Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

May 20, 2009 08:30 ET

Alexis Intersects New High Grade Precious Metal Mineralization-Grading Up to 14.93 Ounces Silver, 0.28 Ounces Gold Per Ton

TORONTO, ONTARIO--(Marketwire - May 20, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) are pleased to report that a new style of high grade silver-gold-zinc mineralization has been encountered in recent drilling on its wholly-owned Dunraine and Annamaque properties in Val d'Or, Quebec. Four drill holes, totaling 4,638 m of drilling, were completed between June 2008 and February 2009 to test several deep geophysical targets in the recently identified Dunraine Anticline (see press release: June 27, 2008). Results are shown in Tables 1 and 2 below. The most noteworthy results were:

- 512.0 grams silver per tonne (g Ag/t), 9.66 g Au/t and 1.32 percent (%) Zn over 0.5 metres (m) in hole 17317-58A; and,

- 409.0 g Ag/t silver and 2.85% Zinc over 0.5 m in hole 17317-57C.

The results in current drilling are considered significant as the prospective geology trends towards an unexplored area with a top priority, untested MegaTEM anomaly. Alexis interprets the deep mineralization as a potential root of a metal rich system related to the Megatem anomaly. The significance is particularly enhanced considering the apparent symmetry and geometry of this 4.5 km2 target area in relation to the large East Sullivan Deposit which produced 16.4 Mt @ 1.03% Cu, 0.7 % Zn and 9.6 g/t Ag.



Table 1: Highlights for Silver-Gold-Zinc Mineralization encountered on the
Dunraine-Annamaque Drilling Program, Val d'Or Quebec
----------------------------------------------------------------------------
Hole No. From (m) To (m) Core g Ag/t g Au/t % Zn
Length (m)
----------------------------------------------------------------------------
17317-58A 1485.6 1486.1 0.5 - - 5.96
----------------------------------------------------------------------------
1512.4 1514.8 2.4 122.1 2.11 0.77
----------------------------------------------------------------------------
including 1512.4 1512.9 0.5 44.9 - 0.97
----------------------------------------------------------------------------
Including 1512.9 1513.4 0.5 512.0 9.66 1.32
----------------------------------------------------------------------------
Including 1514.3 1514.8 0.5 - - 1.34
----------------------------------------------------------------------------
17317-57C 1333.1 1333.6 0.5 409.0 - 1.38
----------------------------------------------------------------------------
Dun-93-25(1) 973.7 974.7 1.0 54.2 - 2.85
----------------------------------------------------------------------------
Abbreviations: g.Ag/t - grams Silver per metric tonne; g.Au/t - grams Gold
per metric tonne; Zn - Zinc, m - metres; (1)Drilled in 1993. True widths are
between 80 and 95% of intersections length.


Alexis has now correlated this mineralization in three drill holes over a distance of +500 metres and concludes that the values lie along a single, WSW trending structure. The structure trends directly towards the shallow, untested Megatem anomaly 400 metres further to the west. The anomaly lies within a 1.5 km wide area where there are no outcrops and no previous drilling, to the immediate east of the East Sullivan Intrusion. The East Sullivan Deposit lies to the immediate west of this intrusion, with mirror-like symmetry to the Intrusion and the Megatem anomaly.

The new style of mineralization is associated with distinct garnet rich alteration and with magnetite, sphalerite and stringers of native silver. The style of mineralization and alteration is interpreted to be skarn-type in nature and related to the proximity to the East Sullivan Intrusion located 4 km to the west of the area of current drilling. The Company conducted exploration in 2004-2005 on several optioned properties to the immediate south of the current Alexis owned properties and introduced the skarn model to the District as an explanation for the style and character of alteration and mineralization encountered over much of this area surrounding late Syn-tectonic intrusions.

Reported drilling is in an area located approximately 8 km southwest of the Louvicourt Mine and in the Dunraine Antiform, interpreted to represent the folded continuation of Louvicourt Mine stratigraphy. Drilling focused on testing deep Titan24 geophysical anomalies and several unexplained off-hole PEM anomalies detected in historical drilling, in the search for Volcanogenic Massive Sulphide (VMS) styles of mineralization. The new style of high grade silver-gold mineralization, reported in Table 1, was intersected in the hanging wall to the Val d'Or Mine Horizon, the original target horizon of drilling.

All four drill holes completed also encountered the common association of copper-rich stringer-type mineralization within chloritic alteration zones, typical of VMS environments. The most significant results are reported in Table 2. Recompilation of the mineralized stratigraphy in the camp will be completed prior to additional drilling.



Table 2: Highlights for VMS-style Stringer Mineralization encountered in the
Dunraine-Annamaque Drilling Program, Val d'Or Quebec
----------------------------------------------------------------------------
Hole No. From (m) To (m) Core g.Au/t % Cu % Zn
Length (m)
----------------------------------------------------------------------------
17317-58A 1,304.8 1,306.6 1.8 LV Massive Py LV
----------------------------------------------------------------------------
17317-57C 1,031.0 1,033.7 2.7 0.24 1-5% Py
----------------------------------------------------------------------------
17317-56 489.5 493.5 4.0 - 0.72
----------------------------------------------------------------------------
549.0 558.0 9.0 - 0.89
----------------------------------------------------------------------------
17317-55 302.1 303.2 1.1 - 2.96
----------------------------------------------------------------------------
323.3 332.4 9.1 - 0.73
----------------------------------------------------------------------------
including 327.0 329.4 2.4 - 1.45
----------------------------------------------------------------------------
LV - Low Values. True width are between 50% and 85% of intersection length


Alexis has again found new potential in the highly prolific mining camps of the Abitibi district where significant mineral resources continue to be found. The Company's large land holdings in this area provide the foundation for discovery integral to the advancement of its strategy of finding world class deposits.

Quality Control

The technical and scientific content of this press release has been reviewed by Jean Girard, P.Eng., employee of the Company and Qualified Person 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 is advancing a second wholly-owned gold deposit towards production, 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 sq.km and in joint venture with Xstrata Copper). Further information about Alexis Minerals can be found at its website: www.alexisminerals.com.

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 exploration priorities, estimates and costs, 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 mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by 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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