Alexis Minerals Corporation

Alexis Minerals Corporation

September 18, 2008 08:30 ET

Alexis Announces Official Opening of Lac Herbin Mine:

- Higher Than Expected Production Grades - Second Gold Milling Campaign In Progress - S3 Zone Extended Up Plunge To 200-Metre Level

TORONTO, ONTARIO--(Marketwire - Sept. 18, 2008) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to announce that development of the Lac Herbin mine is advancing according to schedule and that the Company will celebrate its' official mine opening ceremonies on October 2nd. At least 5,000 ounces of gold are expected from a second, 25,000 tonne custom milling campaign which commenced on September 15th and will run into October. Due to a focus on lateral ore development at the mine, the campaign will treat more development ore and recover more gold than the originally scheduled campaign of 15,000 tonnes for 2,400 ounces. The mine development grade of this material is estimated to be 7.3 gAu/T, much higher than the original Reserve grade of 4.2 gAu/T estimated solely from drill hole information. Significant among new recent drilling results is the confirmation of an additional 60m high mining block to the S3 Zone, above the current reserve and mining blocks in this zone.

Mine Development and Production

The main access Ramp has now been developed down to a vertical depth of 310 metres and level and sublevel development from this ramp in the S1 and S3 Zones is on schedule. Mine development of the principal S1 and S3 zones continues in preparation for stoping operations commencing in September. Lateral development in ore on 3 levels and 4 sublevels has been completed; development is progressing on 3 sub-levels; and access to one additional sublevel is advancing. Level and sublevel development will allow initial stoping of the S1 and S3 ore zones from the 250-m to 272-m and the 236-m to 290-m elevations respectively.

Detailed mapping of ore development is assisting with understanding the ore body and ore controls in the principal S1 and S3 zones.

- Ore widths vary from approximately 1.0 m at the lateral limits of the ore zones; to widths of up to 4.0 to 6.0 metres, commonly exceeding the widths of development headings, for up to 60% of the stope lengths in development;

- Intersecting shear zones have been confirmed to influence zone thickness, with associated brecciation in the veins controlling sulphide content and grade; and,

- Zone-parallel late reverse-slip faulting has locally caused structural stacking (imbrication) of the vein upon itself, leading to repetition and thickening of the vein.

These features strongly influence zone thickness and grade.

A second campaign of custom milling was started on September 15th to treat surface- stockpiled development ore from the mine. A total of 25,000 tonnes of largely development ore will be treated, well in excess of the 15,000 tonnes originally scheduled. The Company expects production of over 5,000 ounces gold during this campaign, in excess of the 2,400 ounces scheduled during this period. Development ore is currently running at a higher grade than originally estimated from previous underground delineation drilling of the zones. Surface stockpiles are estimated to grade approximately 7.3 gAu/T versus a Reserve drill-hole estimated grade of 4.2 gAu/T. Two prior bulk sampling programs and the first milling campaign in July 2008, all produced higher mill recovered grade versus anticipated grade from mine sampling programs during development. A similar mill grade upgrade is expected during this campaign. Reconciliation of mill versus mine versus diamond drill estimated grades continues.

Diamond Drilling

Underground delineation and exploration drilling is continuing with five diamond drills. Highlights from these results are reported below and a full table of results is available at the Alexis website ( Drilling results continue to confirm:

- the high grade nature of the S3, the S1 and HW2 zones;

- ore limits in S1, S3, HW2, HW, S2 zones for mine planning; and, recently,

- both up plunge and down plunge extensions to mineralization in the S3 zone.

S3 Zone

Significant among the results is the extension of the S3 Zone up plunge into an area on the 200-metre level previously not considered within Reserves. Several drill holes in this area, from the 236-m sublevel to above the 180-m level, confirm an additional 60-m high mining block to the zone, above and to the east of current ore outlines. Results include:

- 10.44 g Au/t over 4.2 m (LH04-026)

- 6.00 g Au/t over 1.7 (LH04-024)

- 6.01 g Au/t over 1.9 m (LH04-025)

The zone is open for additional extension. The S3-extension has an expected strike length of up to 80 metres and is approximately 60 metres east of current development on the 200-m level. Mapping of the S3 zone in excavated development headings along the zone (e.g. S3 290 level) confirms that thickening of the zone is caused in part by the intersection of the S2 shear with the S3 ore zone. This is apparent in hole LH04-026 (above) and is the cause of the greater width of the zone. The S2 zone is also mineralized along the trace of this intersection adding further to mining potential. The area is currently being defined by drilling.

Highlights from recent exploration and delineation drilling in S3 include ((i)cut to 1.0 oz.Au/t):

- 4.58 g Au/t over 11.2 m (LH04-011)

- 21.08 g Au/t over 1.6 m (LH04-014)

- 11.41 g Au/t over 1.7 m (LH04-016)

- 12.30 (6.60 cut(i)) g Au/t over 6.4 m (LH02-235)

- 21.80 (20.90 cut(i)) g Au/t over 3.9 m (LH02-236)

- 27.80 (21.20 cut(i)) g Au/t over 1.7 m (LH02-238)

- 7.70 g Au/t over 3.5 m (LH02-240)

- 15.42 g Au/t over 2.3 m (LH02-275)

- 7.09 g Au/t over 2.3 m (LH04-033)

- 5.30 g Au/t over 3.9 m (LH02-234)

- 5.03 g Au/t over 3.5 m (LH04-010)

Exploration down plunge of the S3 zone has commenced and plunge extension to depth is confirmed:

- 19.17 g Au/t over 3.5 m (LH04-028) at the 340 -m Elevation

This intersection is 80m east of the typical S3 plunge and 340m below surface, outside the main S3 trend. It opens up the possibility for a new trend on the S3 zone, east of the known zone.

S1 Zone

Drilling in S1 Zone is delineating the zone between the 200-m level and to a depth of 450 metres. The zone demonstrates good vertical and lateral continuity. Higher grade ore shoots within the zone have been confirmed through mapping and plunge at a shallow angle to the west, perpendicular to slip lineations in the S1 shear caused by fault movements along the shear zone. Recent results include:

- 4.40 g Au/t over 1.7 m (LH02-274)

- 8.57 g Au/t over 2.95 m (LH02-241)

- 6.13 g Au/t over 2.0 m (LH04-022)

- 4.70 g Au/t over 2.4 m (LH02-237)

- 10.90 g Au/t over 2.8 m (LH02-254)

- 11.74 g Au/t over 2.2 m (LH01-226)

- 7.40 g Au/t over 9.80 m (LH01-222)

- 4.20 g Au/t over 1.95 m (LH02-250)

- 11.40 g Au/t over 2.5 m (LH01-251)

S2 Zone

The S2 Zone, usually a non-mineralized shear, has been found to be well mineralized along its' intersection with the S3 shear. Mineralized areas on S2 can be recovered during mining of the adjacent S3 zone.

- 29.68 (5.01 cut (i)) g Au/t over 2.1 m (LH04-014)

HW2 Zone

Successful exploration drilling has extended the high grade mineralization of the HW2 zone on the 250-m level. This narrow, but very high grade vein is interpreted to extend up plunge, and up dip, of the 250-m level, where strike length increase to potentially 60m. The zone has been intersected in three recent holes:

- 24.18 (12.27 cut(i)) g Au/t over 2.0 m (LH03-072)

- 17.80 (15.70 cut(i)) g Au/t over 5.10 m (LH03-068)

- 7.80 g Au/t over 1.6 m (LH03-062)

A program of exploration raising and sublevel exploration development is in progress to outline this high grade zone.

Notes: (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). Cutting factors at Lac Herbin may need to be increased to 68.57 gAu/T (2.0 oz.Au/t) to more closely represent gold content of veining based on results of bulk sampling and test milling programs in Q4-2007 (see Press Release: January 29, 2008).

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

Quality Control

The Lac Herbin underground program is supervised by Mr. Claude Gobeil, P.Eng, Olivier Grondin, P.Geo. and Patrick Sevigny, 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. Whole core sampling procedures are followed on infill drilling and delineation drilling. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. A strict QA/QC program is followed on samples taken from drill core. Analyses are performed by ALS Chemex of Val d'Or, Quebec.

The content of this press release has been reviewed by the respective Qualified Persons.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis owns the 1400 tonne per day Aurbel gold mill and is currently advancing the adjacent, wholly-owned Lac Herbin Gold deposit into production in 2008. Alexis also has the right to earn in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused on advancing this project to a commercial production decision in 2008. Alexis holds an outstanding portfolio of properties covering 1,005 sq. km. of the prospective Val d'Or and Rouyn-Noranda Mining Camps in Quebec and explores these properties for both gold and base metals. Approximately 786 sq. km. of the Rouyn-Noranda Mining Camp is explored in a 50-50 joint venture with Xstrata Copper. Alexis has budgeted $5.5 million for exploration in 2008. There are currently five underground drills active at Lac Herbin and two surface drills active in Val d'Or.

Forward looking information

This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing and costs of production and exploration, mineral prices, feasibility of projects, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. These forward looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

Full details of recent Delineation and Exploration Drilling are available with this press release at the Alexis Minerals Website:

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Bruce Barch
    VP Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    (514) 667-2304