Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

March 15, 2011 09:08 ET

Alexis Finds Kilometre-Scale Gold Zones on the Noralex Property, Rouyn-Noranda, Quebec

TORONTO, ONTARIO--(Marketwire - March 15, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce the completion of a 3,375 metre, 9-hole, surface diamond drill program on the Noralex Gold Property; 25 kilometres (km) east-northeast (ENE) of Rouyn-Noranda and 15 km northwest (NW) of the Doyon Mine. Drilling indicates the presence of two broad zones of gold mineralization, 30 to 70 metres wide that extend over distances of up to 1.0 kilometre. The zones are characterized by numerous gold values in the 0.5 to 1.5g/t Au range associated with distinct zones of shearing and widespread disseminated sulphides. Late quartz veins, often carrying visible gold, occur dispersed throughout the zones and are associated with short, high-grade gold intersections. Additional exploration drilling is required along these corridors to identify areas of economic interest.

Results from the drilling program are presented in Table 1. Significant intersections include:

  • 1.52 g/t Au over 16.2 m in hole NA 10-26, including 31.26 g/t Au over 0.65 m;
  • 13.1 (8.32 cut) g/t Au over 2.0 m in hole NA 10-27, including:
    •  48.97 g/t Au over 0.5 m; and
    • 0.59 g/t Au over 39.2 m also in hole NA 10-27;
  • 0.50 g/t Au over 21.1 m in hole NA 10-29; and
  • 0.39 g/t Au over 76.2 m in hole NA 10-31, including 0.56 g/t Au sur 39.0 m. 

Five holes, NA-10-26, 27, 28, 29 and 31, were completed on 100-m step-outs between the Young Buck and Sulphide showings. Gold mineralization correlates with a 30-m wide, sub-vertical, E-W trending, structural zone which crosses the NW trending stratigraphy. Mineralization occurs within a large low grade auriferous system which is characterized by a multitude of gold values in the 0.5 to 1.5g/t Au range and hosting the metric to decametric zones reported in Table 1. Gold occurs in two very distinct environments:

  • Within broad fault and shear zones carrying 1-5% disseminated Pyrite and marked by late quartz veins. The veins contain little or no Pyrite, but may carry visible native gold; and,
  • In mafic flows in association with 1-3% disseminated Pyrite-Pyrrhotite accompanied by traces of Chalcopyrite and minor quartz veining.

An Induced Polarization (IP) survey (3.2 sq.km) was completed to the northwest of the showings and IP targets were tested with four drill holes (NA-10-30; NA-11-32, -33 and -34). Holes -30 and -33 cut a NW-SE oriented, broad corridor of shearing with decametre-wide zones of disseminated pyrite and late quartz veining, similar in style to that around the Young Buck showing. Hole -30 returned similar anomalous gold values with numerous, low-grade intercepts, including 0.2 g/t Au over 13.5 m; and, 0.45 g/t Au over 9.0 m; in association with short higher-grade internals of 4.4 g/t Au over 2.0 m, including 17.3 g/t Au over 0.5 m. Visible gold was documented in one of the veins. Auriferous values are distributed through the corridor of shearing. Hole 30 is located 800 m to the NW of holes -27 and -28 and supports a potential extension of the auriferous system for more than one kilometre. Hole -33, located a further 800 m to the NW of hole -30 returned no significant gold values within the zone.

The Noralex property covers approximately 50 sq. km. and lies 10-15 km northwest of the Doyon-Bousquet-LaRonde Mine Trend. Volcanic rock sequences across the property have the same distinct geochemical signature, and are considered to be the strike extension of, the Bousquet–LaRonde stratigraphy. There has been very little historic exploration throughout this area. Alexis conducted its' first program of gold exploration in 2004-2005. The work identified three new gold showings [See News Releases: Sept. 16, 2004; Feb 10, 2005]: the 'Young Buck' (1.9 g/t Au over 33.0 m, 1.64 g/t Au over 24.5m), 'Shear' (up to 1.45 g/t Au over 8.9m) and 'Sulphide' (4.1 g/t Au over 7.2 m) Showings; representing three distinctively different environments for gold mineralization. Subsequent work by the Alexis/Xstrata joint venture has focused on drill testing potential Volcanic Massive Sulphide (VMS) targets (MegaTEM conductors) detected by airborne geophysics.

The current drill program has identified two broad zones of shearing, associated with widespread low grade gold mineralization, trending NW-SE and also E-W across the property. The NW trending zone dips moderately west, sub-parallel stratigraphy, and extends for over a kilometre strike distance through the area of current drilling. The Zone remains open to the SE. The zone encompasses the Young Buck and the Shear Showings. The second zone is sub-vertical, trends E-W and is also associated with faulting and shearing. The E-W zone crosses stratigraphy and encompasses the Young Buck and the Sulphide Showings. This zone also remains open for extension.

Alexis will complete three additional drill holes to test additional IP targets prior to the end of winter drilling conditions. All prior geophysics will be reviewed and a program of down-hole IP surveying carried out in the most recent drill holes should this review confirm the applicability of this approach to target future drilling activities.

Qualified Persons

The technical and scientific content of this press release has been reviewed by Jean Girard, P.Geol. Exploration Manager, Alexis Minerals Corporation; and "Qualified Person" as defined under NI 43-101 guidelines. Assay samples are taken from NQ 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 duplicates for each batch of samples. Analyses are performed by Techni-Lab of Ste-Germaine Boulé, 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 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, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. 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 92 sq. km). For more information about Alexis Minerals visit www.alexisminerals.com.

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 these drill results on the Company and its understanding of the property, the timing and amount of future exploration, 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.

Table 1: 2011 Diamond Drill Results, Noralex Property, Clericy Township, Rouyn-Noranda, Quebec
Hole No. From
(m)
To
(m)
Core Length
(m)
  Grade
Au (g/t)/metre
  Description
NA 10-26 179.60 195.75 16.20   1.52 g/t Au over 16.2 m   Deformed with 1% dissem. Pyrite (Py)
including 195.10 195.75 0.65   31.26 g/t Au over 0.65 m   Quartz Vein with Py & Visible Au
  203.00 207.00 4.00   0.75 g/t Au over 4.0 m   Deformed Tonalite with Qtz Vein and Visible Au
  334.50 343.00 8.50   0.21 g/t Au over 8.5 m   Contact of Tonalite & basalt
NA 10-27 95.50 96.00 0.50   1.0 g/t Au over 0.5 m   Basalt with veinlets of Qtz, trace Py
  154.90 157.20 2.30   0.43 g/t Au over 2.3 m   Tonalite with 7% Qtz Veins, trace Py
  280.50 289.30 8.80   0.26 g/t Au over 8.8 m   Altered Tonalite with 1% pyrite
NA 10-28 158.50 160.50 2.00   13.1 g/t Au over 2.0 m (uncut)   Altered Tonalite with 1% pyrite
including 158.50 159.00 0.50   48.97 g/t Au over 0.5 m   8cm Qtz Vein with visible Au
  205.00 211.50 6.50   0.23 g/t Au over 6.5 m   Altered Tonalite with 1% pyrite
  280.30 319.50 39.20   0.59 g/t Au over 39.2 m   Altered Tonalite with 2% pyrite + 3% Qtz Vein
  321.00 330.00 9.00   0.23 g/t Au over 9.0m   Basalt with 1% Py
including 321.00 322.50 1.50   0.30 g/t Au over 1.5 m   3cm Qtz vein with visible Au
NA 10-29 52.00 52.70 0.70   6.5 g/t Au over 0.7 m   Basalt with Qtz Veinlets & 1% Cp
  240.30 261.30 9.30   0.50 g/t Au over 21.1 m   Basalt 1-2% Py Po Cp
NA 10-30 212.70 213.50 0.80   0.01 g/t Au over 0.8 m   Tuff with Vein & visible Au
  247.50 253.50 6.00   0.13 g/t Au over 6.0 m   Tuff 1% Qtz Veinlets, 2% Py
  259.50 273.00 13.50   0.20 g/t Au over 13.5 m   Tuf 1-3% Qtz Veinlets, 2-5% Py
  276.00 285.00 9.00   0.45 g/t Au over 9.0 m   Tuff 1-2% Qtz Veinlets, 2-3% Py
  331.00 333.00 2.00   4.4 g/t Au over 2.0 m   Tuff 1-2% Qtz Veinlets, 2-3% Py
including 331.00 331.50 0.50   17.3 g/t Au over 0.5 m   1% Qtz Veinlets, Py Cp Po
  364.50 367.00 2.50   0.45 g/t Au over 2.5 m   Tuff 5% Qtz Veinlets, 1% Py tr Po
NA 10-31 197.60 273.80 76.20   0.39 g/t Au over 76.2 m    
including 225.50 264.50 39.00   0.56 g/t Au over 39.0 m   Basalt 1-2% PoPy + 2% Qtz Veinlets 
including 234.50 240.00 5.50   1.13 g/t Au over 5.5 m    
NA 11-32         No significant values   Thin zone with Py
NA 11-33         No significant values   Fault with 2-5% Py over 200m
NA 11-34         No significant values   Rhyolite with 1-5% Po/10m

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