Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

November 25, 2010 08:30 ET

Alexis Intersects Visible Gold in First Hole at Noralex, Near Rouyn-Noranda, Quebec

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company")" is pleased to announce that surface exploration programs on its properties in the Val-d'Or and Rouyn-Noranda, Quebec mining camps are continuing with four surface diamond drills exploring for gold and base metals. Surface diamond drilling will continue through the remainder of 2010 and extend into 2011.

Rouyn-Noranda Mining Camp

One drill was recently mobilized in Rouyn-Noranda, on the Rivière Mouilleuse and Noralex properties to complete a program of nine holes for approximately 3,000 metres (m) of drilling by the end of 2010.

Drilling has started on the Noralex property, 12km east of Rouyn-Noranda and approximately 10km northwest of the Doyon Mine. The program targets gold mineralization within rocks considered to be stratigraphically equivalent to those of the Doyon-Laronde trend. Three new gold showings, the Young Buck, Sulphide and Shear, were discovered through this area in 2004-2005 by the Alexis/Xstrata Copper Joint Venture (see news releases, September 16, 2004 and February 10, 2005). Previously reported results include:

  • Young Buck showing:
    • 1.94 grams per tonne gold (g/t Au) over 33.0m, including 6.13 g/t Au over 4.5m, and
    • 1.64 g/t Au over 24.5m;
  • Sulphide showing: 10.95 g/t Au over 1.5m and 4.09 g/t Au over 7.2m; and,
  • Shear showing: 1.45 g/t Au over 8.9m.

Drill core from the first hole, located 100m east of the Young Buck Zone, has been logged and sent for assaying. Geology, alteration and sulphide content appear to be similar to previous drilling and visible grains of gold have been recorded within two decimetric quartz veins. Assays are currently unavailable.

Four holes will be drilled in the vicinity of the Young Buck Zone to try to delineate and extend the zone. Three other holes will test Induced Polarization (IP) anomalies on the property.

On the Rivière Mouilleuse property, 22km northwest of Rouyn-Noranda, one hole has been completed (to a depth of 387m) on an IP and magnetic anomaly. Assays are pending and a borehole ElectroMagnetic (EM) survey will be conducted in the next few days.

Val-d'Or Mining Camp

Three drill rigs are operating in the Val-d'Or area; two on the Aurbel property to complete a program of 7,500m of drilling, and one machine in the Central Camp near the Deep West discovery. Targets on the Aurbel property include the eastern extension of the Dumont Shear, host to the past producing Dumont Mine; the Herbin West area, 1km west of the Lac Herbin mine; and on several other historically known gold showings. Drill holes will target the intersections of converging shear zones and the depth extension of the gold showings.

The Dumont Shear will be tested along a 2.5km long segment of the shear which has not been previously explored. Drill holes at the easternmost extremity of this segment reported gold values of 0.3 g/t to 328 g/t Au over decimetric intercepts associated with quartz-tourmaline veins. 

Other targets throughout the Aurbel property include four holes on the Herbin West area, three holes on the possible western extension of structures identified at the Beaufor mine, and three holes on the Standard Gold showing, located on the western border of the Bourlamaque batholith. Previous work on the Standard Gold showing reported channel samples of 121.7 g/t Au over 0.3m, 58.3 g/t Au over 0.9m, 15.2 g/t Au over 0.6m and 6.51 g/t Au over 0.3m, 10.3 g/t Au over 0.3m, and 50.4 g/t Au over 0.3m.

Drilling is also continuing on the Deep West discovery area where two previously completed holes will be extended to test the Deep West horizon (see news release, September 28, 2010). The first extension will be completed in the next few days and borehole EM survey will follow.

Quality Control

The technical and scientific content of this press release has been prepared and reviewed by Jean Girard, P.Ing and Denys Vermette, P.Geol; "Qualified Persons" as defined under NI 43-101 guidelines.

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. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011-2012. 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 88 sq. km). For more information about Alexis Minerals visit 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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