Alexis Minerals Corporation

Alexis Minerals Corporation

April 06, 2006 08:00 ET

Alexis Finds Two New High Grade Gold Zones Grading Up to 299.5 and 71.0 Grams Gold Per Tonne

TORONTO, ONTARIO--(CCNMatthews - April 6, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) has discovered two (2) new very high-grade gold zones during drifting at its Lac Herbin underground project. Abundant visible gold (VG) and elevated concentrations of sulphides characterize the new zones, which are outside the area of the previous resource estimation. Prior wide-spaced surface drilling did not identify mineralization in this area. The Lac Herbin project is located 10 km northeast of Val-d'Or, 1.8 kilometres from the Aurbel Gold Mill, and adjacent to the past-producing Ferderber and Dumont (Bras d'Or) Mines.

The first zone, the Bonanza Zone, is located 120 m north of the S1 East Shear. Representative chip sampling of the vein at intervals along the zone have been taken and to date have returned values including:

- 299.5 gAu/t over 0.6 m (abundant VG)
- 127.0 gAu/t over 1.0 m (VG)
- 3.22 gAu/t over 1.0 m

The zone is a 0.6 to 1.2 m wide, sub-vertical, shear-hosted, quartz-tourmaline vein containing up to 50% sulphides and abundant visible gold. This mineralization has been traced from underground drifting for at least 35 m and was intersected in 6 of 7 recently completed underground diamond drill holes on the new zone. Four holes reported the presence of visible gold. Assays from the underground drilling are pending.

The second new zone was intercepted in drifting on the level to establish drill stations for Phase 1. The zone was observed to crosscut the drift and was followed over a strike length of 20 meters. The first representative chip sampling from a series of samples collected at regular intervals along the zone returned:

- 20.8 gAu/t across 1.65 m
- including 71.0 gAu/t over 0.45 m

The additional sampling has been sent to the lab for analysis. Gold assays are pending.

The zone is characterized by a series of shallow-dipping, discordant, quartz-tourmaline-sulphide, tensional veins cut by a moderately south-dipping shear zone bearing concordant quartz-tourmaline shear veins. The tensional veins, shear veins and surrounding altered wall-rock contain significant pyrite and numerous widely distributed visible gold grains. Muck samples of broken rock excavated during development have returned an average grade of 13.2 gAu/t (Cut 12.7 gAu/t) over the first 11 meters of mineralization along strike. Only half of the muck analyses have been returned from the lab so far. Additional sampling is required to identify and characterize mineralization, controls and gold distribution.

"The program is exceeding our expectations. The discovery of these two new zones confirms the benefit of being underground. They lie outside the resource areas identified from previous work and offer upside potential in terms of increased grade and additional contained ounces in the area under investigation," said David Rigg, President and CEO of Alexis Minerals. "The presence of high grade flat vein systems in the second zone is significant. Flats, as they are traditionally called in the region, were significant contributors of gold at the Sigma and Lamaque Mines (total production - 10 million ounces; Reference - MRNQ DV 98-01, MM 91-03). At the adjacent Beaufor Mine, 20% of ore is generated from flat veins, with gold grades which exceed average mine grade. Mineralization in the second zone also opens possibilities for a general upgrade to our previous resource estimation. Flat veins were discounted from Lac Herbin calculations. Often high, or very high grade in nature, they were selectively removed from resource calculations since they did not contribute to mineralization at either the Ferdeber or Dumont Mines. This appears to be an incorrect assumption. The stockpile area prepared at surface for the bulk sampling of the resource areas is currently full and drifting has yet to commence in the known zones."

Underground drilling continues with two machines. Drilling on the S1 East and West E zones (see Press release: March 21, 2006) has continued with an additional twenty-three drillholes. Samples are currently in the laboratory and results are expected shortly. Diamond drilling has commenced on the Hanging Wall zone and is progressing towards the Lac Herbin zone. Additional drilling to evaluate the extension of the new zones is planned.

"The geological information obtained from the underground program greatly accelerates our knowledge of the deposit. It enables us to better evaluate the significance of existing mineralization such as tensional systems, which would have been discarded if based only on surface drilling," said Richard Roy P.Geo, Qualified Person for the Lac Herbin Project.

The current Phase 1 underground program includes 1,250 metres of ramp excavation, development of the 165 Level (165 metres below surface) and the completion of 9,715 m of delineation drilling from underground drill stations. Delineation drilling will advance across the Hanging Wall and Lac Herbin zones (10.31 gAu/t and 7.81 gAu/t, respectively) for the remainder of April, 2006. Phase 2 of the underground program will further explore the gold potential of the area including delineation of the high grade S1 Deep Zone and the S3 Zone. Phase 3 will include underground development and bulk sampling of mineralization.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., and Daniel St-Arnaud, P.Eng., Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from underground drill core sawed in half with one half sent to a commercial laboratory and other half retained for future reference. Chip samples are taken evenly across, and perpendicular to, the sampled structure. Muck samples are taken on the in-situ, broken rock pile after blasting. Four samples of 5 kg are taken in separate areas per 'round'. Samples are of material up to 10 cm in diameter with no selectivity in sampling. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. Analyses were performed by ALS Chemex - Chimitec of Val-d'Or (Quebec).

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 212 square kilometers 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 1400 tonne per day Aurbel gold mill. The Company has also entered into option agreement with Falconbridge Limited (formerly Noranda Inc.) wherein Alexis will earn a 50% interest in all of Falconbridge's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 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
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304