Alexis Minerals Corporation

Alexis Minerals Corporation

March 04, 2005 09:17 ET

Alexis-Noranda Announce West Ansil Base Metal Discovery: 26.15 Meters Grading 1.28% Copper In Central Rouyn-Noranda Mining Camp, Quebec


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ALEXIS MINERALS CORPORATION

TSX VENTURE SYMBOL: AMC

MARCH 4, 2005 - 09:17 ET

Alexis-Noranda Announce West Ansil Base Metal
Discovery: 26.15 Meters Grading 1.28% Copper In
Central Rouyn-Noranda Mining Camp, Quebec

TORONTO, ONTARIO--(CCNMatthews - March 4, 2005) - Alexis Minerals
Corporation (TSX VENTURE:AMC) in joint venture with Noranda Inc.
(TSX:NRD) is pleased to report a significant new base metal discovery in
ongoing drilling on the West Ansil Property in the heart of the Central
Rouyn-Noranda Mining Camp. The West Ansil Property is located 14 km
northwest of the Horne Smelter in the town of Rouyn-Noranda, Quebec.

Hole AN-05-03, currently in progress, has intersected a interval of
18.75 meters of massive sulphide mineralization underlain by a strong
footwall stringer sulphide zone typical of known base metal deposits in
the region. The setting of the new West Ansil Volcanogenic Massive
Sulphide Zone exhibits many similarities with the Ansil Deposit.

Only base metal values have been reported to date by the laboratory with
gold and silver assays expected shortly. The combined interval of
massive sulphides and stringer mineralization grades:

- 1.28% copper and 0.23% zinc over core length of 26.15 meters, Table 1.

The interval includes:

- a substantial massive sulphide intersection grading 1.07% copper over
a core length of 18.75 meters (estimated 16.6 meters true width), and,

- an underlying stringer sulphide zone grading 1.80% copper, 0.70% zinc
over a core length of 7.4 meters (true width to be determined).

The discovery hole is being advanced to depth and is continuing within
alteration and stringer mineralization. A down-hole geophysical survey
will be undertaken upon completion of drilling. Mineralization occurs at
a vertical depth of 500 meters. The zone is open to the southeast for a
distance of over 500 metres and in all directions to previous holes, on
average 300-400 meters distant.

"We are very encouraged by this discovery. The intersection comes after
only four months of exploration in this area, testing two targets
generated through Gocad and 3D-modelling of the Central Camp," stated
David Rigg, President and C.E.O. "The intersection confirms the value of
our integrated 3D-database and the benefit of integrating traditional
and new technologies to generate new targets in this historically
prolific area."

Three surface diamond drill holes were recently completed on the West
Ansil Property, Table 2. Down-hole geophysical surveys (BHEM) provided
vectors towards conductive mineralization. The first hole (AN-04-01)
cored through a massive magnetite horizon at the Lewis Exhalite, a
favourable horizon that extends throughout the Rouyn Camp. Sulphide
stringers in the magnetite horizon graded 1.35% Cu and 0.2% Zn over 1.2
meters.

Hole AN-05-02 tested a BHEM off-hole anomaly detected in AN-04-01 and
was interpreted to be "dyked-out" at target depth. The hole however
intersected a footwall stringer zone beneath the dyke grading 2.72% Cu
over 5.8 m (including 4.17% Cu over 3.4 m). BHEM in hole AN-05-02
produced two strong geophysical off-hole anomalies either side of dyke
with a strong magnetic signature coincident with the lower conductor.

Discovery hole, AN-05-03, targeted both BHEM anomalies from hole
AN-05-02 and intersected massive sulphide mineralization over a core
length of 18.75 meters (16.6 meters true width) in the lower conductor,
Table 1. The mineralization is underlain by a system of well-mineralized
stringers and black chlorite.

Significant mineralization was not intersected at the upper conductor in
hole AN-05-03. New BHEM results are awaited to retarget drilling in this
area. The upper conductor has similar geophysical features to the lower
conductor and is located at 390 meters depth.

The West Ansil style of mineralization and setting appears typical of
other Volcanogenic Massive Sulphide (VMS) deposits in the Camp. The new
discovery is located near a known structure, the EW2 Synvolcanic Fault,
which transgresses the Rouyn Noranda Camp and parallels two known
structures, the 'Amulet - Millenbach' and 'Amulet F - D62' Mine Trends.
The EW2 trend passes through the West Ansil area and the Waite Mine to
the southeast. Gocad Modeling recognizes four additional and untested
BHEM off-hole anomalies along this trend in historic drill holes through
the area. The last discovery in the Central Camp was the Ansil Deposit
in 1981.



Table 1: Hole AN-05-03, West Ansil Discovery Hole,
Rouyn-Noranda Mining Camp, Quebec
---------------------------------------------------------------------
COMMENT
Core Volcanogenic Massive
From To Length Grade Grade Grade Grade Sulphide Setting
(m) (m) (m) Cu% Zn% Au g/t Ag g/t
---------------------------------------------------------------------
522.85 541.60 18.75 1.07 0.04 pending pending greater than 90% Po,
up to 10% Cpy
---------------------------------------------------------------------
541.60 549.00 7.40 1.80 0.70 pending pending Chloritite with
Cpy/Sph stringers
---------------------------------------------------------------------
522.85 549.00 26.15 1.28 0.23 pending pending Hole in Progress at
549.0m
---------------------------------------------------------------------
Abbreviations: Cpy - Chalcopyrite, Po - Pyrrhotite, Sph - Sphalerite



Table 2. Diamond Drill technical data, West Ansil project
---------------------------------------------------------------------
Hole
Location Azimuth/
Drill (N/E) Dip/ From - Results/ Metals :
Hole Target UTMNad83 Length To (m) Comment Cu/Zn/Ag/Au //(m)
---------------------------------------------------------------------
AN-04- GOCAD- 5350465 / 220 / 799.05- Stringers/ 1.35% Cu and
01 PEM 623314 -50 / 800.25 Massive 0.2% Zn over
300.0 Magnetite 1.2 meters
---------------------------------------------------------------------
AN-05- PEM 5350449 / 220 / 554.9- Stringers/ 2.72% Cu over
02 623373 -50 / 560.7 Chlorite 5.8 m (including
387.0 4.17% Cu
over 3.4 m)
---------------------------------------------------------------------
AN-05- PEM 5350462 / 220 / 522.85- Massive 1.28% Cu,
03 623439 -51 / 549.00 Sulphide 0.23% Zn over
390.0 and core length of
stringer 26.15 meters
zone
---------------------------------------------------------------------


Management consider the intersection to be very encouraging and validate
the technical approach of the joint venture. This approach uses advanced
3D-Gocad modelling of all historic exploration information in a model
which covers a 17 km x 17 km area over the Central Rouyn-Noranda Mining
Camp. The data compilation was undertaken by Noranda over a six-year
period prior to the joint venture. 92 GOCAD targets have been identified
to date from this model and an exploration program of 50,000 meters of
surface drilling in 2005 is in progress (See press release: February 01,
2005). Five surface diamond drills are currently testing Gocad targets
across the central properties. Exploration efforts will remain focused
on continued discovery with an additional drill mobilized to the West
Ansil area and two drills will advance definition of the new discovery.
A total of nine Gocad targets were tested in 2004 and 3 tested to date
in 2005.

The West Ansil Property is located 14 km northwest of the Horne Smelter
and milling infrastructure in the town of Rouyn-Noranda, Quebec. The
property is part of a joint venture property portfolio that cover over
800 sq.km of the Rouyn area including control of an estimated 75% of the
Central Rouyn-Noranda Mining Camp. The new West Ansil discovery lies in
the heart of the Rouyn-Noranda Camp, in the immediate vicinity of the
past-producing Waite-Amulet deposits (9.7Mt grading 4.23% Cu, 3.61% Zn,
0.90 g/t Au and 28.0 g/t Ag), and 1.8 km southwest of the Ansil deposit
(1.58Mt grading 7.04% Cu, 4.02% Zn, 2.21 g/t Au and 26.29 g/t Ag). The
Rouyn-Noranda Mining Camp has historic production from over 20 base
metal mines with total metal production(1) of 2.4 million tonnes of
copper, 1.9 million tonnes of zinc, 14.1 million ounces of gold and 94.4
million ounces of silver. Deposits in the Camp are recognized for their
high polymetallic metal grades and resulting "Net Smelter Return" value.

(1) Compiled From multiple sources: CIM Special Volume 43,
Econ.Geol.vol., SEG Rev. in Econ. Geol.,vol88, GSC of 3490, AGE Annual
Report 2002, QNR DV 85-08,DV 87-01, DV 89-01,DV 93-01, DV 94-01, DV
95-01, DV 96-01 DV 97-01, DV 2002-10, MB 96-06, MM 89-04, MM91-01 &91-03.

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 (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).

Clarification of Press Release dated March 01, 2005 titled: "Scoping
Study confirms potential for Economic production at Alexis' Lac Herbin
Project in Val d'Or".

The company wishes to clarify that the scoping study was prepared by
Johannes Voyer, P.Eng. and Qualified Person under 43-101 guidelines,
through Quebec-based engineering and mining contract firm Ross Finlay
2000 Inc.. Kevin Weston is President and Director General of Ross Finlay
2000 Inc.

The company has granted 150,000 options to officers, directors and
consultants of the company to purchase common shares at $0.47 - $0.52,
subject to regulatory approval.

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".

NOTE: To see the General Location Map, Rouyn Noranda Mining Camp, Quebec
go to the following link
http://www2.ccnmatthews.com/database/fax/2000/AMC0304.doc

-30-

Contact Information

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