Alexis Minerals Corporation

Alexis Minerals Corporation

March 05, 2007 08:00 ET

Alexis Drilling With Two Machines at Bonnefond Gold Property, Val D'or, Quebec

TORONTO, ONTARIO--(CCNMatthews - March 5, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that diamond drilling on the Bonnefond gold project, east of Val d'Or, is proceeding well with two drill machines active. The program of drilling is focusing on gold exploration on the Bonnefond property, located immediately east of the Louvicourt Mine concession and within easy trucking distance to the Aurbel gold mill. The programs will include approximately 5,500 metres of drilling in 14 holes. Results will be announced on a timely basis.

"The Bonnefond project represents an excellent target of opportunity for the discovery of new world-class gold deposits in the Val d'Or mining camp," said David M. Rigg, President & CEO, Alexis Minerals Corporation. "The project is along strike of rocks known to contain significant gold resources and meet with our criteria of focused exploration on high quality geological targets."

The Bonnefond Gold Project

The Bonnefond Property is located west, and contiguous to, the Louvem Mines Inc. "Monique Gold" property. Gold targets on the property fall within a structure known as the Monique Trend, a 15-20 km long, East-West, deformation corridor interpreted to cross the central part of the Bonnefond property. Gold showings are common along this structure, two of which are reported to hold significant historical resources (pre-NI43-101, reported by Jean-Pierre Huertas, P.Geo for Monique Mines Inc., April 1990). including the Brosnor Deposit (680,000 tonne at 4.11 g/t Au) and the Monique Deposit (1,078,000 tonnes at 5.75 g/t Au). Gold mineralization is also known to occur within adjacent shear zones which envelope the Naganta North and Naganta South gold occurrences.

The Monique Deposit is composed of a series of subvertical zones associated with quartz-tourmaline veining near the contact between ultramafic and mafic flows of the Dubuisson Formation. In addition, felsic to intermediate (locally porphyritic) dykes appear to be spatially associated with the gold zones. One of the gold zones, the L Zone, occurs within 300 m of the Bonnefond Property boundary and reported drill assays of up to 8.71 g Au/t over 2.05 m (Huertas, April 1990).

Current Drilling Program

The Monique Trend on the Bonnefond Property remains relatively under-explored and clearly merits further exploration. A program of 5,500 m of diamond drilling using two machines is currently underway to evaluate high-quality gold targets on the property including:

1 - Monique West: A total of 4,000 m is dedicated to the 2 km long extension of the Monique Trend across the Bonnefond property. Extension of the L Zone, crosscutting disturbances in the magnetic trends, fold closure or faulted magnetic trend, and the west extension of the tuff unit hosting the A, B, P1-P2, and I zones are all drill-ready target areas.

2 - New Pascalis/Monique intersection, and other targets: A total of 1,000 to 2,000 m of drilling is required to explore the intersection between the Monique Trend and the New Pascalis intrusive. Other targets such as the Naganta showings may also merit further drilling following a detailed compilation of each zone.

3 - New Louvre Trend: The northern contact of the Bevcon Intrusion, 1 km west of the Bevcon Mine (Historical Production: 3.17 million tonnes grading 4.3 g Au/t, MRNQ Ref. MM 31-03) will be targeted with two holes to evaluate the potential control of a northeast-trending fault corridor. The same northeast trending fault corridor transects the Monique trend in the area of the Monique deposit and may represent a significant control on gold mineralization. Historical and wide spaced drilling, mostly to a maximum depth of 100 m ,along the New Louvre trend has intersected gold-bearing quartz-tourmaline veining over a lateral distance of 1.4 km. The zone is wide open with historical drill results including 7.73 g Au/t over 1.35m, 55.6 g Au/t over 0.46 m and 98.55 g Au/t over 0.46 m having previously been reported. Aur Resources completed an 800 m drillhole in the area and intersected similar mineralization at depth.

The drill program is in progress with results from the drilling anticipated during March.

Quality Control

Drilling on the Bonnefond property is supervised by Jean-Pierre Huertas, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from drill core (NQ size) sawed in half with one half sent to ALS Chemex - Chimitec of Val-d'Or (Quebec) and the 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. Significant assay results are duplicated at the original laboratory.

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 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 and has recently purchased the 1400 tonne per day Aurbel gold mill. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp, all of the property holdings of Falconbridge Limited (formerly Noranda Inc.). Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property.

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 M. Rigg
    President and CEO
    (416) 861-5888
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 605-0576