Alexis Minerals Corporation

Alexis Minerals Corporation

June 27, 2008 08:30 ET

Alexis Closes in on Deep Target Near Louvicourt Mine and Initiates Drilling on Dunraine Property, Val d'Or, Quebec

TORONTO, ONTARIO--(Marketwire - June 27, 2008) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to confirm that exploration drilling is continuing in Val d'Or, Quebec. One hole on the Deep West Target is approaching 1460 metres, on a proposed 1800 metre hole. The hole is in the immediate footwall to an area of alteration and stringer mineralization identified in four previously completed holes drilled from the Louvicourt Mine. The Deep West Target is a Volcanogenic Massive Sulphide (VMS) target approximately 1,500 metres west of the past-producing Louvicourt Mine (see Press Release: June 10th, 2008). Drilling to test the near surface extension of the Wolverine zone has recently been completed and logging is advancing. Assays will be reported when available. Drilling has now advanced onto the Dunraine property where four new targets will be tested along an established trend of base metal showings through this property. Alexis vested into a 100% interest in these properties in April 2008 (see Press Release: April 1, 2008).

Very recent re-interpretation of the geology of Val d'Or suggests the presence of a major Z-shaped fold in the Val d'Or Formation in the central camp. The fold appears to offset the stratigraphy hosting the mine trends of both the Manitou-Barvue and the Louvem-Louvicourt deposits, to the Southwest and south, onto and across the Dunraine property. Four immediate targets have been recognized on the Dunraine property and will be tested within the Dunraine Anticline, near the southern border of the Alexis property package.

Deep West Zone Drilling Program:

Deep drilling has advanced to 1450 metres on the proposed 1800 metre long hole to test the Deep West Target located approximately 1500 metres west of the past-producing Louvicourt Mine (Past Production: 15.65 Million tonnes (Mt) @ 3.42% Copper (Cu), 1.59% Zinc (Zn), 25.8 grams per tonne silver (gpt Ag) and 0.92 gpt gold (Au). To date the hole has passed under the Louvem 4 Zone and intersected its extension from 325.8 to 476.6 metres (m). Assays have returned:

- 0.99% Zinc over 29.8 metres (325.8 to 355.6m), including

-- 6.03% Zinc over 3.4 metres (325.8 to 329.2m)

The hole also has encountered strong chlorite alteration and stringer pyrite-chalcopyrite mineralization from 750 to 955.0 metres (assays unavailable) and remains on target. The hole is currently approximately 50 metres below alteration and stringer mineralization identified in earlier underground drilling and is expected to encounter previously untested and prospective mine stratigraphy, in an area of unexplained off-hole geophysical anomalies, in the coming weeks.

Dunraine Property Exploration Targets:

Recent re-interpretation of the geology of the Val d'Or camp supports the presence of a major Z-shaped fold in the Val d'Or Formation. If this is correct, the easterly trending package of mine stratigraphy, which hosts the Manitou-Barvue mine trend and the Louvem-Louvicourt mine trend, would be displaced to trend southwest from immediately east of the Louvicourt mine to the south side of the Dunraine property; where it would pass around the Dunraine Antiform, to once again trend to the east. The established trend of base-metal showings across and through the Dunraine property appears to fall along this revised trend. Four immediate targets have been generated on the Dunraine property. These targets bring together a combination of geophysical, geochemical and stratigraphic/structural associations that are considered to make them highly prospective for the discovery of VMS deposits.

Target "A" represents the depth extension of Dunraine Zone 4 (Past Production: 300,000T @ 1.13% Cu) located on the south flank of the Dunraine Anticline. Historical drilling on Zone 4 has been focused between surface and the 275 m elevation. Historical intersections cover a range of copper values including 0.86% over 17.4 m, 1.67% over 13.7m, 2.51% over 13.7 m, 8.00% over 2.6m and 17.02% over 1.3m. The zone remains open to depth. Only one deep hole, DUN-90-14, has been drilled near this target, intersecting a strong chloritized zone at a vertical depth of 900m. The proposed hole will test Zone 4 environment approximately 300m above DUN-90-14 and below the near-surface drilling. The spacing of these holes will maximize the application of down-hole geophysical (PEM) surveys which can identify conductors within 200 m of the hole. The target is located on an interpreted synvolcanic fault oriented N300 degrees, similar to other synvolcanic fault orientations associated with deposits in Val d'Or, and is located within favourable stratigraphy. The hole will also test two Titan24 Magneto-Telluric (MT) anomalies which are believed to be associated with the chloritized horizon found in hole DUN-90-14.

Target "B" lies in a gap of 450 m between two contra-indicatory PEM anomalies in holes DUN-93-25 (off-hole) and DUN-93-22 (edge). These anomalies suggest the strongest conductor lies between the previous holes. The target is located at the intersection of two interpreted conjugate synvolcanic faults which are also marked by chlorite alteration and ductile deformation. The target lies on the hinge of the Dunraine anticline, 950m down the shallow westward plunge from the 'Dunraine 2W' copper occurrence (Pre-43 101, Historical Estimated Resources calculated by Rainville Mines Ltd. (1958): 0.5 Mt @1.13% Cu).

Target "C" is at a vertical depth of 1,000 m between two good but partial off-hole PEM anomalies in holes DUN-93-28 and -30, drilled in 1993. The anomalies are interpreted (P. Boileau, Consulting Geophysicist) as the response to a "large dimension" conductor. The target is located on the south flank of the Dunraine anticline, along a favourable calc-alkaline/tholeitic contact marked by known massive to semi-massive sulphide (Pyrite/Pyrrhotite/Sphalerite) horizons, and in an area where the contact shows strong carbonate alteration; all potentially important indicators of the VMS environment.

Target "D" will be tested by an extension of hole 17317-03A. The target is located 200m above and 200m west of hole DUN-93-18. Hole DUN-93-18 intersected a zone of pyrite and chalcopyrite stringers grading 1.69% Cu over 5.8 m (including: 6.69% Cu and 0.67g/t Au over 1.30m) associated with chlorite alteration at a depth of 850m. No other hole has been drilled within 500m of DUN-93-18. A PEM in-hole anomaly associated with the sulphide mineralization indicates that the centre of mineralization is located 100m west of hole DUN-93-18. An interpreted synvolcanic fault oriented N300 degrees is also interpreted to be present in the target area and believed to control mineralization.

Wolverine Zone Drilling Program:

Drilling on six holes for 1500 m has recently been completed on extensions to the Wolverine Zone. Assays are pending. Five holes tested the shallow strike extension on both the east and west sides of the zone and one hole (17420-09) tested the zone to the west at a vertical depth of 200m.

Quality Control

The base metal programs are supervised by Mr. Jean Girard, Eng. and Denys Vermettte, P.Geol, Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from NQ or BQ 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 on samples from drill core which includes mineralized standards, blank and field duplicate for each batch of samples. 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 tonnes 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 2009. 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. There are currently five underground drills active at Lac Herbin, two surface drills active in Val d'Or and one surface drill active in Rouyn-Noranda.

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.

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
    Relationniste, Quebec
    (514) 667-2304