Alexis Minerals Corporation

Alexis Minerals Corporation

March 15, 2007 08:00 ET

Alexis Commences Drilling on the West Zone Zinc-Gold Target, Rouyn-Noranda, Quebec

TORONTO, ONTARIO--(CCNMatthews - March 15, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that diamond drilling of the West Zone gold-zinc target, 1.1 km west of the Horne Mine property (see Figure 1), has commenced. The program will focus on demonstrating the continuity to the previously identified mineralized zones, deemed by the Joint Venture team as hosting excellent potential for expansion (see Press Release: November 30, 2006). The zone is located approximately 1.1 km to the west of the historic Horne Mine (Historical Production: 54 million metric tonnes (t) at 2.2% copper (Cu), 5.83 grams gold per tonne (g Au/t), 19.2 grams silver per tonne (g Ag/t)) and 2 km west of the Quemont Mine (Historic Production: 13.9 million metric tonnes at 1.31 % Cu, 2.43 % Zn, 5.38 g Au/t, 30.86 g Ag/t). Drilling has been completed to explore for massive sulphide zones immediately to the west of the West Zone.

"The West Zone target has many of the features of the "Bousquet 1" mine environment on the LaRonde-Dumagami-Bousquet deposit trend in the nearby Cadillac Camp. Drilling on the West Zone may well prove a variation on the adage that many new discoveries are made "in the shadow of a mine", in this case we are working in the "Shadow of a Smelter"," stated David Rigg, President, Alexis Minerals. "We are very excited about the significant resource implications that the West Zone presents to the Joint Venture. We continue our aggressive program of surface drilling throughout the region."

West Zone Exploration History

The "West Zone 1-2" consists of a mineralized envelope (gold-zinc) averaging 5 to 18 metres thick which plunges steeply to the east and which has a strike length of approximately 150 to 300 metres at depths extending from 200 to 450 metres below surface. Gold grades typically range from 1.0 to 5.5 grams per ton. A zinc mineralized trend is recognized trending sub-parallel, and adjacent to, the gold zone. Where sampled, values of 1 to 3.6% Zn over widths of 7 to 15 metres have been identified in the Both zones lie within the stratigraphic felsic package which hosts the Horne Deposit, are associated with up to 20% disseminated sulphides and are associated with sericite/chlorite alteration. The area of intersection of the two zones to the west has never previously been drill tested and is being assessed for massive sulphide potential. Surface diamond drilling on the target commenced in January 2007 and is continuing.

Historical gold results identified in compilation include:

- 4.56 g/t Au over 14.63 m (Hole: RN-S-573)
- 4.27 g/t Au over 9.32 m (Hole: RN-9-26)
- 5.49 g/t Au over 20.63 m (Hole: RN-9-90)
- 3.37 g/t Au over 15.85 m (Hole: RN-9-73), and
- 9.6 g Au /t over 10.7 m (Hole: S-349).

The West Zone was initially discovered through drilling during the late 1930's, with the most recent drilling conducted in the late 1980's from surface and from the 9th mine level (270 metres vertical depth). Widely spaced drilling was also conducted from three deeper underground exploration drifts on the 21st, 33rd and 49th mine levels, respectively located at 730, 1200 and 1800 metres vertical depth. Compilation and modelling of the historic data identifies two converging gold-zinc trends. The area at the convergence of these two zones to the west is open above the 21st level (-730 metres) and plunges parallel to the trend of the Horne Deposit.

Several drill holes drilled during the late 1980's have been recovered and have been systematically resampled for Cu, Zn, Ag and Au. The results will be used for future project planning purposes.

Current Drilling Program

A program of five drillholes for 4000 m has been developed to test the West Zone between the 135 m and 560 m vertical depth levels. The proposed program will take approximately 1 month to complete and is focused on the potential for a new base metal/gold deposit.

Quality Control

Diamond drilling in the West Zone area is supervised by Senior Geologist Mario Masson, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from NQ 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, blank and field duplicate for each batch of samples. Significant assay results are duplicated at the original laboratory and a second independent laboratory. Assays were performed by ALS Chemex - Chimitec of Val-d'Or (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 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 purchased 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 Xstrata Copper Canada (formerly Falconbridge Ltd.). Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property.

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"

Please note: To view "Figure 1 - West Zone Target Location Map," please click on the following link:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • Alexis Minerals Corporation
    David M. Rigg
    President and CEO
    (416) 861-5888
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 605-0576