Alexis Minerals Corporation

Alexis Minerals Corporation

March 22, 2007 07:30 ET

Alexis Deep Drilling Confirms Significant Depth Potential at Lac Herbin: 15.25 Grams Gold Per Tonne Over 7.2 M Intersected (0.44 Ounces Gold Per Ton Over 23.6 Feet)

TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce very encouraging results from recent deep drilling on the main Lac Herbin gold deposit. Nine (9) additional holes (3,300m) have confirmed the continuous extension of ore grade mineralization down to the 500-metre level. New intersections include 15.25 grams gold per tonne (g Au/t) over 7.2 m (0.44 oz. Au/ton over 23.6 feet) and 17.19 g Au/t over 2.7 m (0.50 oz. Au/ton over 8.9 feet). The drilling confirms excellent continuity between previously reported Measured and Indicated Resources on the main gold zone (S1 Zone, see Press Release: January 11, 2007) to the deepest intersection in the Deposit to date at the 500 m level (Hole AMAR-67: 8.8 g Au/t over 2.4 m). Mineralization at the 500-metre level has a minimum strike length of 250 metres and remains completely open to depth and to the East, Figure 1.

"Drilling has verified the excellent depth continuation to gold mineralization at the Lac Herbin deposit and significantly expands the Resource potential," said David Rigg, President and CEO of Alexis Minerals. "We appear to be tapping into just the upper part of a large and deep ore system that extends well below the deepest mineralization ever intersected or mined at the adjacent Ferderber and Dumont Mines. The potential for further expansion to depth of known mineralization, new discoveries and for resulting long-term growth in resources is excellent. We consider Lac Herbin to have the potential to be one of the larger deposits in the 15 million ounce Val d'Or Gold Mining District."

Recent drilling of the Lac Herbin Deposit includes the following intersections (Table 1, Figure 1):

- 15.25 (8.93 cut(i)) g Au/t over 7.2 m (LH02-133), including two separate
intervals grading:
- 79.8 (34.28 cut(i)) g Au/t over 1.0 m, and
- 26.0 g Au/t over 0.8 m
- 17.19 g Au/t over 2.7 m (LH02-131), including:
- 24.93 g Au/t over 1.8 m
- 9.60 (7.86 cut(i)) g Au/t over 2.2 m (LH02-132)
- including 34.28 g Au/t over 0.5 m
- 6.41 g Au/t over 4.9 m (LH02-134), including two separate intervals
- 12.65 g Au/t over 1.2 m, and
- 7.46 g Au/t over 1.6 m
(i) Cut Grades - See note in Table 1

Drilling tested the extension of the "S1W Zone" to depth, one of the principal Resource areas and structures within the Lac Herbin deposit. S1W plunges steeply to the Southwest and dips at 70 degrees to the south, Figure 1.

Additional drilling was also completed to test the adjacent S1E zone within the Lac Herbin Deposit (Table 1, Figure 1). The S1E plunges shallowly to the Southeast and dips at 70 degrees to the south, Figure 1. Additional definition on this zone returned:

-7.25 g Au/t over 3.9 m (LH01-167), including two separate intervals
- 12.4 g Au/t over 0.8 m, and
- 16.0 g Au/t over 1.1 m
- 8.96 (5.39 cut(i)) g Au/t over 3.0 m (LH01-161), including
- 16.59 (9.91 cut(i)) g Au/t over 1.6 m

The Lac Herbin deposit includes mineralization in at least six separate ore zones, centralized within a structural pattern of intersecting faults. All known mineralized structures currently remain open to expansion at depth, along strike and/or down plunge, with clear potential to substantially increase Resources as exploration advances. Each zone is structurally controlled. As structural understanding of the deposit improves, new targets and opportunities for discovery continue to be generated in, and adjacent to, the deposit. One such discovery was reported recently to the immediate south of the Lac Herbin Deposit and is the focus of on-going exploration (see 'New Discovery", Press Release: January 24, 2007).

Current Exploration

Underground drilling continues as mine planning and feasibility studies advance. Three underground drills are currently focused on:

- the "New Discovery" to the immediate south of Lac Herbin Deposit (see Press Release: January 24, 2007);

- delineation of resources in the 'S3 zone' above current mine access on the 200-m level; and,

- delineation of one of the potentially large-tonnage 'Flat Swarm' environments located above the 200-m level and adjacent to the 'S1W' Zone (see Press Release: June 20, 2006).

Phase IV exploration continues with drifting in ore on the 170-m level, Ramp development and development of the 250-m level. Ramp access to the 250-m level has been recently completed and the 250-m level is advancing in order to develop additional exploration drilling sites. The Ramp provides a central access to all zones within the Lac Herbin Deposit and is well located to provide future mining access for mine production.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., Qualified Person 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. 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 (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 100%-owned 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. Alexis has purchased the 1400 tonne per day Aurbel gold mil and holds a 100%-interest in the Aurbel property. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp in JV with Xstrata Copper Canada (formerly Falconbridge Ltd.). Three (3) underground drills and four (4) surface drills are currently active on the Val-d'Or and Rouyn-Noranda properties.

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"

Table 1 - Results from Underground Diamond Drilling:
S1 Zone, Lac Herbin Project, Val-d'Or, Quebec
Uncut Cut True
Hole Length Grades Grades (i) Width
Number From-To (m) (m) Zone (gAu/t) (gAu/t) (m)
LH01-161 53.6 - 56.6 3.0 S1E 8.96 5.39 2.5
including 53.6 - 55.2 1.6 16.59 9.91
LH01-162 51.0 - 53.0 2.0 S1E 0.81 2.0
LH01-163 39.0 - 40.9 1.9 S1E 1.13 1.5
LH01-164 35.7 - 38.6 2.9 S1E 0.49 2.0
LH01-167 41.8 - 45.7 3.9 S1E 7.25 3.0
including 41.8 - 42.6 0.8 12.4
44.6 - 45.7 1.1 16.0
LH02-131 138.9 - 141.6 2.7 S1W 17.19 2.3
including 138.9 - 140.7 1.8 24.93
LH01-132 160.5 - 162.7 2.2 S1W 9.60 7.86 1.8
Including 161.5 - 162.0 0.5 41.90 34.28
LH02-133 208.0 - 215.2 7.2 S1W 15.25 8.93 3.8
208.9 - 209.0 1.0 79.8 34.28
including 212.7 - 213.5 0.8 26.0
LH02-134 205.2 - 210.1 4.9 S1W 6.41 3.0
including 205.2 - 206.4 1.2 12.65
208.5 - 210.1 1.6 7.46

Footnotes: (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), a common industry practice. Historical practice at Dumont and Ferderber operations mining similar mineralization employed cutting factors of 68.56 gAu/t and 51.42 gAu/t, respectively, based on 15 years of production. Cutting factors at Lac Herbin will be established based on statistical results of the current program and bulk sampling. (LV equals Low Values QT equals Quartz Tourmaline VG equals Visible native Gold)

To view the accompanying map, click the link below:

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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