Alexis Minerals Corporation

Alexis Minerals Corporation

June 10, 2008 08:30 ET

Alexis Drilling Approaches Deep Target Near Louvicourt Mine and Tests Wolverine Extension, Val d'Or, Quebec

TORONTO, ONTARIO--(Marketwire - June 10, 2008) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to confirm that surface exploration drilling is currently active in Val d'Or, Quebec with two machines. Drilling is currently testing the "Deep West" target, a Volcanogenic Massive Sulphide (VMS) target approximately 1,500 metres west of the past-producing Louvicourt Mine. Drilling is also evaluating the near surface potential of the Wolverine deposit, 4 km further to the west and along the Louvicourt - Manitou Barvue Mine trend. Alexis vested into a 100% interest in these properties in April 2008 (see Press Release: April 1, 2008).

Deep drilling is advancing on an 1800 metres long hole, approximately 1500 metres west of the past-producing Louvicourt Mine. The hole has recently passed 1,000 metres and has entered into an area of strong footwall chlorite alteration and stringer copper mineralization indicative of the footwall environment of a potential Volcanogenic Massive Sulphide (VMS) deposit. The current hole should encounter previously untested and prospective mine stratigraphy, in an area of unexplained off-hole geophysical anomalies, in the coming weeks.

Shallow drilling is also evaluating the open strike potential for Zinc-Silver-Lead mineralization on the extension to the Wolverine Deposit identified in prior drilling during 2008 (see press release: April 9, 2008). The first of six holes to be drilled has been completed and has intersected a mineralized felsic porphyritic dyke over a 38 metres core length at the targeted depth. A section of the dyke is strongly silicified and mineralized with 10-15% Pyrite, up to 3% Sphalerite and up to 1% Chalcopyrite over a length of 11m. Assays are pending.

Louvicourt Mine Area Exploration

Alexis Minerals has been engaged in a program of exploration to the west and southwest of the Louvicourt mine (Past Production: Table 1) since the original Alexis option agreement covering the area was made in 2004. A number of deep holes have been completed on a variety of targets generated through 3D modeling of the geology and historical exploration results in the area. The apparent close geographic proximity of the 15.47 million tonne (Mt) Dumagami-Bousquet II deposit with the 58.8 Mt LaRonde Penna deposit in Cadillac, Quebec; and similar spacing of the 13.9 Mt Quemont Deposit with the 53.9 Mt Horne Deposit in Rouyn-Noranda, Quebec are thought to represent fundamental aspects of paired deposits in the VMS model for the Abitibi District. The apparent 1 - 2 km spacing of these deposits supports the focus on alteration, stratigraphy and mineral potential adjacent to the Louvicourt Mine. Louvicourt may represent the smaller deposit of a paired deposit system. Alexis is currently drilling hole 17314-10 on the "Deep West target" to the west of the Louvicourt Mine and has recently completed one hole (17318-18A) on the "Deep Louvem target".

Table 1: Selected Mines in the Abitibi District and their historical
Production, Reserves and Resources.

Rouyn-Noranda Group
Horne Deposit Quemont Deposit
Past Production: Past Production:
53.9 Million tonnes 13.9 Million tonnes
@ 2.2% Cu, 5.83 g/t Au, @ 1.31% Cu, 2.43% Zn,
19.20 g/t Ag 5.38 g/t Au, 30.86 g/t Ag

Cadillac Group
LaRonde Penna Deposit Dumagami-Bousquet II Deposit
Past Production 2000-2005, Past Production 1988-2002:
Reserves and Resources 15.47 Million tonnes
58.76 Million tonnes @ 0.52% Cu, 0.35% Zn,
@ 0.33 % Cu, 2.17% Zn, 7.25 g/t Au, 11.7 g/t Ag
4.31 g/t Au and 45 g/t Ag

Val d'Or Louvicourt Deposit
Unknown Past Production 1988-2002:
15.65 Million tonnes
Alexis Exploration Objective @ 3.42% Cu, 1.59% Zn,
0.92 g/t Au,25.8 g/t Ag
Source of Data: 1 DV 85-08; 2 DV 85-08; 3 Compiled from Annual Reports &
Econ. Geol. 2007, Vol 102, No. 4, p. 586; 4 DV 98-01.

Deep West Target

Hole 17314-10 was started recently to test the Deep West Target at a vertical depth of 1500m, located approximately 1500 metres west of the past-producing Louvicourt Mine. Historical exploration was directed into this area from the Louvicourt Mine workings by Aur Resources with an almost vertical fan of four deep drill holes. All holes intersected wide zones of favourable footwall alteration and associated stringer zinc and copper mineralization over a vertical height of several hundred metres. Three of the holes detected strong off-hole geophysical anomalies which currently remain unexplained. Alexis's recent interpretation suggests that the underground holes are located in the footwall, to the north of the anomalies, and the holes run parallel to stratigraphy. The current hole is being drilled at right angles to the previous drilling and should encounter the mine stratigraphy in the area of the off-hole anomalies. The target stratigraphy is considered to be very prospective and will be tested in the coming weeks.

Deep drilling is advancing on the estimated 1800 metres long hole. Collared 150m NE of the Louvem 4 deposit, the hole has to date intersected mineralization beneath the Louvem 4 deposit over a core length of 150m (50m true width). The core is strongly altered with sericite and is mineralized with pyrite. The first 3.0 m of this interval shows strong mineralization with stringers of sphalerite (Zn), pyrite and minor chalcopyrite (Cu). Assays are pending.

Deep Louvem Target:

Hole 17318-18A was recently completed to test for potential mineralization at the intersection of the alteration and stringer zone system which hosts the Louvem-4 deposit with the Louvicourt Mine horizon. The target was located approximately 1.8 km west of the Louvicourt Mine, 600 m northwest of the current Deep West target and 1.0 km west of the deep "P6" target tested in 2007 (hole 17315-10C).

Hole 17318-18A was collared north of the Ezekiel zone and drilled to a depth of 2,443 metres. The hole tested the Ezekiel zone at a depth of 500m intersecting 0.55% Cu over 22.3m core length (10m true width), including 2.92% Cu over 1.40m and 3.30% Cu over 0.60m. Deeper in the hole a synvolcanic fault known to be associated with the Louvicourt Mine (the Mine Fault) was intersected returning 0.81% Cu over 3.5m, including 1.85% Cu over 1.00m. The hole was stopped at 2443 m still within footwall geology and without cutting either the Louvicourt horizon or the footwall/hanging wall contact. At depth in this area the stratigraphy appears to be displaced by folds and/or faults. A borehole PEM survey is under interpretation from the hole.

Wolverine Zone

A second drill rig was mobilized to Val d'Or on May 21st and is currently advancing follow up drilling on the extensions to the Wolverine zone. Drilling earlier in 2008 returned encouraging results in the central area of the zone which remains open in all directions. Surface geophysics suggests a potential strike-length to the zone of over 350-metres (see Press Release: April 9th, 2008). Six holes, totaling 1500m, will be drilled. Five holes will test the strike extension on both the east and west sides of the zone and one hole (17420-09) will evaluate the zone to the west at a vertical depth of 200m. Assays are pending.

Upon completion of these programs drilling will progress to test four new targets on the Dunraine property prior to advancing additional surface programs on gold and base metal exploration programs within Alexis' 212 Val d'Or property package. Surface drilling is also continuing in Rouyn-Noranda with one machine, in joint venture with Xstrata Copper, testing five VMS targets developed from deep Titan24 geophysics on the Pinkos property.

Quality Control

The base metal programs are supervised by Mr. Jean Girard, Eng. and Denys Vermettte, P.Geol Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from NQ or BQ 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 on samples from drill core which includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by ALS Chemex of Val d'Or, Quebec.

The content of this press release has been reviewed by the respective Qualified Persons.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis owns the 1400 tonnes per day Aurbel gold mill and is currently advancing the adjacent, wholly-owned Lac Herbin Gold deposit into production in 2008. Alexis also has the right to earn in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused on advancing this project to a commercial production decision in 2009. Alexis holds an outstanding portfolio of properties covering 1,005 sq. km. of the prospective Val d'Or and Rouyn-Noranda Mining Camps in Quebec and explores these properties for both gold and base metals. Approximately 786 sq. km. of the Rouyn-Noranda Mining Camp is explored in a 50-50 joint venture with Xstrata Copper. There are currently five underground drills active at Lac Herbin, two surface drills active in Val d'Or and one surface drill active in Rouyn-Noranda.

Forward looking information.

This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing and costs of production and exploration, mineral prices, feasibility of projects, 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. These forward looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Bruce Barch
    VP Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    (514) 667-2304