Alexis Minerals Corporation

Alexis Minerals Corporation

January 30, 2008 08:30 ET

Alexis Increase Resource Estimates at Lac Herbin in Support of Minimum 4-Year Production Model

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2008) - Alexis Minerals Corporation (TSX:AMC) is pleased to announce that it has completed a new internal evaluation of Resources on the Lac Herbin Gold Project in Val d'Or, Quebec based on over 30,000 metres of drilling completed during 2007, Table 1. Highlights of the new Resource evaluation are:

- Measured and Indicated Resources of 894,552 metric tonnes grading 6.98 gAu/T or 200,611 ounces contained gold (oz.Au) using an upper cut-off factor of 34.29 gAu/T (1.0 oz.Au/ton).

- This represent an 80% increase in tonnage from previous estimates.

- Additional Inferred Resource of 422,864 tonnes grading 5.85 gAu/T or 79,482 oz.Au;

- Inferred Resources continue to be converted to Indicated Resources at the rate of very close to 100%, underscoring the persistent and identifiable quality of mineralization;

- The new Measured and Indicated Resources provide support for an initial 4-year deposit model presented with the 2007 feasibility study (see press release: July 12, 2007). A review of the 4-year model for the deposit incorporating the revised Resources is expected to be reported shortly.

- Reconciliation of the Q4-2007 bulk sample (see Press Release: January 29, 2008) potentially supports the application of a higher cut-off grade. Using a 68.57 gAu/T (2.00 oz.Au/t) cut-off increases the grade of the Measured and Indicated Resources to 894,552 tonnes grading 8.42 gAu/T or 242,234 oz. contained gold and Inferred Resource to 422,864 tonnes grading 6.62 gAu/T or 90,035 oz. contained gold. This represents upside potential for up to a 20% increase in contained ounces of gold within the Resource. Sensitivity to increased cut-off grade is shown in Table 2.

- All zones remain wide-open at depth and to the west. Good exploration potential also occurs to the east on several of the zones in the deposit; and,

- Exploration targets on the 100 sq. km. Aurbel property have been recognized where repetition of the Lac Herbin environment may occur. Alexis will undertake a summer surface drill program on a 10 sq. km area targeted near the NEF gold showing.

"Alexis is very pleased with the increase of Measured and Indicated Resources. These now lend strong support to a minimum 4-year mine life for operations," stated David Rigg, President and CEO of Alexis Minerals. "Drilling in 2007 has confirmed the robust quality of the deposit and we again see almost 100% success rate at converting Inferred into Indicated Resources. All zones remain wide-open at depth and to the west, with good exploration potential to the east. We are planning 40,000 to 50,000 metres of underground drilling in 2008 and expect to significantly increase Resources, particularly inferred resources at depth beneath established, and open, ore trends. 2,500 metres of surface drilling will test the NEF showing."

Table 1 Measured, Indicated and Inferred Resources using a 34.29 gAu/T
(1.0 oz.Au/t) cut-off, Lac Herbin Project, Val d'Or, Quebec

Zone Measured + Indicated Inferred
-------------------- --------
(tonnes) (g Au/t) (oz Au) (tonnes) (g Au/t) (oz Au)
HW 229,432 5.57 41,109 107,588 6.21 21,490
WE 36,249 8.84 10,301 28,676 5.30 4,883
HW2 23,576 10.97 8,318 27,561 7.78 6,890
Bonanza 17,501 6.32 3,556 13,635 8.52 3,736
S3 209,612 8.49 57,206 115,686 4.69 17,455
LH 43,882 7.91 11,157 17,083 2.04 1,123
S1 334,300 6.42 68,965 112,635 6.60 23,907

Total 894,552 6.98 200,611 422,864 5.85 79,482

Note: A 34.29 gAu/T (1.0 oz.Au/t) cut-off factor (also referred to as
the "upper cut-off") is used to limit the influence of very high grade
assays within the sample data base used to estimate the Resource.
Reported assays higher than the cut-off factor are reduced to the value
of the cut-off factor in Table 1. An "un-cut" estimate relies on the
assay database without any adjustments to the grades of the assays.

Resource estimates are undiluted, use a minimum true width of 1.5 metres and apply an upper cut-off factor of 1.0 oz.Au/t (34.38 gAu/T) to high grade assays. The calculation was completed by Olivier Grondin, P.Geol. and Audrey Lapointe P.Geol. under the supervision of Claude Gobeil, Senior Project Geologist, P.Eng.. Claude Gobeil, P.Eng., is the Qualified Person under NI 43-101.

Impact of Bulk Sample and Mill Reconciliations on Resource Estimates

Alexis completed a bulk sampling program in Q4-2007 (See Press Release: January 29, 2008). 46,410 metric tonnes of material from Lac Herbin was milled and 6,732 ounces of gold recovered. Reconciliation of the Milling results and the recovered gold back to the resources in the stoped areas was particularly informative and supports the use of a potentially higher cut-off grade in the estimation of Indicated Resources. Results from test mining in the S1 Zone suggest that contained ounces in Indicated Resources closely proximate recovered ounces only if a cut-off of greater then 68.57 gAu/T (2.00 oz.Au/t) is used. Resource sensitivity to higher cut-off grades is presented in Table 2.

Table 2 Grade Sensitivity of Measured, Indicated and Inferred Resources
at higher cut-off grades, Lac Herbin Project, December 31st 2007, Alexis
Minerals Corporation, Val d'Or, Quebec.

Upper Measured
Cut-off grade and Indicated Inferred
gAu/T oz.Au/t (tonnes) (gAu/t) (oz Au) (tonnes) (gAu/t) (oz Au)
34.29 1.00 894,552 6.98 200,611 422,864 5.85 79,482
51.43 1.50 7.84 225,523 6.31 85,797
68.57 2.00 8.42 242,234 6.62 90,035
90.00 2.62 8.78 252,389 7.00 95,222
Uncut Uncut 9.51 273,429 7.29 99,053

Lac Herbin Exploration

Underground drilling during 2007 has confirmed the structural interpretation of the deposit. Mineralization is well explained by the Riedel shear model and with major controls being the Ferdeber Shear, to the south; and a major NE-trending regional shear to the west of Lac Herbin, both of which transect the approx. 100 sq. km. Bourlamaque Batholith. The structural environment hosting the deposit lies at, or near to, the intersection of these two major faults, plunges steeply to the southwest and is expected to have significant depth extension.

Discoveries in 2007 from underground drilling are:

- the high grade mineralization of the S3-Deep South Zone;

- the new discovery of the HW2 zone, a potentially major new zone at depth and parallel to the principal S1 and S3 zones; and,

- the HW4 Zone, a new NNE-trending mineralized shear located to the immediate SW of the deposit.

Exploration of the HW2 and HW4 zones has been very limited to date.

Four drill machines are currently active and a fifth machine is due to arrive in Q2-2008. Drilling from the hanging wall exploration drift on the 200-m level, developed as part of the 2007 exploration program, is continuing and will test the deposit potential down to the 700- to 800-m level elevations during 2008. Management are very optimistic that further mineralization particularly at depth below open resource trends will be encountered.

Implications for Surface Exploration in the Bourlamaque Batholith

Alexis owns a 100% interest in approximately 100 sq. km. of the Bourlamaque Batholith which hosts several gold deposits including Lac Herbin. Historic exploration on the property is mostly limited to the immediate vicinity of the past-producing Ferdeber and Dumont deposits, and the Alexis-Lac Herbin deposit. On average, across the remaining Batholith, only one exploration hole of 200 metres length has been drilled per sq. km. of the property. Several gold showings have been previously identified.

Alexis geologists have recognized a 10 sq. km. area in the centre of the Batholith which they consider to host several major structural intersections almost identical to that identified at Lac Herbin. The NEF showing (6.76 gAu/T over 3.96 m, Hole 2102-51) is located in this area. A program of 10 holes, totaling 2,500 m of drilling, will be advanced in this area during the summer months of 2008.

Resource Methodology

Longitudinal sections were developed parallel to each ore zone with horizontal projections of the midpoints of all intersections for all holes and assigned with the cut grade and true width of each hole. Resource blocks were outlined on the longitudinal section over these intercepts and in areas of underground workings, using mid-point limits between drill holes. Resources are defined according to CIM definitions standards for mineral resources and mineral reserves.

The Measured Mineral resource consists of blocks of a maximum of 10 m above or below mine development along a mineralized zone. The grade is the weighted average of chip samples contained in each face, on a total length of 10 meters along the drift axis. A drift face in veining is normally sampled round by round, approximately every 1.8 metres.

The Indicated Mineral resource consists of blocks inside a regular drill pattern with drill holes intercepts having a maximum mid-distance separation of 20 m. Exceptionally, a resource can be classified as indicated on a wider drill pattern when it is part of a well-defined mineralized trend with closely-spaced drill holes in some areas of the mineralized trend. The shape and extension of the trend must be known laterally and some indication of good continuity must be present in the direction of the indicated resource's trend.

The Inferred Mineral resource covers areas where drill hole information is more widely spaced than the 20-m spacing of Indicated Resources, with a maximum spacing of 50-m from other holes in a mineralized trend.

Resources were calculated using a density of 2.79 tonnes per cubic metre; true widths; and the length of projection of the longitudinal resource blocks measured on cross sections running perpendicular to each zone.

Resource estimates on the Lac Herbin project are supervised by Mr. Claude Gobeil, P.Eng. and QP under NI 43-101. M. Audrey Lapointe P.Geo. is Mine Geologist, responsible for production and grade control, and Mr. Olivier Grondin, responsible for mine site exploration. Assay samples are taken from exploration drill core sawed in half with one half sent to a commercial laboratory and other half retained for future reference. Production core is sampled 100%. 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).

Mr. Claude Gobeil, P.Eng.and QP, has reviewed the content of this press release.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. Alexis owns the 1400 tonne per day Aurbel gold mill and holds a 100%-interest in the Aurbel property. Alexis will vest into a 100% ownership of all remaining interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp in early 2008. Alexis also has the right to earn-in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda. The Company has earned a 50% interest in approximately 786 square kilometres of the Rouyn-Noranda Mining Camp and has entered into a joint venture with Xstrata Copper. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the 100%-owned Lac Herbin and Lac Pelletier deposits during 2007 - 2008. One surface drill is currently active in Val-d'Or and one surface drill in Rouyn-Noranda.

Forward-looking information. This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing and costs of production, mineral prices, feasibility of projects, and future mining plans. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Bruce Barch
    Manager Investor Relations
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304