Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

March 23, 2006 08:00 ET

Alexis Minerals Corporation: Partners Complete West Ansil Resource Estimate

TORONTO, ONTARIO--(CCNMatthews - March 23, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) in joint venture with Falconbridge Limited (TSX VENTURE:FAL.LV) is pleased to announce the completion of a preliminary resource evaluation of the West Ansil base metal deposit. The West Ansil deposit is located in the Rouyn-Noranda Mining Camp, 15 kilometres northwest of the Horne Smelter in the town of Rouyn-Noranda, Quebec.

Falconbridge, as senior reporter and operator of the project, has completed resource calculations and a qualified Technical Report acceptable under National Instrument 43-101 ("NI 43-101"). The report is available through www.sedar.com. The current estimate has confirmed Indicated and Inferred Resources for the deposit:

Indicated Resource:

- 530,000 tonnes grading 3.4% Copper (Cu), 1.4 grams gold per tonne (g/t Au), 9.2 grams silver per tonne (g/t Ag) and 0.4% Zinc (Zn), with an additional,

Inferred Resource:

- 600,000 tonnes grading 3.3% Cu, 0.3 g/t Au, 5.9 g/t Ag and 0.2% Zn

A review of potential economics at West Ansil has been initiated. Falconbridge and Alexis are also completing a thorough compilation throughout the area in order to identify additional drill targets and to refine targets identified for the remainder of the property.

"The Resource estimate provides us with the data required to evaluate the potential economics of West Ansil," said David M Rigg, President and CEO of Alexis Minerals. "We anticipate that continuing exploration efforts in 2006 and the application of new exploration technologies will add to our discovery success record."

The West Ansil deposit consists of seven (7) domains - Three main massive sulphide lenses known as the Upper, Middle and the Lower Zones, two alteration-magnetite and sulphide stringer pipes (one joining the Upper and Middle massive sulphide lens and a second one underneath the main Lower massive sulphide zone), and two small satellite lenses above the Lower massive sulphide zone. Resource calculations were determined using generally-accepted mineral industry practices and are detailed in Table 1.



Table 1 - West Ansil Resource Estimate Summary

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Zone Category Tons Cu% Au g/t Ag g/t Zn%
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Upper MS Inferred 177,381 0.84 0.41 1.33 0.02
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Upper Stg Inferred 83,293 3.05 0.02 6.89 0.05
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Middle MS Indicated 526,327 3.35 1.37 9.23 0.42
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Middle MS Inferred 53,330 2.54 0.57 14.08 0.51
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Lower 1 MS Inferred 16,075 3.30 0.61 5.27 0.10
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Lower 2 Inferred 18,441 1.39 0.24 5.66 0.27
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Lower MS Inferred 180,693 5.80 0.40 8.62 0.15
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Lower Stg Inferred 74,396 4.22 0.05 3.21 0.33
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Legend: MS equals massive sulphides; Stg equals stringer sulphides


Quality Control

The West Ansil resource calculation was supervised by Mario Masson, P.Geo., and Qualified Person under National Instrument 43-101 guidelines. The geological interpretation of the West Ansil massive sulphides and the stringer zones was carried out by Falconbridge's geological team. For the purpose of this resource estimate, four vertical sections were constructed. Based on these sections a three dimensional (3D) geological interpretation of the mineralized zones, massive sulphide zones and stringer zones was built using Gemcom software (see Figure 1). A total of 18 (BQ)-NQ diamond drillholes for 11,017 metres contained all relevant sample data for the West Ansil deposits and was incorporated into the model. A statistical analysis of the West Ansil deposit database was completed on 342 samples from the composite weighted average data. The resource calculation was reviewed and confirmed by Chester Moore and Judy Wong, Falconbridge, Toronto as part of the Company's normal internal due-diligence program.

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"

For map of Figure 1 - Gemcon 3-D Model, West Ansil Deposit (looking NW), please click on link below:

http://www.ccnmatthews.com/docs/amc323.pdf

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • Alexis Minerals Corporation
    David M. Rigg
    President and CEO
    (416) 861-5888
    (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