Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

May 16, 2006 08:00 ET

Initial Drilling at Lac Herbin's Hangingwall Zone Returns Up to 19.85 g Au/t Over 4.3 Metres

TORONTO, ONTARIO--(CCNMatthews - May 16, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that significant results have been returned from the first round of underground diamond drilling on the Hangingwall Zone (HW) on the company's Lac Herbin project. Grades obtained on the HW Zone to date are higher than anticipated from surface drilling and confirm excellent continuity of the structure over a strike length of up to 200 metres. The Lac Herbin project area is located 10 km northeast of Val-d'Or, adjacent to the past-producing Ferderber (1.6 million tonnes (Mt) grading 6.99 grams gold per tonne (gAu/t)) and Dumont Mines (1.2 Mt grading 6.51 gAu/t). The project area is located 1.8 km from the 1400 TPD Aurbel Gold Mill which Alexis has agreed to purchase from Aur Resources Ltd. in May, 2006.

Results from recent drilling of 14 holes (1941.3 metres) on the HW zone are presented in Table 1 and include:

- 19.85 g Au/t (8.23 g Au/t cut(i)) over 4.3 m (hole LH01-060)

-- including 34.3 gAu/t over 0.9 m

- 10.16 g Au/t (6.37 g Au/t cut(i)) over 3.6 m (hole LH01-036)

-- including 57.0 g Au/t over 0.6 m

- 7.13 gAu/t (5.28 g Au/t cut(i)) over 5.9 m (hole LH01-055)

In addition, results from the initial probing of the S1 West Zone (S1W, average grade 10.66 g Au/t) to aid planning of ramp development, returned an unexpectedly high grade of:

- 32.02 g Au/t (12.2 g Au/t cut(i)) over 2.5 m, true width (hole LH01-057)

-- including 105.0 g Au/t over 0.7 m

This intersection lies to the east, and above, the original resource blocks for the S1W zone as determined by surface drilling, in an area that remains open to the east. The intersection has the potential to add significantly to the S1 zone's resource. Recent development drifting to gain access and develop drill stations required for delineation of the S1 Zone, cross cut the S1 structure and intersected strong veining and gold mineralization over a true width of 1.6 metres, 30 metres below and east of the new intersection in LH01-057. Chip sampling across the vein has been completed and sent to the laboratory for analysis. Gold assay results are pending.

"We continue to get exciting high grades and good widths to mineralization at Lac Herbin. Underground drilling and drifting is demonstrating good continuity," said David Rigg, President and CEO of Alexis Minerals. "Several new zones and new unexpected vein orientations have been encountered underground. These offer potential for either higher overall grades to the known resources, or, offer the potential to expand zones in areas adjacent to drill inferred Resource blocks.'



Table 1 - Hangingwall Zone Underground Drilling Results

---------------------------------------------------------------------
Uncut Cut True
Hole To-From Length Zone Grades Grades(i) Width
Number (m) (m) (gAu/t) (gAu/t) (m)
---------------------------------------------------------------------
LH01-032 38.8 - 41.1 2.4 HW Shearing - LV 2.4
---------------------------------------------------------------------
LH01-033 70.4 - 73.3 0.5 HW 1.42 1.5
---------------------------------------------------------------------
includes 72.4 - 72.9 1.3 5.17 0.5
---------------------------------------------------------------------
LH01-035 46.3 - 52.6 4.4 HW 2.43 4.4
---------------------------------------------------------------------
includes 48.6 - 49.2 15.05 0.6
---------------------------------------------------------------------
LH01-036 49.7 - 53.3 3.6 HW 10.16 6.37 3.6
---------------------------------------------------------------------
includes 49.7 - 50.3 0.6 57.0 34.28 0.6
---------------------------------------------------------------------
LH01-054 11.6 - 17.1 5.5 HW 4.37 5.5
---------------------------------------------------------------------
includes 15.0 - 17.1 2.1 8.36 2.1
---------------------------------------------------------------------
LH01-055 21.4 - 27.3 5.9 HW 7.13 5.28 3.0
---------------------------------------------------------------------
includes 21.4 - 24.5 3.1 8.57 5.06
---------------------------------------------------------------------
and
includes 26.7 - 27.3 0.6 24.5
---------------------------------------------------------------------
LH01-056 52.3 - 60.0 7.7 HW Shearing - LV 1.8
---------------------------------------------------------------------
LH01-057 17.5 - 19.3 2.1 HW 1.0 2.0
---------------------------------------------------------------------
LH01-058 27.3 - 30.5 3.2 HW 4.79 2.2
---------------------------------------------------------------------
LH01-059 15.0 - 17.1 2.1 HW 0.81 -VG 2.0
---------------------------------------------------------------------
includes 16.8 - 17.1 4.15 0.3
---------------------------------------------------------------------
LH01-060 10.1 - 14.4 4.3 HW 19.85 8.23 3.2
---------------------------------------------------------------------
includes 10.8 - 11.7 0.9 89.8 34.28 0.9
---------------------------------------------------------------------
LH01-061 17.5 - 18.0 0.5 HW 3.51 0.3
---------------------------------------------------------------------
LH01-062 25.9 - 27.3 1.4 HW 6.01 1.0
---------------------------------------------------------------------
LH01-063 36.0 - 41.9 5.9 HW Shearing - LV 2.0
---------------------------------------------------------------------

---------------------------------------------------------------------
LH01-057 145.8 - 148.3 2.5 S1 West 32.02 12.2 2.5
---------------------------------------------------------------------
includes 145.8 - 146.3 12.1 0.5
and
includes 146.9 - 147.6 105.0 34.28 0.7
---------------------------------------------------------------------


Footnotes: (i)Cut Grade-all assay 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. Historical practice at Dumont and Ferdeber operations mining similar mineralization employed cutting factors of 68.56 gAu/t and 51.42 gAu/t, respectively, based on 15 years of production. Cutting factors at Lac Herbin will be established based on statistical results of the current program and bulk sampling.

(LV equals Low Values QT equals Quartz Tourmaline VG equals Visible native Gold)

The Phase I ramp and development work of the 165 Level (165 metres below surface) has been completed. Diamond drilling from the 165 Level is on-going to further evaluate the Lac Herbin and Hangingwall structures. The Phase II portion of the ramp development has also been recently completed and development work on the 200 Level (200 metres below surface) is nearing completion. Phase II development will provide diamond drill access to test the S1 West (10.31 g Au/t) and S3 (4.95 g Au/t) gold structures. Phase III work, expected to commence in July, will include underground development along mineralized structures and bulk sampling of mineralization.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., and Daniel St-Arnaud, P.Eng., Qualified Persons 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. Chip samples are taken evenly across, and perpendicular to, the sampled structure. Samples are of material up to 10 cm in diameter with no selectivity in sampling. 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).

In other news, a diamond drill rig has been mobilized onto the Louvex property to commence deep drilling of the P6 base metal target. Drilling is expected to start soon and will take approximately three to four months to achieve the target.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 212 square kilometers in the Val-d'Or area and considered highly prospective for both gold and base metals. Alexis has a clear route to 100% ownership in the properties and recently reached an agreement to purchase the 1400 tonne per day Aurbel gold mill. The Company also continues to advance finalization of an option agreement with Falconbridge Limited (formerly Noranda Inc.) wherein Alexis will earn a 50% interest in all of Falconbridge's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 square kilometres in the Rouyn-Noranda area. Two drills are currently active on the Rouyn-Noranda properties.

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"

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)
    or
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 605-0576
    info@alexisminerals.com
    www.alexisminerals.com