Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

July 13, 2011 07:00 ET

Alexis Continues to Define the Bonanza Zone at Lac Herbin Intersecting Up to 18.39 g/t Au Over 1.5 Metres

TORONTO, ONTARIO--(Marketwire - July 13, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce results from recent drilling at the Bonanza zone of its Lac Herbin mine, 10 km northeast of Val-d'Or, Quebec. Exploration work launched in the fourth quarter of 2010 has focused on three potential zones near the mine infrastructure - the Bonanza, FL and Apex zones.

The recent drilling has been focused on in-fill drilling of the inferred resource envelop as well as expanding the zone in the open directions (Figure 1). Highlights from the drill results include:

  • 12.24 g/t Au over 2.6 metres from hole LH01-367
  • 18.39 g/t Au over 1.5 metres from hole LH01-369
  • 14.19 g/t Au over 1.9 metres from hole AMAR-156

Francois Perron, the President and CEO of Alexis, comments: "We are pleased with the progress that is being achieved at Lac Herbin. Work on the Bonanza zone's inferred resource is revealing its potential as results confirm structure and grade in-line with other zones of the Lac Herbin mine. We are therefore proceeding with development in this new area which was not a part of our original mine plan at the beginning of the year. This development will give an access to the east side from which at least one other exploration target will be tested. We began the year with significant challenges facing our resource base. Opening new zones such as Bonanza is part of the process of re-establishing the resource base for future mine operations. Our current mine exploration program continues on other nearby zones such as the Apex and FL zones."

The following table summarizes the Company's recent drill results at the Bonanza Zone:

Hole
Number
From
(m)
To
(m)
Core
Length*
(m)
AU
g/t
Zone
LH01-366 340.90 342.40 1.50 0.08 Bonanza
LH01-367 341.30 343.90 2.60 12.24 Bonanza
LH01-369 339.60 341.10 1.50 18.39 Bonanza
LH01-368 340.20 341.70 1.50 0.11 Bonanza
LH01-370 354.70 356.30 1.60 0.06 Bonanza
AMAR-156 221.60 223.50 1.90 14.19 Bonanza
AMAR-157 245.10 247.30 2.20 0.97 Bonanza
AMAR-158 222.70 224.70 2.00 1.35 Bonanza
AMAR-159 177.90 180.00 2.10 0.01 Bonanza
AMAR-160 223.70 225.60 1.90 1.03 Bonanza
AMAR-161 264.90 267.10 2.20 2.41 Bonanza
AMAR-162 281.00 283.10 2.10 0.02 Bonanza
AMAR-163-B 235.30 238.00 2.70 3.92 Bonanza
AMAR-164 284.00 286.40 2.40 0.01 Bonanza
AMAR-166 261.70 263.70 2.00 0.31 Bonanza
AMAR-167 343.90 345.60 1.70 1.59 Bonanza
AMAR-168 336.10 338.00 1.90 0.69 Bonanza
AMAR-169 270.60 272.80 2.20 0.07 Bonanza
AMAR-170 294.80 297.60 2.80 0.21 Bonanza
* The Bonanza zone has a dip of 70 degrees south. The drill holes have intersected the Bonanza zone at an angle varying between 60 degrees and 70 degrees. Therefore, the true width of the ore zone averages 79% of the core length.

Qualified Persons and Quality Control

The technical and scientific content of this press release has been reviewed by Audrey Lapointe, P. Geo, Production Geologist, Lac Herbin mine, Alexis Minerals and Qualified Person as defined under NI 43-101 guidelines. The results were supervised by Claude Savard, P.Geo., Alexis Minerals Corporation. Diamond drill core is logged and sampled by company personnel at the Lac Herbin mine. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample retained and archived. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by Techni-Lab of Ste-Germaine Boulé, Québec an ISO/IEC 17043 accredited assay facility. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian publicly traded mining company concentrating on exploration and mine development. The Company is listed on the Toronto Stock Exchange ("TSX") under the symbol "AMC", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMF". The Company's focus is to grow through exploration, development and acquisition of mineral properties and directly and indirectly, through joint ventures. Alexis is now in its third full year as a junior gold-producing company. The Company holds a dominant property position (over 1,050 km2) in three of Canada's richest mining camps: Val-d'Or and Rouyn-Noranda, in the Abitibi District of Québec, Canada, historically the 3rd richest gold producing region in the world; and Snow Lake, Manitoba, Canada. Alexis undertakes exploration across these properties searching for new world class discoveries, while maintaining a focus on growing Alexis to become a mid-tier gold producer.

Forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the results of the drilling on the Company and its understanding of the property, the timing and amount of future exploration and development of the property, and the future financial or operating performance of Alexis and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/amc0713bonanza.pdf.

Contact Information

  • Alexis Minerals Corporation
    Francois Perron
    President and CEO
    (416) 309-2952

    Alexis Minerals Corporation
    Louis Baribeau
    Public Relations
    (514) 667-2304

    Alexis Minerals Corporation
    Rob Hopkins
    Investor Relations
    (416) 861-5899 or Toll free: 877-717-3027
    info@alexisminerals.com
    www.alexisminerals.com