Alexis Minerals Corporation

Alexis Minerals Corporation

May 07, 2009 08:30 ET

Alexis Extends Gold Potential to Depth Beneath Dumont Mine With 71.63 g/t Gold over 2.6 Metres and 44.42 g/t Gold over 0.7m in First Two Deep Holes

TORONTO, ONTARIO--(Marketwire - May 7, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to report the intersection of very encouraging results from the first two holes of a five-hole program of deep drilling beneath the past-producing Dumont (Bras d'Or) Mine to test for a down-dip extension to the deposit. Drilling has encountered high grade gold mineralization; with significant quartz veining up to 6.2m in width in the depth extension of the principal North Dumont Shear; and demonstrate the resurgence of the typical pyrite-gold association prevalent in veining at the Ferderber, Lac Herbin and Dumont mines. The mine is located on Alexis wholly-owned Aurbel property within the Bourlamaque Batholith, approximately 1.3 km southwest of the operating Lac Herbin Mine.

Two holes have been completed to date to a depth of 800 metres on the western side of the deposit and have returned intersections of:

- 71.63 g Au/t over 2.6 m (34.29 g Au/t cut(i)) from 463.0 to 465.6 m in
hole AMAR-106

- 0.86 g Au/t over 6.2 m, from 790.8 to 797.0 m in hole AMAR-125; including

-- 4.95 g Au/t over 1.0 m from 796.0 to 797.0 m

- 44.42 g Au/t (34.29 g Au/t cut(i)) over 0.70 m, from 682.5 to 683.2 m in
hole AMAR-125

The geology at depth bears strong resemblance to the shallower Dumont deposit. Several shear zones have been encountered. Gold mineralization is associated with steeply dipping quartz-tourmaline (QT) veins within the depth extension of the Dumont North Shear and in flat tensional veins. Significantly, gold occurs in and is associated with disseminated to patchy pyrite and minor chalcopyrite, a resurgence at depth of this style of mineralization.

The Dumont mine was in production from 1981 to 1994 and produced 258,000 ozAu from with mining to a depth of 500 meters. Historically the Dumont Deposit consisted of four parallel lenses of Py-Au mineralization associated with Q-T veining. Gold mineralization was believed to have terminated at depth in the deposit with the transition from Pyrite-Au in the veins to barren pyrrhotite as the dominant sulphide phase. The resurgence of the pyrite-chalcopyrite-gold assemblage at depth with no pyrrhotite is very significant for ongoing exploration and future potential of this area.

Alexis has recently commenced a five-hole program of deep drilling in the western sector beneath the Dumont mine to follow up mineralized intersections returned from wide spaced surface drill holes in 1994, including:

- 7.34 g Au/t (6.48 g Au/t (i)cut) over 5.24 m in hole 2102-29
(832.47 - 837.71m), including

-- 13.12 g Au/t over 2.89 m (11.47 g Au/t (i)cut)

- 89.0 g Au/t (34.29 gAu/t (i)cut) over 0.65m in hole 2102-26
(717.35 - 718.0m)

- 10.2 g Au/t over 0.48m in hole 2102-32 (834.85 - 835.33m), and

- 44.6 g Au/t over 0.61m in hole 2102-32 (650.44 - 651.05m).

(i)Cutting Factor: ((i)cut) - High grade assays cut to 34.29 gAu/t;
True Widths are estimated to be 75 to 85% of intersection lengths

Four additional deep surface holes were drilled in 1994 on the eastern side of the deposit but failed to intersect gold mineralization.

Hole 2102-29 intersected strong mineralization at the 700-m level, 200 meters below the deepest mined stopes and down-plunge of the most western of four lenses in the Dumont Deposit. No additional follow up drilling was subsequently completed beneath the Dumont Mine. All gold exploration was terminated on the properties in 1996 upon closure of the Dumont and Ferderber operations. During 1995-1996, surface exploration focused elsewhere and predominantly on a new near surface discovery represented by the Lac Herbin shear, now part of the Lac Herbin operating mine.

Hole AMAR-125 intersected a 6.2 m long (core length) smoky quartz vein with trace to 2% pyrite in what is interpreted to be the Dumont North shear zone, 90 m east and 25 m above the historical intersection, and 100 m and 190 m east and below the deepest area of mining. Although relatively weakly mineralized over its entire length, the clear association between gold and pyrite is very significant. The occurrence of gold with patchy pyrite within veins in most of the Quart-Tourmaline type vein deposits in the Val d'Or area is very well known. It is quite common to drill through stoping areas and areas of future gold production and encounter quartz veining with no appreciable sulphide content. Upon development when sulphide distribution is fully sampled, these areas can represent significant areas of gold mineralization.

Hole AMAR-106 did not intersect significant mineralization 150 m below and 90 m west of historical hole 2102-29 in the Dumont North Shear zone, but intersected a high-grade quartz vein with visible gold at the contact between the Bourlamaque Batholith with adjacent mafic to intermediate volcanic rocks of the Val d'Or Formation.

Alexis is continuing its program of deep drilling is continuing. Additional follow-up to the program is planned to include in-hole induced polarization surveys to identify mineralization vectors particularly to hole AMAR-125. A wedge cut deflection in hole AMAR-106 is planned to allow more information to be gathered on the mineralized vein and provide an intersection in the Dumont North shear closer to the historical hole elevation. A wedge cut deflection in hole AMAR-125 is planned to also allow a second intersection and series of assays on the 6.2 m vein and aid in further evaluation of its' sulphide content and potential for gold mineralization.

Alexis is currently active with two underground drills at Lac Herbin and two surface drills on the Aurbel Gold Property, a 100 property covering the Bourlamaque Batholith and surrounding the Lac Herbin Mine. Alexis completed 12,615 m of surface drilling and 10,331 m of underground drilling during Q1-2009. Surface drilling is continuing to test down-dip of mined areas at the Dumont Mine and in the area of the NEF showing, 4 km to the northeast. Additional results from these drilling programs will be released shortly upon receipt of all assay results.

Quality Control

The technical and scientific content of this press release has been reviewed by Patrick Sevigny, Eng.; and Claude Gobeil, 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, Quebec.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC"). The Company owns one producing gold mine in Val d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda. 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 and in joint venture with Xstrata Copper). Further information about Alexis Minerals can be found at its website:

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 production estimates and cost of production projections, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, 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 future-looking information are based upon extensive technical and scientific analysis conducted by the management of the Company, the analysis of external consultants and information obtained bcy 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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