blank for each batch of samples. Analyses were performed by Techni-lab, Abitibi (Quebec).

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 100%-owned Lac Herbin and Lac Pelletier deposits during 2007 - 2008. Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property. 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. Alexis has purchased the 1400 tonne per day Aurbel gold mill and holds a 100%-interest in the Aurbel property. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp in JV with Xstrata Copper Canada (formerly Falconbridge Ltd.). Four (4) underground drills and two (2) surface drills are currently active in Val-d'Or and two surface drills are expected to recommence drilling on Rouyn-Noranda properties very shortly.

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 - Ground-based Definition Diamond Drilling Results,
Lac Pelletier Project, Quebec
-------------------------------------------------------------------
Core Grade Cut Grade
Hole # Section From To Length Un-cut 30 g Au/t
(m) (m) (m) (g Au/t) (g Au/t)
-------------------------------------------------------------------
17475-22 36W 57.6 60.8 3.2 1.93 1.93
-------------------------------------------------------------------
36W 87.0 89 2.0 3.33 3.33
-------------------------------------------------------------------
36W 108.0 114 6.0 4.92 4.92
-------------------------------------------------------------------
17475-23 36W 51.4 54 2.6 11.45 11.45
-------------------------------------------------------------------
36W 100.8 103.9 3.1 5.71 5.71
-------------------------------------------------------------------
17475-24 37W 55.3 58.3 3 5.91 5.91
-------------------------------------------------------------------
37W 82.3 92.0 9.7 6.34 6.34
-------------------------------------------------------------------
17475-25 38W 30.1 33.2 3.1 7.11 7.11
-------------------------------------------------------------------
38W 43.4 48.4 5.0 9.00 8.66
-------------------------------------------------------------------
38W 88.1 91 2.9 6.46 6.46
-------------------------------------------------------------------
17475-26 38W 58.0 60 2.0 2.81 2.81
-------------------------------------------------------------------
38W 62.5 65 2.5 5.66 5.66
-------------------------------------------------------------------
38W 75.0 77.3 2.3 6.11 6.11
-------------------------------------------------------------------
38W 96.1 98.1 2.0 1.22 1.22
-------------------------------------------------------------------
17475-29 39W 29.7 31.7 2.0 4.30 4.30
-------------------------------------------------------------------
39W 44.6 47.8 3.2 5.84 5.84
-------------------------------------------------------------------
39W 51.8 55 3.2 3.18 3.18
-------------------------------------------------------------------
39W 57.1 60 2.9 1.53 1.53
-------------------------------------------------------------------
39W 86.3 92 5.7 3.14 3.14
-------------------------------------------------------------------
17475-30 39W 61.0 63.0 2.0 3.12 3.12
-------------------------------------------------------------------
39W 66.0 77.5 11.5 8.15 7.89
-------------------------------------------------------------------
17475-32 40W 56.0 59.4 3.4 2.15 2.15
-------------------------------------------------------------------
40W 91.0 93.1 2.1 6.84 6.84
-------------------------------------------------------------------
17475-34 41W 38.0 41.3 3.3 17.32 9.83
-------------------------------------------------------------------
41W 50.2 53.3 3.1 1.90 1.90
-------------------------------------------------------------------
41W 58.3 62 3.7 3.24 3.24
-------------------------------------------------------------------
41W 81.0 83 2.0 1.65 1.65
-------------------------------------------------------------------
17475-35 41W 61.0 63.2 2.2 1.71 1.71
-------------------------------------------------------------------
41W 71.5 77.4 5.9 6.70 6.70
-------------------------------------------------------------------
17475-40 42W 69.0 72 3.0 8.95 8.95
-------------------------------------------------------------------
17475-42 43W 52.5 55 2.5 2.79 2.79
-------------------------------------------------------------------
43W 70.6 73.8 3.2 13.40 13.40
-------------------------------------------------------------------
43W 92.8 94.8 2.0 1.87 1.87
-------------------------------------------------------------------
17475-44A 43W 44.0 46 2.0 2.54 2.54
-------------------------------------------------------------------
43W 82.0 84.2 2.2 8.30 8.30
-------------------------------------------------------------------
17475-45 43W 38.1 53.0 14.9 7.61 7.61
-------------------------------------------------------------------
43W 60.4 62.7 2.3 23.18 19.33
------------------------------------------------------------------
17475-46 44W 32.0 34 2.0 1.04 1.04
-------------------------------------------------------------------
44W 65.0 69 4.0 5.18 5.18
-------------------------------------------------------------------
17475-47 44W 39.8 42.5 2.7 4.62 4.62
-------------------------------------------------------------------
17475-49 44W 44.8 48 3.2 5.82 5.82
-------------------------------------------------------------------
17475-49 44W 67.0 72.6 5.6 6.74 6.74
-------------------------------------------------------------------
17475-52 37W 61.5 64 2.5 8.83 8.83
-------------------------------------------------------------------
37W 93.6 96.1 2.5 1.25 1.25
-------------------------------------------------------------------
17475-55 32-36W 113.8 117.2 3.4 5.89 5.89
-------------------------------------------------------------------
32-36W 133.3 137.9 4.6 10.75 10.75
-------------------------------------------------------------------
17475-56 18N 108.0 113.4 5.4 7.75 7.75
-------------------------------------------------------------------
-------------------------------------------------------------------


Table 2 - Barge-based Exploration Drilling Results,
Lac Pelletier Project, Quebec
-------------------------------------------------------------------
Core Grade Cut Grade
Hole # Section From To Length Un-cut 30 g Au/t
(m) (m) (m) (g Au/t) (g Au/t)
-------------------------------------------------------------------
17475-57 27N 219.9 223.8 3.9 4.26 4.26
-------------------------------------------------------------------
17475-58 31-32N 260.0 262.9 2.9 3.08 3.08
-------------------------------------------------------------------
17475-59 36N 129.7 139.0 9.4 9.14 9.14
-------------------------------------------------------------------
17475-61 18N 246.5 248.9 2.4 7.55 7.55
-------------------------------------------------------------------
-------------------------------------------------------------------

Cut grades: All high grade assay intervals returned by the lab
over 30.0 g Au/t have been cut to 30.0 g Au/t.


To view figure 1: Alexis Minerals Pelletier Lake Project, click on the following link:

http://www.ccnmatthews.com/docs/alexis102b.pdf

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    or
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304
    Email: info@alexisminerals.com
    Website: www.alexisminerals.com