Alexis Minerals Corporation

Alexis Minerals Corporation

November 17, 2005 08:30 ET

Alexis Minerals Corporation: New Louvex Drilling Returns 235.9 Metres Of Zinc-Rich Stringer Sulphides And Alteration

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2005) - Alexis Minerals Corporation (TSX VENTURE:AMC) in joint venture with Novicourt Inc. (TSX:NOV) is pleased to report important zinc and copper values within an intense alteration zone from continued deep drilling of Target P6 at the Louvex property, east of Val-d'Or, Quebec. The target area is located 1 km to the southwest of the Louvicourt Copper-Zinc-Silver Mine.

Drill hole 17315-03C intersected 235.9 metres of Zn and Cu stringer mineralization, within a felsic flow unit exhibiting moderate to strong chlorite and sericite alteration from 1,601.1 to 1,837.0 metres in the hole. The entire mineralized interval is highly anomalous in Zn (1,470 ppm(i)) and Cu (460 ppm(i)). The drilling also intersected the favourable "Louvicourt" horizon at 2100 metres (core length) and was found to contain semi-massive to locally massive pyrite over 1.2 metres (similar to hole 17315-01A).

Higher grade mineralization in hole 17315-03A-C
(see Table 1 below) includes:

- 1.8% Zn over 4.1 metres from 1669.4 to 1673.5 metres,
including 5.15% Zn, 0.35% Cu over 1.0 metre and 3.79%
Zn over 0.5 metre

- 1.48% Zn over 12.4 metres from 1778.1 to 1790.5 metres,
including 1.48% Zn over 0.7 metres, 1.58% Zn over 1.3 metres,
6.72% Zn over 1.8 metres and 1.6% Zn over 1.1 metres.

- 2.55% Zn, 0.14% Cu over 1.0 metre from 1797.2 to 1798.2

David M. Rigg, President and CEO, stated, "The mineralized environment in Target area P6 strongly supports the potential for a new massive sulphide deposit at depth and adjacent to the known Louvicourt Mine. Results provide the impetus to continue aggressive exploration of the target and support continued exploration within the Val d'Or central VMS properties. We are committed to fully evaluate the economic base metal potential of this significant target area."

Hole 17315-03C is located 250 metres west and parallel to 17315-01A, and 300 metres above 17315-01E-F. Holes -1A and -1E/F intersected 250 metres and 800 metres of intense hydrothermal alteration and stringer sulphide mineralization, respectively (see Press Release: May 12, 2005).

Increasing alteration intensity and the Cu and Zn distribution observed in previous drilling, vectors future exploration towards a target between drillholes 17315-01F and 17315-01A, 250 and 300 metres deeper than previous drilling. Drill hole 314-13A is currently in progress to test this target.

Please note: A link to TABLE 1 - Significant Assay Results is available on CCNMatthews' website at the following link:

Property Agreement

Alexis is earning into all of Aur Resources' 55% interest in the Louvaur Joint Venture on the Louvex and Bonnefond properties. Novicourt Inc. has provided 45% joint venture funding to the Louvex program and provides valuable technical input through a service agreement between Novicourt and Falconbridge.

Alexis has the right to acquire all Aur Resources Inc. interests in 17 gold and base metal properties in the central area of the Val d'Or Camp, subject to certain NSR royalties. The properties cover 109 sq. km along a 25-km strike extension of the of the prospective Val d'Or Formation which host the Sigma-Lamaque, Bevcon, East Sullivan, Manitou-Barvue and Louvicourt mines.

Quality Control

Drilling on the Louvex property is supervised by Vice President Exploration Philippe Cloutier, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from drill core (NQ or BQ size) sawed in half with one half sent to ALS Chemex - Chimitec of Val-d'Or (Quebec) and the 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. Significant assay results are duplicated at the original laboratory.

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 kilometres 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. One diamond drill is currently active in the Val d'Or area and five drills are active 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 tatements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

Footnote(i) - ppm equals parts per million; tr equals trace; Cp equals chalcopyrite; Sp equals sphalerite; Py equals pyrite

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)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationniste, Quebec
    (514) 605-0576