Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

June 15, 2010 08:30 ET

Alexis Discovers Two New High-Grade Gold Zones at Snow Lake Mine, Manitoba-Including 63.59 g.Au/t Over 1.92 Metres

TORONTO, ONTARIO--(Marketwire - June 15, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(PINK SHEETS:AXSMF)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to report the discovery of two new high-grade gold zones at its Snow Lake Mine in Manitoba. The new zones contain mineralization which is similar in character to that of the Main and the No.3 Zones however is of significantly higher grade. Compilation of these areas of the deposits is ongoing and initial observations are that many historic drill holes have not extended far enough to have tested them. The Snow Lake Mine has produced over 1.44 million ounces of gold from the Main and No.3 Zones. 

Surface drilling recently targeted both the Main Zone and No. 3 Zone in a program of delineation drilling in support of an ongoing Snow Lake Feasibility Study. Results from the program are presented in Tables 1 and 2. Highlights from the program include:

  • Discovery of the Footwall (FW) Zone, 40 metres south of the Main Zone, Table 1:
    • 25.05 g.Au/t over 2.19 metres in hole HB 10-55; including 34.79 g.Au/t over 1.52 metres;
    • 11.92 g.Au/t over 8.15 metres in hole HB 10-59; including 23.67 g.Au/t over 3.65 metres; or, 45.32 g.Au/t over 1.64 metres; and
    • 41.04 g.Au/t over 0.88 metres, also in hole HB 10-59.
  • Discovery of the Hangingwall (HW) Zone, 450 metres North of the No. 3 Zone, Table 2:
    • 5.28 g.Au/t over 1.73 metres in hole ZN03-10-65;
    • 4.89 g.Au/t over 2.77 metres in hole ZN03-10-66;
    • 63.59 g.Au/t over 1.92 metres in hole ZN03-10-71.

Assays are pending from eleven additional holes.

Compilation has further confirmed strong potential for a new eastern extension to the Main Zone reported earlier in 2010 [News Release, Feb. 17, 2010]. Although assay results from three unreported holes from the Feb 17, 2010 news release were low, there is growing evidence for additional ore potential in this area. An additional 800-m drill program is planned to test extensions of this mineralization in July.

Surface drilling on Inferred Resource areas of both the Main Zone and No.3 Zone has provided increased confidence in the resource areas and is expected to allow for additional Indicated Resources to be included in the ongoing Snow Lake feasibility work. Mineralization is consistent with the known deposits in the area. Highlights of the recent delineation drilling include:

  • Main Zone Delineation Drilling, Table 1:
    • 4.75 g.Au/t over 8.21 metres in hole HB 10-56;
    • 4.62 g.Au/t over 2.95 metres in hole HB 10-58.
    • Assays are pending from nine holes, HB 10-60 to -68.
  • No. 3 Zone Delineation Drilling, Table 2:
    • 2.24 g.Au/t over 5.32 metres in hole ZN03-10-64, including 22.63 g.Au/t over 0.30 metres;
    • 4.76 g.Au/t over 5.72 metres in hole ZN03-10-65;
    • 7.35 g.Au/t over 4.50 metres in hole ZN03-10-66;
    • 8.96 g.Au/t over 2.31 metres in hole ZN03-10-71.
    • Assays are pending from two holes, ZN03-10-70 and -74.

The Snow Lake property operated from 1949 to 1958 and again from 1995 to 2005. The mine has produced approximately 1.44 million ounces of gold from 12.1 million tonnes of ore grading approximately 4.23 g.Au/t. Infrastructure at the Mine includes a fully-permitted 2,150 tonne per day modern mill and tailings facility; with associated plant, mine and equipment. Since the successful acquisition of the property in 2010, Alexis has completed 17,597 metres of a proposed 2010-program of 45,000-48,000 m. of surface drilling.

A preliminary Assessment of the economic potential of current Resources was completed and reported by Alexis in March 2010 [News Release: March 8, 2010]. Alexis is targeting 150,000 oz. of annual gold production by latter 2011, which is anticipated to elevate the company to a mid-tier status gold-producing company.

Quality Control

The technical and scientific content of this press release has been reviewed by Craig Taylor P. Geo., Regional Exploration Manager, Manitoba Division, Alexis Minerals and Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company geologists and geotechnicians at the Snow Lake Mine. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample returned to the core box with a corresponding sample tag and archived in a secure facility for further reference. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicates for each batch of samples. Samples are shipped by secure truck to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan, an ISO/IEC 17025 accredited assay facility established in 1981. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.

Additional information can be found in an extended version of this news release on the Company's website at www.alexisminerals.com.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX:AXSMF). The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). For more information about Alexis Minerals visit www.alexisminerals.com.

Table 1: Definition Drilling on the Main Zone, Snow Lake Mine - Significant Intersections

Hole From To Core Au Core Au Comments
Number (feet) (feet) Length oz/ton Length g/tonne  
      (1)(feet)   (1)(m)    
HB10-55 1286.00 1293.20 7.2 0.731 2.19 25.05 FW mineralization
including 1286.00 1291.00 5.0 1.015 1.52 34.79 FW mineralization
HB10-56 1058.00 1085.00 27.0 0.139 8.21 4.75 Main Zone
including 1074.40 1085.00 10.6 0.223 3.22 7.63 Main Zone
HB10-58 1069.40 1079.10 9.7 0.135 2.95 4.62 Main Zone
HB10-59 1163.30 1181.00 17.7 0.058 5.38 1.98 Main Zone
and 1278.90 1305.70 26.8 0.348 8.15 11.92 FW mineralization
including 1284.40 1296.40 12.0 0.690 3.65 23.67 FW mineralization
including 1285.90 1291.30 5.4 1.322 1.64 45.32 FW mineralization
and 1341.90 1344.80 2.9 1.197 0.88 41.04 FW mineralization
HB10-60 to HB10-68: Assays pending

(1) True widths are greater than 90% of core length

Table 2: Definition Drilling on the No. 3 Zone - Significant Intersections

Hole From To Core Au Core Au Comments
Number (feet) (feet) Length oz/ton Length g/tonne  
      (1)(feet)   (m) (1)  
ZN03-10-64 1871.80 1889.30 17.5 0.065 5.32 2.24 No. 3 Zone
including 1888.30 1889.30 1.0 0.660 0.30 22.63 No. 3 Zone
ZN03-10-65 949.50 955.20 5.7 0.154 1.73 5.28 HW mineralization
and 1794.80 1813.60 18.8 0.139 5.72 4.76 No. 3 Zone
including 1800.30 1813.30 13.0 0.176 3.95 6.04 No. 3 Zone
including 1800.30 1808.20 7.9 0.213 2.40 7.31 No. 3 Zone
ZN03-10-66 1225.20 1234.30 9.1 0.143 2.77 4.89 HW mineralization
including 1226.30 1232.70 6.4 0.185 1.95 6.33 HW mineralization
and 1731.20 1746.00 14.8 0.214 4.50 7.35 No. 3 Zone
ZN03-10-67 1775.90 1782.90 7.0 0.066 2.13 2.27 No. 3 Zone
ZN03-10-68 1608.10 1613.30 5.2 0.099 1.58 3.38 No. 3 Zone
ZN03-10-71 114.50 120.80 6.3 1.855 1.92 63.59 HW mineralization
including 114.50 115.10 0.6 19.333 0.18 662.85 HW mineralization
and 1764.00 1771.6 7.6 0.261 2.31 8.96 No. 3 Zone
ZN03-10 70 and ZN03-10-74: Assays pending

(1) True widths are greater than 90% of core length

Forward looking information.

This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, 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. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

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