Alexis Minerals Corporation

Alexis Minerals Corporation

March 07, 2005 12:48 ET

Alexis Minerals Corporation: Update On Rouyn-Noranda MegaTEM Exploration Program And Follow-Up Exploration On Montbray


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ALEXIS MINERALS CORPORATION

TSX VENTURE SYMBOL: AMC

MARCH 7, 2005 - 12:48 ET

Alexis Minerals Corporation: Update On Rouyn-Noranda
MegaTEM Exploration Program And Follow-Up Exploration
On Montbray

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - Alexis Minerals
Corporation (TSX VENTURE:AMC) wishes to report an update on results from
the exploration of MegaTEM anomalies in the Rouyn-Noranda region, Quebec
and exploration on the Montbray base metal discovery where a 2,836.0
meter - eight-hole follow-up program was recently completed. Six holes
were successfully completed and two holes abandoned due to broken ground.

In November 2004 the joint venture reported a new base metal discovery.
The initial hole aimed at testing airborne MegaTEM anomalies which had
been ground proofed with a deepEM survey. The first hole returned
stratigraphy indicative of a favorable massive sulphide system with a
coincident strong off-hole anomaly which was tested in the second hole.
The discovery hole returned 5.61% Cu, 1.70% Zn, 0.34 g/t Au and 17.6 g/t
Ag over a core length of 5.16 meters.

Subsequently six follow-up holes were drilled in the immediate vicinity
of the discovery. The holes did not return any significant
mineralization. All holes, Table 1, cored through the favorable contact
and were instrumental at defining the local stratigraphic assemblage
through an area of complex faulting.

Modeling of down-hole pulse electromagnetic (PEM) responses from holes
MON-04-08, -09, -10 and -12 has indicated that the mineralized conductor
is a tabular sheet approximately 75 m by 50 m and centered on hole 9. A
thickness of 4 metres was employed in the modeling. The sheet has an
azimuth of N330 and dips at -60 degrees to the NE. This is at a moderate
angle with respect to the initial expectation of stratigraphic
orientation. Geology is now known to strike between N330 to N360 and dip
at -45 degrees to the east. The zone is not of immediate economic
interest.

David Rigg, President & CEO of Alexis Minerals offered that "Although
the follow-up efforts on the Montbray discovery did not yield extensions
to the initial intercept, it has demonstrated the ability of the MegaTEM
technology to lead to new discoveries." The Montbray property is located
in an area host to several VHMS mineralized-altered systems with
generally limited and shallow previous work.

Noranda-Alexis are proceeding with additional deepEM and magnetic
surveys designed to explore the extensions of the favorable
stratigraphic sequence. Further drilling may be recommended pending
these results.

Drilling during 2004 also tested ten additional MegaTEM targets in
thirteen holes for 3,562.5 meters of drilling. No significant metal
values were reported from these targets. An additional fifty-four
MegaTEM targets remain untested across the extensive joint venture
property portfolio which covers over 800 sq.km. of the Rouyn-Noranda
region. Twenty of these targets have been prioritized for drilling in
2005.

For a table outlining the Results from Montbray Target, Rouyn-Noranda
Area, Quebec, please click on the link below:

http://www2.ccnmatthews.com/database/fax/2000/amc307.pdf

Quality Control

Drilling on the Lac Montbray property is supervised by Senior Geologist
Mario Masson, P.Geo. and Qualified Person under National Instrument
43-101 guidelines. Assay samples are taken from drill core (BQ size)
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. Significant assay results are duplicated at the
original laboratory and a second independent laboratory. 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 270 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 Aurbel gold mill. The Company has
also entered into option agreement with Noranda Inc. wherein Alexis will
earn a 50% interest in all of Noranda's properties in the prospective
Rouyn-Noranda base metal and gold camp, Quebec. The Noranda properties
cover approximately 800 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".

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Alexis Minerals Corporation
    David Rigg
    President and CEO
    416-861-5889
    416-861-8165 (FAX)
    or
    Alexis Minerals Corporation
    John Pritchard
    V.P Corporate Development
    416-861-5884
    514-605-0576 (FAX)
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.