Alexis Minerals Corporation

Alexis Minerals Corporation

August 18, 2006 08:30 ET

Alexis Commences Bulk Sampling of Lac Herbin Gold Zones

TORONTO, ONTARIO--(CCNMatthews - Aug. 18, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that Phase III of the Lac Herbin underground development and bulk sampling program has commenced. Ongoing exploration results have provided encouragement towards expanding the gold Resources on the property. Lateral development and bulk sampling along the S1W and HW zones to date has demonstrated excellent strike continuity to mineralization. Excellent chip and muck sampling grades have been returned and drifting is continuing along the zones. 3,500 tonnes of mineralization of a bulk sample of up to 20,000 tonne has been extracted and is stockpiled at surface. The project area is located 10 km northeast of Val-d'Or and 1.8 km from the 1400 TPD Aurbel Gold Mill.

"Our underground work is confirming excellent lateral continuity of mineralized shear-vein systems at Lac Herbin and is providing a very good confidence level in the viability of the Lac Herbin project," said David Rigg, President and CEO of Alexis Minerals. "The program has to-date focused on five zones of gold mineralization intersected in our earlier surface drilling programs. Three zones have been delineated and are currently in resource calculation. Delineation of the S1E and S3 zones is advancing. The project will now proceed to the final phase of work to confirm ore grades and move us through feasibility towards a production decision."

To date, exploration results from the Lac Herbin (LH) zone are helping to firm up and expand the resources of the Lac Herbin deposit. Delineation drilling of Phase I and II has been completed on the LH, HW and S1E zones and a new Inferred Resource on these zones is nearing completion. Delineation drilling on the S1W and S3 zones is continuing. More than 500 metres of lateral and vertical development in ore will be completed during Phase III. Work is in progress and advancing well. Currently, 3,500 tonnes of mineralization has been extracted by drifting in the HW and S1W zones and work is confirming better than expected grades and very good strike continuity to mineralization. A total of about 20,000 t of mineralization will be mined. Alexis has an agreement with Richmont Mines Inc. (TSX:RIC) to process and custom mill this material at their nearby Camflo Gold Mill during October, 2006. Results from custom milling are expected to confirm ore grades, cutting factors, metallurgical characteristics and mill recoveries for inclusion in feasibility studies later in the year.

A total of 5,000 tonnes of development muck is also currently stockpiled on surface from development during Phase I and II. This earlier development unexpectedly crossed structures bearing ore-grade vein material and resulted in the additional discovery of the Bonanza, North Dipper and Flat Swarm vein environments, styles of mineralization not recognized in previous surface drilling.

HW Zone:

Delineation drilling has defined the HW Zone over a strike length of more than 160m and up to 200m down plunge. Recent deeper exploration drilling has indicated possible down plunge extensions to the zone of 100 m below the level of delineation drilling (Press release: August 16th, 2006). The zone remains open at depth and to the East. Phase III drifting on the 17 Level (165 m below surface) to-date has encountered strong, continuous mineralization over a 70-m strike length with ore widths between 1.5 to 3.5 metres. Raising and sub-level drifting is expected to commence shortly. The HW zone is one of the two most significant zones of mineralization at Lac Herbin.

S1W Zone:

Delineation drilling has defined the S1W Zone over a strike length of more than 100m and up to 150m down plunge with drilling substantially expanding the known resource (see Press Release: August 16th 2006). Phase III drifting of the zone on the 20 Level (200 m below surface) confirms good continuity to the vein and mineralization over 90 m with the zone remaining open in all directions. Ore widths vary between 1.5 and 4.5 metres. Raising and sub-level drifting is expected to commence shortly. Delineation drilling of the zone will also continue during the Phase III program. The S1W zone, to date, is one of the two most significant zones of mineralization at Lac Herbin.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., and Phase III development is supervised by Claude Perreault, 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. Muck samples are of blasted 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 (Québec).

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 entered into a purchase agreement on 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.).

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)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304