Alexis Minerals Corporation

Alexis Minerals Corporation

September 01, 2011 11:30 ET

Alexis Expands Near Mine Potential on Toots West Zone, Snow Lake Mine

TORONTO, ONTARIO--(Marketwire - Sept. 1, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to report drill results from its West Toots drill program at the Main Mine property in Snow Lake, Manitoba. The Toots West Zone is located at the western limits of the Main Mine underground infrastructure.

The West Toots drill program was initiated in order to bolster the anticipated startup of the Snow Lake Mine by increasing the size of the resource envelope near mine infrastructure. The results of the drilling program are shown in Table 1 below.

Table 1

West Toots Drill Program
Hole Number From
To (m) Core Length
Au g/t Zone Comments
MM11-01 NA Shut down at 29 metres due to significant deviation in azimuth
MM11-02 330.44 331.17 0.73 5.312 HW of Toots West NSV on Toots West (Main) structure
MM11-03 591.51 592.51 1.00 1.429 Toots West (Main) Several intersections on HW structures up to 2.490g/t/1.83m
MM11-04 493.76 495.78 2.02 1.579 Toots West (Main) Several intersections on HW structures up to 1.85g/t/2.53m
MM11-05 508.68 511.48 2.80 1.930 Toots West (Main)
MM11-06 269.86 272.40 2.54 2.426 Toots West (Main)
MM11-07 508.60 512.00 3.40 2.259 Toots West (Main) Intersection on HW structure of 3.588g/t/1.77m
MM11-08 150.27 152.34 2.07 1.888 Toots West (Main) Intersection on HW structure of 19.140g/t/0.17m
MM11-09 118.85 124.90 6.05 1.970 Toots West (Main) Intersection of 1.338 g/t/3.2m located 2.22m in the HW main zone intersection
* The core length represents the drilled intercept length. Efforts were made to intercept the Toots West structure at an angle to best represent the true thickness, however, the true thickness is not known with certainty.

The program focused on continuing the definition of the hanging wall section of the mineralized zone and, although the average grades are lower than the reserve average, they are near or above the cut off grade of 1.9 g/t Au established with a gold price $1,149 in the feasibility study prepared for the Snow Lake Mine project, a copy of which is filed under the Company's profile on SEDAR at More importantly, the drill results allow Alexis to infer the continuity of the down dip and strike of the Toots West structure towards the easterly plunging McLeod Road Thrust which delineates the West Toots structure limit. The majority of these new holes are outside of the current resource envelope, but infer the continuation of the structure shown in Figure 1.

François Perron commented on the results: "As the Snow Lake project is nearing the construction our primary focus has been to improve our understanding of the upper main mine. The current set of results have significantly increased our confidence in this particular area of the upper main mine where resources had been constrained by lack of information. Our near-mine exploration program will now focus on the Upper Toots while regional drilling is investigating the Caper and the Birch zones."

Qualified Persons and Quality Control

The technical and scientific content of this press release has been reviewed by Earl Masarsky, P. Geo.,Chief Mine Geologist, Manitoba Division, Alexis Minerals and Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company personnel 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 retained and archived in a secure facility. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate 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.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian publicly traded mining company concentrating on exploration and mine development. The Company is listed on the Toronto Stock Exchange ("TSX") under the symbol "AMC", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMF". The Company's focus is to grow through exploration, development and acquisition of mineral properties and directly and indirectly, through joint ventures. Alexis is now in its third full year as a junior gold-producing company. The Company holds a dominant property position (over 1,050 km2) in three of Canada's richest mining camps: Val-d'Or and Rouyn-Noranda, in the Abitibi District of Québec, Canada, historically the 3rd richest gold producing region in the world; and Snow Lake, Manitoba, Canada. Alexis undertakes exploration across these properties searching for new world class discoveries, while maintaining a focus on growing Alexis to become a mid-tier gold producer.

Forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the results of the drilling on the Company and its understanding of the property, the timing and amount of future exploration and development of the property, and the future financial or operating performance of Alexis and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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Contact Information

  • Alexis Minerals Corporation
    Francois Perron
    President and CEO
    (416) 309-2952

    Alexis Minerals Corporation
    Louis Baribeau
    Public Relations
    (514) 667-2304

    Alexis Minerals Corporation
    Rob Hopkins
    Investor Relations
    (416) 861-5899

    Alexis Minerals Corporation
    Toll free: 1 877-717-3027