Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

October 18, 2006 08:30 ET

Alexis Intersects 1.02 Ounces Per Tonne Over 30 Feet at Lac Herbin, Quebec

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce additional results from continuing underground delineation drilling on the Lac Herbin gold project. Good gold intersections of up to 8.49 grams gold per tonne (g Au/t) over 9.0 metres (0.247 ounces per tonne (opt) over 29.5 feet) continue to be returned from the West E Zone drilling. The West E zone remains open to the west and at depth. In addition, drilling results of 35.06 g Au/t over 9.2 m (1.02 opt over 30.0 feet) from the "Flat Swarm" veining environment adjacent the S1 Zone have been returned. Diamond drilling of the S1 (East & West) and Hangingwall (HW) Zones also continues to show good continuity to these structures. Eleven (11) additional exploration targets adjacent to the Lac Herbin target area have been recognized. A barge-based exploration drilling program is in progress to test for extensions of known ore structures. The project is located 10 km northeast of Val-d'Or and 1.8 km from the wholly-owned 1400 TPD Aurbel Gold Mill.

Highlights from 22 additional drill holes for 2,806 metres of drilling from on-going underground exploration include the following intersections:

West E Zone - Table 1

- 8.49 (5.85 cut(i)) g Au/t over 9.0 m (LH02-062)

Including two separate intervals grading:

-- 29.04 (16.43 cut(i)) g Au/t over 1.6 m, and

-- 24.84 (21.29 cut(i)) g Au/t over 1.0 m

- 5.75 (5.08 cut(i)) g Au/t over 4.5 m (LH02-070)

--including 39.3 (34.28 cut(i)) g Au/t over 0.6 m

S1 Zone - Table 2

- 13.47 (8.94 cut(i)) g Au/t over 1.7 m (LH02-062)

--including 52.4 (34.28 cut(i)) g Au/t over 0.5 m

-5.17 g Au/t over 3.0 m (LH02-061)

HW Zone - Table 3

- 80.25 (20.71 cut(i)) g Au/t over 1.7 m (LH02-080)

-- including 135.5 (34.28 cut(i)) g Au/t over 1.0 m

"Flat Swarm" Zone - Table 4

- 35.06 (11.0 cut(i)) g Au/t over 9.2 m (LH02-062)

Including two separate intervals grading:

-- 116.27 (34.28 cut(i)) g Au/t over 1.9 m, and

-- 99.7 (34.28 cut(i)) g Au/t over 1.0 m

(i) - See note in Table 1: Cut Grades

"Lac Herbin underground drilling is returning grades and widths which exceed our expectations when compared to the original surface diamond drilling in the area prior to our underground program," said David Rigg, President and CEO of Alexis Minerals. "The continuing improvement in grade is being confirmed by sampling in underground drifts, raises and sub-levels on the HW and S1 zones. The strong gold grades associated with "Flat Swarms" adjacent to the S1 zone also re-affirm our belief that these flat, tensional gold vein systems have potential to contribute significantly to the overall resources of the project."

Exploration to date has largely focused on the delineation of Resources identified in surface drilling. Results from drilling are confirming the presence of at least six vein structures with strong gold mineralization. Drilling has advanced and a new Indicated Resource estimate is in progress based on the results in the HW, S1E and LH zones. Delineation drilling continues on the S1, S3 and West E zones and new resources will be developed through exploration drilling later in Q4-2006.

The improved understanding of the mineralized ore system at Lac Herbin has allowed Alexis to identify eleven (11) additional targets where ore zone extensions and new zones may be located. Alexis is currently completing a barge-based drill program on Lac Herbin to test the west and down-dip continuation of the HW zone, one of the three recognized Main zones on the project, with the objective of expanding current Resources. Other exploration targets provide the potential of additional resources for the project and will be tested during Q4 2006.

Underground Drifting and Raising

Raising and sub-level drifting on the HW and S1 West zones continues to demonstrate excellent lateral and vertical continuity to mineralization. A total of 275 metres of drifting and 84 metres of sub-level raising has been completed to date. Continuous high gold grade mineralization has been encountered in the S1 West Zone sub-level drift over true-widths of up to 3.8 and 4.8 metres. Development ore is contributing to a bulk sample currently being stockpiled on surface. Shipping of a 14,000 tonne surface stockpile for custom mill testing at the nearby Camflo Gold Mill is in progress and custom milling is expected to commence on October 23rd.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., and Claude Perreault, 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. 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 an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. 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. Alexis has a clear route to 100% ownership of all interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp. Alexis has purchased the 1400 tonne per day Aurbel gold mil and holds a 100%-interest in the Aurbel property. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Campin JV with Xstrata Plc (formerly Falconbridge Ltd.).

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"



Table 1 - Results from Underground Diamond Drilling:
West E Zone, Lac Herbin Project, Val-d'Or, Quebec

------------------------------------------------------------------------
Hole From-To (m) Length Zone Uncut Cut Grades(i) True
Number (m) Grades (gAu/t) Width
(gAu/t) (m)
------------------------------------------------------------------------
LH02-055 68.7 - 69.8 1.1 West E Veining - LV 1.5
------------------------------------------------------------------------
LH02-061 96.7 - 98.6 1.9 West E Veining - LV 1.9
------------------------------------------------------------------------
LH02-062 94.4 - 103.4 9.0 West E 8.49 5.85 8.0
------------------------------------------------------------------------
LH02-063 108.3 - 111.1 2.8 West E Veining - LV 2.0
------------------------------------------------------------------------
LH02-070 110.4 - 114.9 4.5 West E 5.75 5.08 4.5
------------------------------------------------------------------------
LH02-071 100.8 - 102.0 1.2 West E Shearing - LV 1.5
------------------------------------------------------------------------


Footnotes: (i)Cut Grade- all assays in excess of 34.28 gAu/t are cut conservatively to 34.28 gAu/t (or 1.0 troy ounce/tonne), a common industry practice. Historical practice at Dumont and Ferderber operations mining similar mineralization employed cutting factors of 68.56 gAu/t and 51.42 gAu/t, respectively, based on 15 years of production. Cutting factors at Lac Herbin will be established based on statistical results of the current program and bulk sampling.

(LV equals Low Values QT equals Quartz Tourmaline VG equals Visible native Gold)




Table 2 - Results from Underground Diamond Drilling:
S1 Zone, Lac Herbin Project, Val-d'Or, Quebec


------------------------------------------------------------------------
Hole From-To (m) Length Zone Uncut Cut Grades(i) True
Number (m) Grades (gAu/t) Width
(gAu/t) (m)
------------------------------------------------------------------------
LH02-054 68.3 - 69.9 1.6 S1W 6.01 1.0
------------------------------------------------------------------------
LH02-055 53.1 - 54.9 1.8 S1W 1.02 1.0
------------------------------------------------------------------------
LH02-057 41.9 - 43.0 1.1 S1W 1.72 1.0
------------------------------------------------------------------------
LH02-058 62.6 - 67.3 4.7 S1W Shearing - LV 2.5
------------------------------------------------------------------------
LH02-061 84.0 - 87.9 3.9 S1W 5.17 3.0
------------------------------------------------------------------------
LH02-062 69.6 - 71.6 2.0 S1W 13.47 8.94 1.7
------------------------------------------------------------------------
LH02-063 64.9 - 65.7 0.8 S1W Shearing - LV 0.8
------------------------------------------------------------------------
LH02-064 87.7 - 92.2 4.5 S1W Shearing - LV 3.0
------------------------------------------------------------------------
LH02-065 95.8 - 99.5 3.7 S1W Shearing - LV 1.8
------------------------------------------------------------------------
LH02-066 118.9 - 120.4 1.5 S1W Shearing - LV 1.5
------------------------------------------------------------------------
LH02-070 69.6 - 71.2 1.6 S1W 5.55 1.6
------------------------------------------------------------------------
LH02-071 72.2 - 74.8 2.6 S1W Veining - LV 2.5
------------------------------------------------------------------------
LH02-072 80.0 - 81.6 1.6 S1W 3.7 1.5
------------------------------------------------------------------------
LH02-076 47.2 - 49.1 1.9 S1W 4.45 1.5
------------------------------------------------------------------------
LH01-077 57.5 - 58.9 1.4 S1W LV 2.2
------------------------------------------------------------------------
LH02-078 69.8 - 72.9 3.1 S1W LV 1.5
------------------------------------------------------------------------
LH02-079 86.9 - 91.8 4.9 S1W LV 2.5
------------------------------------------------------------------------
LH02-080 107.9 - 113.9 6.0 S1W LV 3.0
------------------------------------------------------------------------
LH02-081 86.1 - 90.4 4.3 S1W Veining - LV 2.0
------------------------------------------------------------------------
LH02-082 101.9 - 104.0 2.1 S1W LV 1.5
------------------------------------------------------------------------
LH02-083 75.6 - 78.0 2.4 S1W LV 1.8
------------------------------------------------------------------------



Table 3 - Results from Underground Diamond Drilling:
Hangingwall Zone, Lac Herbin Project, Val-d'Or, Quebec


------------------------------------------------------------------------
Hole From-To (m) Length Zone Uncut Cut Grades(i) True
Number (m) Grades (gAu/t) Width
(gAu/t) (m)
------------------------------------------------------------------------
LH02-054 115.5 - 117.3 1.8 HW Shearing - LV 1.5
------------------------------------------------------------------------
LH02-055 106.5 - 107.2 0.7 HW Shearing - LV 0.5
------------------------------------------------------------------------
LH02-060 150.0 - 151.7 1.7 HW 80.25 20.71 1.5
------------------------------------------------------------------------
LH02-063 177.8 - 180.4 2.6 HW Veining - LV 2.0
------------------------------------------------------------------------



Table 4 - Results from Underground Diamond Drilling:
"Flat Swarms", Lac Herbin Project, Val-d'Or, Quebec


------------------------------------------------------------------------
Hole From-To (m) Length Zone Uncut Cut Grades(i) True
Number (m) Grades (gAu/t) Width
(gAu/t) (m)
------------------------------------------------------------------------

------------------------------------------------------------------------
LH02-080 50.7 - 59.9 9.2 Flat 35.06 11.0 9.2
Swarm
------------------------------------------------------------------------
Including 51.3 - 53.2 1.9 116.27 34.28 1.9
------------------------------------------------------------------------
And 58.9 - 59.9 1.0 99.7 34.28 1.0
Including
------------------------------------------------------------------------


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)
    or
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304
    Email: info@alexisminerals.com
    Website: www.alexisminerals.com