Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

September 28, 2010 08:45 ET

Alexis Exploration Closes in on Potential Large Deposit in Val-d'Or

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce exploration on its extensive properties in Val-d'Or, Quebec is continuing in the search for a large Volcanogenic Massive Sulphide (VMS) polymetallic mineral deposit that is considered to lie undiscovered in the Camp, near the Louvicourt Mine. Alexis recently completed an additional deep hole (17314-11) and is now advancing a program to extend several historic drill holes on the Louvex and adjacent properties to broadly evaluate the up-dip area above the Deep West Zone, a new massive sulphide zone discovered in late 2008 (see news release, October 17, 2008). Previous seismic profiling conducted over the Louvicourt mine area identified a geophysical anomaly in this general area approximately four times larger than a similar anomaly detected over the Louvicourt Deposit. The continuing discovery of broad alteration and stringer sulphide zones; and recognition of regional folding in previously untested areas, should allow Alexis to vector drilling to ultimately locate and test this anomaly. 

A single deep hole, 17314-11, was completed in July 2010, to test the up dip extension of the Deep West zone. Hole 17314-11 intersected strong VMS indicators including two stringer zones with local semi-massive chalcopyrite veins, at 1300 and 1350 metres (m) vertical depth, approximately 400 metres above the Deep West zone. Assay results from the stringer zones include:

  • 0.48% Copper (Cu) over 24.7 m (from 1374.1 to 1398.8 m); and
  • 0.40% Cu over 37.4 m (from 1493.9 to 1531.3 m)

Alteration associated with the stringer zones is approximately 450 metres wide and down-hole geophysics has identified edge and in-hole geophysical responses.

Alexis has commenced an additional drill program to extend two historic drill holes on the Louvex property for a total of 1300 metres of drilling. The two selected holes (17314-05 and 314-10) were previously stopped after crossing the Louvicourt Mine Horizon. Their extension will further test the upward extension of the Deep West environment located at vertical depths of between 800 and 1000 metres over a broad area of interest to the south of previous drilling. The Company anticipates samples collected from these holes will be of great importance in improving the understanding of the Louvex-Louvicourt-Deep West model. 3-D modeling of the geophysical down-hole responses will further aid in closing in on the target.

Deep West Zone:

Alexis considers the Deep West zone to be an important discovery in Val-d'Or. The Deep West discovery, announced in October, 2008, was made in hole 17314-10B which intersected a volcanogenic semi-massive to massive sulphide zone grading:

  • 6.81% Cu over 3.45 m

The semi-massive to massive sulphide horizon sits directly above two copper-rich, stringer- to disseminated-sulphides zones in a classical association that characterizes many VMS deposits in the region. The two stringer zones returned:

  • 0.53% Cu over 73.5 m (from 1927.0 to 2000.5 m); and
  • 0.41% Cu over 25.5 m (from 1852.0 to 1877.5 m)

Mineralization is located on the wholly-owned Dunraine property 1,720 metres vertically below surface, 700 metres south of and 1.5 km west of the Louvicourt Mine in Val-d'Or, Quebec [Past Production: 15.65 Million tonnes (Mt) @ 3.42% Copper (Cu), 1.59% Zinc (Zn), 25.8 gpt silver (gpt Ag) and 0.92 gpt gold (Au)].

Alexis has completed a revised interpretation of the Val-d'Or Camp recognizing a large Z-shaped regional fold. The Louvicourt Mine and the Deep West zone lie on different limbs of the fold and at different stratigraphic levels within the rock sequence. Extending selected drill holes previously drilled on the Louvicourt horizon will allow these holes to cross the fold and test the adjacent southern fold limb above the Deep West intersection. Hole 17314-11 has confirmed the new geological interpretation.

Alexis recognizes that a pattern of pairing of large massive sulphide deposits may exist in the Abitibi District; whereby 14-15 million tonne deposits, similar to Louvicourt, are located near massive sulphide deposits greater than 60 million tonnes. This is clearly demonstrated in the nearby Rouyn-Noranda Camp by the apparent pairing or close-proximity of the Quemont and Horne Deposits; and closer to Val-d'Or, near Cadillac, by the pairing of the Dumagami and LaRonde Deposits.

Quality Control

The technical and scientific content of this press release has been reviewed and approved by Denys Vermette, P.Geol, and Jean Girard, P.Eng., employees of the Company and Qualified Persons as defined under NI 43-101. Assay samples are taken from NQ or BQ core, sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. A strict QA/QC program is followed on samples from drill core that includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by ALS Chemex of Val-d'Or, Québec.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX:AXSMF). The Company owns the Lac Herbin producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba where a Feasibility Study is nearing completion. With these assets Alexis has the potential to increase gold production and is targeting mid-tier gold production levels in 2011-2012. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). Alexis Minerals has two drills active in Val-d'Or and two drills active in Snow Lake on surface exploration programs. For more information about Alexis Minerals visit www.alexisminerals.com.

Forward looking information

This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, estimates regarding the timing and completion of the feasibility study, mineral prices, 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. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

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