Alexis Minerals Corporation

Alexis Minerals Corporation

June 07, 2005 08:00 ET

Alexis Exploration Update: Drilling Restarts at West Ansil, New Targets Selected Near Louvicourt Mine, Alexis to Proceed With Advanced Underground Program at Lac Herbin

TORONTO, ONTARIO--(CCNMatthews - June 7, 2005) - Alexis Minerals Corporation (TSX VENUTRE:AMC) is pleased to announce the commencement of summer exploration programs over its properties in the Val d'Or and Rouyn-Noranda Mining Camps, Quebec. The company is currently operating with six surface diamond drills on base metal targets in Rouyn-Noranda and Val d'Or. Surface drilling at the West Ansil program has been restarted. New targets near the Louvicourt Mine have also been finalized and surface drilling of these will commence shortly.

The company is also pleased to announce plans to undertake advanced underground exploration at the Lac Herbin gold zone with ramp development tentatively planned to commence in August 2005. Permitting for underground exploration on the Lac Herbin Gold program has been submitted for approval.

"Exploration results returned from our option and joint venture properties in the early part of 2005 were exceptional by any standard," said David M. Rigg, President & CEO. "We are very excited about the potential for further discovery and potential delineation of economic mineral deposits through the remainder of our 2005 exploration programs. Our recent financing allows Alexis to maintain an aggressive exploration stance well into the future and to vest in all of our current option and joint venture agreements."

The company, in conjunction with its project partners (Noranda Inc.(NDR-T) , Novicourt Inc. (NOV-T), Aur Resources Inc. (AUR-T)), has plans to complete a comprehensive exploration program on more than 96 high-priority base metal and gold targets, including more than 65,000 metres of surface diamond drilling, during 2005.

Rouyn- Noranda Mining Camp:

- West Ansil

Permitting and road construction have been completed allowing access back to the area of the recent base metal discovery on West Ansil, located 1.8 km southwest of the past-producing Ansil Mine. Three drills have been remobilized to the area after unexpected permit and access delays caused by spring break-up. Two drills are currently drilling on the West Ansil discovery where hole AN-05-04 intersected 52.7 metres grading 3.5% Copper and 10.8 metres grading 5.3% Copper in March 2005 (see Press Release: March 31, 2005). A third machine is testing off-hole geophysical responses near the base metal discovery area or along the EW2 trend (see Press Release: March 4, 2005). New results are expected to be released in late June.

Two additional drills are active on reconnaissance drilling of Titan 24 and Gocad targets identified across the Alexis-Noranda properties.

Val d'Or Mining Camp:

- Lac Herbin

Subsequent to the receipt of a favourable Scoping Study (see Press Release: March 1, 2005), the Board of Directors has elected to advance an underground exploration program on the Lac Herbin gold zone (Inferred Resource of 1,070,000 tonnes grading 7.3 grams gold per tonne). An initial Phase I program is provisionally scheduled for start-up in August 2005 and will include ramp development and underground delineation drilling along the Lac Herbin shear. Phase II will subsequently test additional zones and depth continuity of mineralization within the resource. Phase III will result in bulk sampling and test mining of a 30,000 tonne bulk sample.

Application for permits for an underground exploration program have been completed and submitted to the Quebec Government by Golder Associates. Tender documents for underground contractors are in preparation and the project team is currently being assembled. The program will focus on increasing the confidence in the inferred resource in preparation for a feasibility study in 2006. The Lac Herbin project has potential for producing 35,000 ounces of gold per year at a cash cost of US$224 per ounce.

- Louvex

Reinterpretation and remodelling of the geology near the Louvicourt base metal mine has been advanced, driven by the recent discovery by Alexis-Novicourt of significant alteration and copper mineralization in holes 17315-01A, E & F (see Press Release: May 12, 2005). A priority drill target has been selected at a vertical depth of 1400 metres in this area of extensive stringer-sulphide mineralization, alteration and favourable stratigraphy, one kilometre southwest of the Louvicourt Mine. Drilling will recommence within the next two weeks.

An additional target area has also been developed from Gocad remodelling of the property. The target represents a southwest extension to Louvicourt stratigraphy onto the adjacent Dunraine property (100% earn-in right) and is associated with an untested Titan-24 anomaly. This target will also be prioritised for drilling. One drill is currently testing a base metal target on the Dunraine property.

- New Targets

Alexis is applying new exploration approaches and techniques to identify new exploration opportunities across its extensive property holdings. Several new gold and copper-gold targets have been identified. These new target areas will be further evaluated through surface mapping or trenching during the summer months. The highest-priority targets will be drill-tested in the summer or fall.

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 210 square kilometres in the Val d'Or area and considered highly prospective for both gold and base metals. Alexis has a clear route to 100% ownership in the properties and maintains an option to purchase the Aurbel gold mill. The Company has also entered into option agreement with Noranda Inc. wherein Alexis will earn a 50% interest in all of Noranda's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Noranda properties cover approximately 800 square kilometres in the Rouyn-Noranda area.

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)
    Alexis Minerals Corporation
    Peter Cashin
    Manager, Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304/(514) 605-0576 (cell)