Alexis Minerals Corporation

Alexis Minerals Corporation

July 20, 2005 08:00 ET

Alexis Minerals Corporation-West Ansil Drilling Returns 3.35% Copper, 1.3% Zinc And 1.86 Grams Gold Over 45.7 Metres: Additional Intersections Obtained

TORONTO, ONTARIO--(CCNMatthews - July 20, 2005) - Alexis Minerals Corporation (TSX VENTURE:AMC) in joint venture with Falconbridge Limited (TSX:FAL.LV) is pleased to announce additional positive results in ongoing drilling on the West Ansil Base Metal Discovery (see Press Release: June 23, 2005). Highlights include four additional massive sulphide intersections including hole WAN-05-04 which has returned assay results grading 3.35% Cu, 1.3% Zn, 1.86 g/t Au, 12.34 g/t Ag over 45.7 metres. Drilling confirms continuity of the mineralized zone at moderate depths. The West Ansil Zone is located 1.8 km to the southwest of the historic Ansil Mine in the heart of the Central Rouyn-Noranda Mining Camp, Quebec.

"West Ansil exploration results continue to demonstrate the excellent mineral potential of the Alexis-Falconbridge property holdings," said David M. Rigg, President & CEO. "Diamond drilling results on West Ansil have been extremely encouraging as we firm up the geometry and continuity of the base metal sulphide resource."

Assay results were recently returned from previously reported massive sulphide intersections in holes WAN-05-04 and -05 (Table 1 and Figure 1, see Press Release: June 23, 2005):

Borehole WAN-05-04 returned:

- 45.7 metres grading 3.35% Cu, 1.3% Zn, 1.86 g/t Au and 12.34 g/t Ag;

- including 9.5 metres grading 1.77% Cu, 4.35% Zn, 0.24 g/t Au and 10.83 g/t Ag

- with 3.8 metres grading 3.01% Cu, 10.81% Zn, 0.45 g/t Au and 20.99 g/t Ag

- including 32.2 metres grading 4.24% Cu, 0.55% Zn, 2.56 g/t Au and 14.28 g/t Ag

- with 13.0 metres grading 6.76% Cu, 0.13% Zn, 2.48 g/t Au and 12.70 g/t Ag

Borehole WAN-05-05 returned:

- 51.6 metres grading 0.93% Cu and 0.03% Zn (gold and silver assays are unavailable) in a mixed massive sulphide-magnetite zone;

- including 11.85 metres grading 1.25% Cu and 0.04% Zn.

Continued exploration has recently returned two additional drill hole intercepts:

Borehole WAN-05-07 with:

- 20.55 metres grading 2.68% Cu and 1.04% Zn. The hole is 45 metres up-dip from WAN-05-04. Gold and silver assays are unavailable.

Borehole WAN-05-06 which intersected three massive sulphides intercepts separated by non-mineralized diorite dykes, 35 metres above the intersection in borehole WAN-05-01 (2.69% Cu, 0.05% Zn over 18.1 metres; see press release: June 23, 2005). Massive sulphides were intersected from 415.6 to 424.0 (8.4 m), 427.1 to 430.0 (2.9 m) and 439.5 to 445.1 (5.6 m) metres. Assay results are currently unavailable. Samples have been submitted for analysis and results are expected within the next two weeks.

Table 1 - West Ansil Zone: Diamond Drill Holes and Best Values

Gold and silver assays were also recently received for drill holes WAN-05-01 and -02 (see June 23, 2005 press release). Gold assaying employs metallic sieve analysis of all massive sulphide intervals due to a component of coarse gold.

WAN-05-01 returned 1.97 g/t Au and 4.39 g/t Ag over the 18.1 metres in association with the previously reported 2.69% Cu, 0.05% Zn in a massive sulphide intersection from 425.6 to 443.7 metres. A higher grade interval grading 4.04 g/t Au and 7.54 g/t Ag over 3.4 metres was also returned from 440.3 to 443.7 metres.

WAN-05-02 returned 1.63 g/t Au and 5.34 g/t Ag over 5.0 metres in association with the previously reported 3.39% Cu, 0.12% Zn in massive sulphides from 439.8 to 444.8 metres.

The West Ansil Zone is interpreted to be a zone of massive sulphides located at a basalt/andesite contact within the Rusty Ridge Formation and discordant between the Lewis Exhalite and the Beecham Breccia horizons. Borehole geophysics supports further extensions of mineralization to the west, and along both the up-dip and down-dip plunge direction of the zone. Recent drilling is focused on defining the geometry of the sulphide body between elevations of -200 metres to -350 metres.

Results from the most recent holes, along with additional precious metal assays from holes WAN-05-01 and WAN-05-02, confirm the polymetallic nature of the zone. Not only are zinc values becoming potentially more significant, but gold values compare favourably with the nearby Waite-Amulet Deposit (9.7Mt grading 4.23% Cu, 3.61% Zn, 0.90 g/t Au, and 28 g/t Ag) and the Ansil Deposit (1.58Mt grading 7.04% Cu, 4.02% Zn, 2.21 g/t Au, 26.29 g/t Ag). The Ansil Deposit was located at depths of 1200 to 1500 metres and mined between 1989 and 1993 when copper and gold prices were significantly lower than the current metal prices.

Drilling continues to delineate the West Ansil mineralization. One hole is currently targeting the westward extension of the zone adjacent to hole WAN-05-04 and one hole has commenced deeper drilling of the zone below a major diorite dyke to test down plunge along the West Ansil trend and in the area of discovery hole AN-05-03 at elevations of -450 metres (see press release: March 04, 2005).

In addition to drilling on the West Ansil zone, exploration drilling is also being targeted at two distinct areas related to the original West Ansil discovery, Table 2:

- "Target C" at vertical depth of approximately 700 metres, being drill tested by hole AN-05-112, is interpreted to lie at the down-plunge projection of the West Ansil Zone, where it intersects the favourable Lewis Exhalite.

- "Target D", being tested by hole AN-05-111, is located approximately 500 metres to the northeast of the West Ansil discovery, incorporates unexplained off-hole anomalies and significant alteration zones along the northeast-trending synvolcanic VC Fault. This structure is also a host structure to the Ansil Deposit.

The program of drilling on these targets is ongoing, however, will be delayed due to 'Fire Restrictions' in Northern Quebec. Drilling and downhole geophysical surveys are currently suspended until these restrictions are removed.

Table 2 - Exploration Drilling Results on Target "C" and "D"

Quality Control

Drilling on the West Ansil 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 (NQ/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 210 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 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 Falconbridge properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 square kilometres. Two diamond drills are active in the Val d'Or area and six 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 statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

Figure 1 - West Ansil Drillhole Location Map

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