Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

August 16, 2006 08:30 ET

Alexis Encouraged By Additional Results At Lac Herbin-Hangingwall Zone Extended By 100 Metres

TORONTO, ONTARIO--(CCNMatthews - Aug. 16, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that underground exploration at the 100% owned Lac Herbin gold project is advancing well and continues to return impressive results. Additional results have been returned from drilling on the Hangingwall (HW), S1 East (S1E) and Lac Herbin (LH) Zones. In on-going exploration, deep diamond drilling to test the down-plunge and depth continuation of the Hangingwall (HW) Zone has extended mineralization by 100 m below the limits of the known resource. The first drill intersections in the S3 Zone have also recently returned encouraging results. The project area is located 10 km northeast of Val-d'Or and 1.8 km from the 1400 TPD Aurbel Gold Mill, recently purchased by Alexis from Aur Resources Ltd. Exploration is continuing and further assay results are pending.

Highlights from 53 additional drill holes for 5,950 metres of drilling from on-going underground exploration include the following intersections:

HW Zone - Table 1

- 18.88 (12.6 cut(i)) g Au/t over 11.7 m (LH01-119)

- 16.98 (16.17 cut(i)) g Au/t over 3.5 m (LH01-120)

- 12.42 (6.10 cut(i)) g Au/t over 2.6 m (LH01-104)

- 18.55 (14.29 cut(i)) g Au/t over 2.4 m (LH01-111)

-- including 44.5 (34.28 cut(i)) g Au/t over 1.0 m

- 10.02 g Au/t over 2.6 m (LH01-131)

S1W Zone - Table 2

- 5.53 g Au/t over 3.2 m (LH02-013)

-- including 8.42 g Au/t over 2.0 m

S1E Zone - Table 3

- 32.47 (17.30 cut(i)) g Au/t over 2.6 m (LH01-095)

-- including 64.6 (34.28 cut(i)) g Au/t over 1.3 m

- 15.23 (12.03 cut(i)) g Au/t over 4.0 m (LH01-134)

LH Zone - Table 4

- 32.41 (15.44) g Au/t over 2.15 m (LH01-122)

- 6.26 g Au/t over 2.0 m (LH01-122)

S3 Zone - Table 5

- 9.44 g Au/t over 2.3 m (LH02-017)

"We continue to successfully advance the underground exploration program on the Lac Herbin area. Our understanding of mineralization has improved dramatically and we are now better able to predict and identify ore zone extensions and potential areas hosting new zones within the mine setting of the deposit," said David Rigg, President and CEO of Alexis Minerals. "The HW and S1 zones offer two major ore structures, each with potential to represent the equivalent of a Dumont style deposit. The depth extension of the HW zone is very exciting and will contribute important additional tonnage to the overall resources on the project."

"Our underground exploration has shown good strike and dip continuity, particularly for the HW and S1 zones," said Richard Roy P.Geo, Qualified Person for the Lac Herbin Project. "The expansion of the resource potential of the HW zone down-dip and down-plunge from previous underground diamond drilling is particularly positive. With our newly gained understanding of the area, we have generated additional targets which are wide open for exploration discovery and offer important potential to increase Resources in the immediate area of the current program."

Exploration to date has largely focused on the delineation of Resources identified in surface drilling. Results from drilling are confirming the presence of at least five vein structures with strong gold mineralization. Drilling has advanced and a new Inferred Resource estimate is in progress based on the new results in the HW, S1E and LH zones. Drilling continues on the S1W and S3 zones. The improved understanding of the mineralized ore system at Lac Herbin also allows Alexis to identify additional targets where ore zone extensions and new zones may be located. Drilling down-dip of the HW zone represents the first exploration drilling undertaken in the area with the objective of expanding current Resources. Upwards of eleven (11) exploration targets have been recognized where additional resource expansion is expected.

HW Zone

The HW Zone has been drill-defined over a strike length of more than 160m and up to 200m down plunge. Recent deeper exploration drilling of the zone indicates that additional mineralization occurs down plunge of the known shear-vein structure. The zone remains open at depth and to the East. The HW zone, to date, is one two significant zones of mineralization at Lac Herbin and bears remarkable resemblance to the Beaufor deposit. A new Resource estimate for the zone is in progress.

S1W Zone

Exploration on the S1W Zone is substantially expanding the known resource (see Press Release: March 1, 2005). Drilling of the zone has confirmed continuity along strike for at least 100 m and down dip for a minimum of 150 m. The zone remains open along strike and down plunge and dip with a significant portion of the currently delineated zone lying immediately east of the surface drill-indicted Resources in the zone. Delineation of the zone is progressing to the west. The S1W is the second zone of significant potential at Lac Herbin and also bears remarkable resemblance to the past-producing Dumont deposit.

LH, S1E and S3 Zones

Exploration drilling has been completed on the S1E and LH zones and a new resource estimate on these zones is in progress. Drilling on the S3 zone, the most southerly zone intersected in surface drilling has recently been initiated. The potential to the south of S3 structure for additional parallel shear-vein structures is considered highly favourable and will be evaluated upon completion of the current delineation 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 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 entered into a purchase agreement on 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.).

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:
Hangingwall Zone, Lac Herbin Project, Val-d'Or, Quebec

------------------------------------------------------------------------
Hole From- Length Zone Uncut Cut True
Number To(m) (m) Grades Grades(i) Width
(gAu/t) (gAu/t) (m)
------------------------------------------------------------------------
LH01-096 35.6 - 38.9 3.3 HW 9.39 1.5
------------------------------------------------------------------------
LH01-097 28.6 - 30.5 1.9 HW 19.11 1.27 1.9
------------------------------------------------------------------------
LH01-098 28.1 - 30.3 2.2 HW .09 2.0
------------------------------------------------------------------------
LH01-099 29.7 - 39.4 9.7 HW 1.98 7.5
------------------------------------------------------------------------
includes 29.7 - 33.2 3.5 3.84 3.0
------------------------------------------------------------------------
LH01-100 64.8 - 67.8 1.3 HW 1.79 1.5
------------------------------------------------------------------------
LH01-101 37.7 - 41.7 4.0 HW 3.6 3.5
------------------------------------------------------------------------
LH01-102 34.9 - 38.5 3.6 HW 4.09 3.0
------------------------------------------------------------------------
LH01-103 35.6 - 38.9 3.3 HW Wide 2.7
Veining
- LV
------------------------------------------------------------------------
LH01-104 42.3 - 44.9 2.6 HW 12.42 6.10 2.0
------------------------------------------------------------------------
LH01-105 51.3 - 53.4 2.1 HW 1.27 1.9
------------------------------------------------------------------------
LH01-106 62.9 - 65.5 2.6 HW Shearing 1.5
-LV
------------------------------------------------------------------------
LH01-107 50.0 - 52.1 2.1 HW 3.63 21.5
------------------------------------------------------------------------
LH01-108 56.0 - 60.0 4.0 HW 4.02 2.0
------------------------------------------------------------------------
LH01-109 64.8 - 68.2 3.4 HW 2.19 1.5
------------------------------------------------------------------------
LH01-110 59.8 - 62.9 3.1 HW 2.0 2.5
------------------------------------------------------------------------
LH01-111 51.4 - 53.8 2.4 HW 18.55 14.29 1.8
------------------------------------------------------------------------
LH01-112 28.4 - 30.8 3.4 HW 2.92 (VG) 3.0
------------------------------------------------------------------------
LH01-113 43.2 - 46.7 3.5 HW Shearing 1.5
-LV
------------------------------------------------------------------------
LH01-114 35.4 - 37.0 2.8 HW Shearing 1.5
-LV
------------------------------------------------------------------------
LH01-115 202.6 - 205.8 3.2 HW Veining 1.5
- LV
------------------------------------------------------------------------
LH01-116 102.8 - 104.8 2.0 HW 0.92 1.5
------------------------------------------------------------------------
LH01-118 101.3 - 102.2 0.9 HW 1.02 0.5
------------------------------------------------------------------------
LH01-119 91.8 - 103.5 11.7 HW 18.88 12.6 4.8
------------------------------------------------------------------------
LH01-120 4.3 - 7.8 3.5 HW 16.89 16.17 3.5
------------------------------------------------------------------------
LH01-131 211.4 - 214.0 2.6 HW 10.02 2.6
------------------------------------------------------------------------
LH01-138 168.8 - 171.0 2.2 HW Veining 1.5
- LV
------------------------------------------------------------------------
LH01-139 174.0 - 176.5 2.6 HW 6.02 2.0
------------------------------------------------------------------------
LH01-140 194.0 - 196.1 2.1 HW 1.44 1.8
------------------------------------------------------------------------
LH01-141 184.4 - 186.2 1.8 HW 5.32 1.5
------------------------------------------------------------------------

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)



Table 2 - Results from Underground Diamond Drilling:
S1 West Zone, Lac Herbin Project, Val-d'Or, Quebec

------------------------------------------------------------------------
Hole From- Length Zone Uncut Cut True
Number To(m) (m) Grades Grades(i) Width
(gAu/t) (gAu/t) (m)
------------------------------------------------------------------------
LH01-093 124.6 - 127.3 2.7 S1W 5.07 1.5
------------------------------------------------------------------------
LH01-094 69.7 - 71.5 2.1 S1W Veining 1.5
- LV
------------------------------------------------------------------------
LH01-095 69.7 - 71.8 2.6 S1W 32.47 17.3 1.8
------------------------------------------------------------------------
LH02-011 51.1 - 53.4 2.3 S1W 2.53 1.4
------------------------------------------------------------------------
LH02-013 57.6 - 60.8 3.2 S1W 5.53 2.3
------------------------------------------------------------------------
LH02-014 56.1 - 58.4 2.3 S1W 3.55 1.4
------------------------------------------------------------------------
LH02-015 77.5 - 78.8 1.3 S1W Shearing 1.0
- LV
------------------------------------------------------------------------




Table 3 - Results from Underground Diamond Drilling:
S1 East Zone, Lac Herbin Project, Val-d'Or, Quebec

------------------------------------------------------------------------
Hole From- Length Zone Uncut Cut True
Number To(m) (m) Grades Grades(i) Width
(gAu/t) (gAu/t) (m)
------------------------------------------------------------------------
LH01-130 29.1 - 30.9 1.8 S1E 1.18 1.5
------------------------------------------------------------------------
LH01-131 34.5 - 37.5 3.0 S1E 3.22 2.0
------------------------------------------------------------------------
44.3 - 46.4 2.1 S1E 2.72 2.0
------------------------------------------------------------------------
LH01-132 37.3 - 40.3 3.0 S1E Shearing 2.0
-LV
------------------------------------------------------------------------
LH01-133 45.6 - 48.2 2.6 S1E 2.21 2.0
------------------------------------------------------------------------
LH01-134 57.0 - 62.2 5.2 S1E 11.74 9.27 4.0
------------------------------------------------------------------------
LH01-135 58.0 - 62.7 4.7 S1E 0.79 3.5
------------------------------------------------------------------------
LH01-139 30.3 - 32.1 1.8 S1E 2.73 1.5
------------------------------------------------------------------------
LH01-140 26.7 - 29.2 2.5 S1E 4.59 1.5
------------------------------------------------------------------------
LH01-141 26.8 - 28.7 1.9 S1E 1.46 1.5
------------------------------------------------------------------------




Table 4 - Results from Underground Diamond Drilling:
Lac Herbin Zone, Lac Herbin Project, Val-d'Or, Quebec


------------------------------------------------------------------------
Hole From- Length Zone Uncut Cut True
Number To(m) (m) Grades Grades(i) Width
(gAu/t) (gAu/t) (m)
------------------------------------------------------------------------
LH01-119 121.9 - 125.4 3.5 LH 3.45 1.5
------------------------------------------------------------------------
LH01-120 67.1 - 69.0 1.5 LH Shearing 1.5
-LV
------------------------------------------------------------------------
LH01-121 62.9 - 64.0 1.1 LH Shearing 1.1
-LV
------------------------------------------------------------------------
LH01-122 72.0 - 74.15 2.15 LH 32.41 15.44 1.5
------------------------------------------------------------------------
LH01-123 63.0 - 65.2 2.2 LH Shearing 1.5
-LV
------------------------------------------------------------------------
LH01-124 71.8 - 73.1 1.3 LH Wide 1.0
Veining
- 0.72
------------------------------------------------------------------------
LH01-125 77.2 - 79.0 1.8 LH 6.3 1.5
------------------------------------------------------------------------
LH01-126 88.9 - 91.4 2.5 LH 1.26 1.8
------------------------------------------------------------------------
LH01-127 74.0 - 79.5 5.5 LH 4.23 4.5
------------------------------------------------------------------------
LH01-128 81.9 - 85.1 3.2 LH Shearing 2.0
-LV
------------------------------------------------------------------------
LH01-129 87.8 - 90.4 2.6 LH 6.26 2.0
------------------------------------------------------------------------



Table 5 - Results from Underground Diamond Drilling:
S3 Zone, Lac Herbin Project, Val-d'Or, Quebec

------------------------------------------------------------------------
Hole From- Length Zone Uncut Cut True
Number To(m) (m) Grades Grades(i) Width
(gAu/t) (gAu/t) (m)
------------------------------------------------------------------------
LH02-016 28.45 - 32.0 3.5 S3 Shearing 3.5
-LV
------------------------------------------------------------------------
LH02-017 31.5 - 33.8 2.3 S3 9.44 2.0
------------------------------------------------------------------------


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
    info@alexisminerals.com
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304
    www.alexisminerals.com