Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

March 21, 2006 08:00 ET

Alexis Minerals Corporation: Lac Herbin Interim Results Return 25.88 Grams Gold Over 7.0 Metres-Second Diamond Drill Mobilized

TORONTO, ONTARIO--(CCNMatthews - March 21, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce very positive interim results from underground diamond drilling of the S1 East Zone on the company's Lac Herbin project. Results cover an initial 1,046 metres of a planned, 8,000-metre underground drill program designed to test three of five known gold zones during Phase 1. Underground development continues to advance towards the HW and Lac Herbin Zones with 1140 metres of Ramp development completed to date. Drill bays have now been developed on the HW Zone and a second drill machine is being mobilized. Development towards the Lac Herbin Zone continues at the 165-metre vertical-elevation. The project is located 10 km northeast of Val-d'Or, adjacent to the past-producing Ferderber (1.6 million tonnes (Mt) grading 6.99 grams gold per tonne (g Au/t)) and Dumont Mines (1.2 Mt grading 6.51 g Au/t).

Results of the initial drilling on the S1 zone are presented in Table 1. Highlights include:



S1 Zone - steeply dipping Quartz-Tourmaline-Pyrite Vein within the
S1 shear
- 25.86 g Au/t (10.28 g Au/t cut(i)) over 7.0 m (hole LH01-013)
- including 107.0 g Au/t over 1.5 m
- 20.68 g Au/t (12.9 g Au/t cut(i)) over 1.6 m (hole LH01-012)
- including 51.1 g Au/t over 0.6 m
- 8.14 g Au/t over 2.7 m (hole LH01-010)
- including 16.3 g Au/t over 1.3 m
- 6.92 g Au/t over 1.5 m (hole LH01-014)
- including 23.9 g Au/t over 0.5 m


The West E zone remains open to the west and at depth and additional drilling is planned.

West E Shear- moderately dipping Quartz-Tourmaline-Pyrite Vein within the (conjugate) West E shear and adjacent to the S1 East shear:

- 8.67 g Au/t (5.3 g Au/t cut(i)) over 7.7 m (hole LH01-016) including,

- 63.2 g Au/t over 0.9m

"Exploration has confirmed good structural continuity and higher than anticipated gold grades in the S1 East zone," said David Rigg, President and CEO of Alexis minerals. "The detailed understanding of structural controls on mineralization will add considerably to our ability to define the current Resource and expand upon the Resource as the program continues. Potential remains to expand the S1 East zone to the west and to depth, outside the previous limits of inferred resource blocks identified from surface drilling."



Table 1 - Lac Herbin Underground Drilling Results (results projected
over a minimum true mining width of 1.5 m; LV equals Low Values)
--------------------------------------------------------------------
Hole Number To-From Length Zone Uncut Cut True
(m) (m) Grades Grades Width
(g Au/t) (g Au/t) (m)
--------------------------------------------------------------------
LH01-001 40.5 - 42.0 1.5 S1 3.05 1.5
--------------------------------------------------------------------
LH01-002 41.5 - 43.0 1.5 S1 1.19 1.5
--------------------------------------------------------------------
LH01-003 40.5 - 44.2 3.7 S1 QT Vein - LV 3.2
--------------------------------------------------------------------
LH01-004 38.8 - 40.4 1.6 S1 QT Vein - LV 1.5
--------------------------------------------------------------------
LH01-006 61.0 - 63.6 2.6 S1 Shearing - LV 2.0
--------------------------------------------------------------------
LH01-007 102.3 - 105.9 3.6 S1 Shearing - LV 1.9
--------------------------------------------------------------------
LH01-009 28.5 - 31.5 3.0 S1 Shearing - LV 1.5
--------------------------------------------------------------------
LH01-010 37.0 - 39.7 2.7 S1 8.14 2.5
--------------------------------------------------------------------
LH01-011 31.5 - 33.8 2.3 S1 2.97 2.3
--------------------------------------------------------------------
LH01-012 34.7 - 36.3 1.6 S1 20.68 12.88 1.5
--------------------------------------------------------------------
LH01-013 39.7 - 46.7 7.0 S1 25.86 10.28 5.5
--------------------------------------------------------------------
LH01-014 33.0 - 34.9 1.9 S1 6.92 1.5
--------------------------------------------------------------------
LH01-015 35.7 - 37.6 1.9 S1 1.77 1.5
--------------------------------------------------------------------
LH01-016 46.6 - 50.0 3.4 S1 1.64 1.5
--------------------------------------------------------------------
63.3 - 71.0 7.7 West E 8.67 5.29 1.6
--------------------------------------------------------------------


(i)Cut Grade- all assay in excess of 34.28 g Au/t are cut conservatively to 34.28 g Au/t (or 1.0 troy ounce/tonne), a common industry practice. Historical practice at Dumont and Ferdeber operations mining similar mineralization employed cutting factors of 68.56 g Au/t and 51.42 g Au/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.

Drilling has defined the apparent eastern limit of mineralization in the S1 East zone (see Figure 1). Several holes have intersected significant quartz-tourmaline veins in the S1 structure with no pyrite and subsequently only low gold grades (QT Vein - LV, Table 1). Pyrite is intimately associated with gold. The local distribution of pyrite adjacent to the QT Vein-LV will ultimately define ore zone limits. Final stope limits at the adjacent Dumont and Ferdeber Mines were generally based on this distribution and were defined during drifting and stope development. Mineralization at Lac Herbin can be expected to show similar behavior.

To view Figure 1, Lac Herbin section 1 East, please click on the link below:

http://www.ccnmatthews.com/docs/herbina.pdf

The ramp crosses the point of intersection of the S1 East and West E zones on section 217150E, in the area of the intersection in hole LH01-016, immediately west of the drilling reported in Table 1. The quartz veining in the S1 and West E shear zones at this location shows good lateral continuity over strike lengths of more than 20 metres and the western end of the development remains in well mineralized veining. Chip and muck sample grades obtained from the zones correspond well with diamond drillhole grades. The drift and ramp intersection was unexpected and confirms the westward continuation of the zone. Additional drilling will be undertaken to expand the zone and trace its westward continuation.

"The resource blocks which defined the original S1 East Zone were based on three widely spaced surface drill holes which returned an average weighted grade of 4.53 g Au/t. The detailed drilling has identified higher grades which will significantly affect the average grade of this lens once definition drilling is completed." said Richard Roy P.Geo, qualified person for the Lac Herbin Project.

The current Phase I underground program includes 1,250 metres of ramp excavation, development of the 165 Level (165 metres below surface) and the completion of 8,000 m of delineation drilling from underground drill stations. Delineation drilling will be completed on the S1 East Zone (4.53 g Au/t) and advance across the Hanging Wall and Lac Herbin zones (10.31 g Au/t and 7.81 g Au/t, respectively) during March and 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 bulk sampling of mineralization. The project area lies 1.8 km from the fully-permitted, 1400 TPD Aurbel Gold Mill which is held on "care and maintenance".

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. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. Assays were performed by ALS Chemex - Chimitec of Val-d'Or (Quebec).

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)
    or
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 605-0576
    info@alexisminerals.com
    www.alexisminerals.com