Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

October 20, 2006 08:30 ET

Alexis Drilling Hits at Depth-Confirms Lac Herbin Open to Depth and to the West

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce initial results from barge-based surface diamond drilling on the Lac Herbin gold project located 10 km northeast of Val-d'Or and 1.8 km from the wholly-owned 1400 TPD Aurbel Gold Mill. Two vein intersections associated with typical shear-hosted veins and strong shearing and structure have returned:

S1 West Zone (Hole: AMAR-67)

- 8.8 g Au/t over 2.4 m (from 488.3 - 490.7 m) (0.26 ounces per ton over 7.9 feet)

-- including 17.67 g Au/t over 1.1 m (from 489.6 - 490.7 m), and,

- 108.9 (34.28 cut(i)) g Au/t over 0.4 m (from 561.5 - 561.9 m) (3.18 ounces gold per ton over 1.3 feet)

The intersections are 100 m deeper and 50 m further west, than any previous drilling on the S1W gold zone, and the intersections are at least 400 metres below surface. The deepest previous hole (Hole AMAR-45, see Press Release: October 28, 2004) intersected 18.85 g Au/t over 1.7 m in the S1W zone. In combination with other recent underground drilling which intersected 167.0 grams gold per tonne over 2.6 metres (4.9 ounces gold per ton over 8.5 feet) in the West E Zone at the western-most limit of the zone ( see Press Release: September 28, 2006), these results suggest excellent potential for expansion of resources to depth and to the west.

"Hole AMAR-67 is the deepest drilling ever completed on the Lac Herbin deposit. It has confirmed the presence of gold mineralization to below 400 metres from surface and below the deepest mineralization intersected and closed to mined depth at the adjacent, previously operated deposit at Ferderber and Dumont.," said David Rigg, President and CEO of Alexis Minerals. "The intensity of shearing and presence of auriferous mineralization well down-dip from the previously defined limits to the S1 Zone, is extremely encouraging."

Four of five holes have been completed to date, two at depth beneath the S1W zone and three to the west of the current S1W - West E Resource area. The drilling is testing target areas which are inaccessible from current underground drill stations. Drilling is continuing and results will be reported upon receipt from the assay lab.

Interpretation and modelling of all results from the underground program to date support a total of eleven (11) untested exploration targets in the area of the Lac Herbin deposit. These targets will be pursued through the ongoing surface drilling program and in a program of underground drilling which will commence in October upon completion of the ongoing bulk sampling Phase III underground program.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., and Claude Perreault, P.Eng., Qualified Persons 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 Plc (formerly Falconbridge Ltd.).

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"

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

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    or
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304
    Email: info@alexisminerals.com
    Website: www.alexisminerals.com