Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

May 12, 2005 08:00 ET

Alexis-Novicourt Intersect Significant Copper Stringer Mineralization In New Target Near Louvicourt Mine, Val d'Or

TORONTO, ONTARIO--(CCNMatthews - May 12, 2005) - Alexis Minerals Corporation (TSX VENTURE:AMC) in joint venture with Novicourt Inc. (TSX:NOV) is pleased to report significant copper (Cu) values within a classical footwall Volcanic Massive Sulphide (VMS) environment in two holes completed to test a new deep target 1-km to the southwest of the Louvicourt Deposit. Values from the intersected stringer zones (Table 1) include:



Hole 17315-01A - within a 250-meter wide alteration and stringer zone

- 0.43% Cu over 23.4 meters
- 0.56% Cu over 5.2 meters
- 0.69% Cu over 3.7 meters

Hole 17315-01E/F - within a 800-meter wide alteration and stringer
zone
- 0.44% Cu over 7.9 meters
- 0.71% Cu over 8.4 meters
- 1.27% Cu over 8.8 meters
- including, 2.95%Cu over 2.9 meters
- 1.14% Cu over 13.5 meters
- including, 3.73%Cu over 3.0 meters


David M. Rigg, President and C.E.O, stated, "This new mineralized environment strongly supports the potential for a new deposit at depth and close to the known Louvicourt Mine. Results provide the impetus to aggressively pursue the target and continue exploration within the Val-d'Or central VMS properties. In combination with work in the West Ansil area in Rouyn-Noranda, this further confirms that 3D Gocad modelling within an extensive database, coupled with aggressive exploration drilling, is producing exciting exploration results with significant potential."

The geological context of these results and down-hole geophysical anomalies are under evaluation to re-vector drilling towards potential massive sulphide targets. Alteration and stringer sulphide mineralization is located 1,000 metres to the southwest, and 750 metres below, the Louvicourt Mine on a synvolcanic fault that hosts the Louvem 3 and Louvem 4 deposits. The intersected stratigraphic sequence and structural setting is very similar to that at the Louvicourt mine but located on a parallel structure to that of the Louvicourt deposit at vertical depths of approximately 1500 meters.

Hole 17315-01A intersected a typical Mine sequence with approximately 250-meters of copper-rich stringer mineralization in highly altered footwall rocks; 3.4-meters of massive sulphides at the favourable mine horizon: and, hangingwall units identified as altered intrusive rocks similar to the Louvicourt Mine "caprock". Although the 3.4 meters of massive sulphides (within interval 2058.9 to 2063.8 m) returned low metal values, a related off-hole geophysical response was detected by a down-hole Pulse Electromagnetic Survey (PEM). The anomaly was targeted with wedge-cut hole 17315-01E/F.

Hole 17315-01E/F intersected a more significant footwall alteration and copper-rich stringer zone extending over a core length of greater than 800 meters. The hole remained within footwall stratigraphy to a hole depth of 2590 meters and did not encounter the extension of the favourable mine contact. Chalcopyrite stringers, locally massive and up to 30 cm. wide, are associated with typical sericite and chlorite alteration and are oriented at 50 to 70 degrees to core axis. Stringer mineralization is located 200 metres to the west of, and 150 meters below hole 17315-01A.

PEM surveys are currently being interpreted to vector follow-up drilling. Recent litho-geochemical subdivisions of the favorable mine sequence have identified a specific stratigraphic unit which hosts, and is restricted to, the Louvicourt deposit. The unit is interpreted to thicken around the Louvicourt deposit in the form of a synvolcanic basin. Hole -01E/F confirms similar thickening of this unit in the area of deep drilling and potentially confirms the presence of an additional synvolcanic basin at depth and to the south of previous exploration efforts. The three dimensional setting and configuration of the area is under review and will be tested in further drilling.

The joint venture program is part of an Alexis 15,000-meter drill program across the Central Val d'Or Camp which commenced in November 2004 (See Press Release: September 30,2004). Novicourt Inc. has provided 45% joint venture funding to the Louvex program and provides valuable technical input through a service agreement between Novicourt and NorandaFalconbridge. Alexis is earning into all of Aur Resources 55% interest in the Louvaur Joint Venture on the Louvex and Bonnefond properties. Recent drilling tested five Gocad targets on the Louvex property immediately west of the Louvicourt Mine (15.65 Mt @ 3.42% Cu, 1.59% Zn, 25.78 g/t Ag and 0.92 g/t Au). Targets were developed at vertical depths of 500 to 1500 meters from an advanced database using Gocad 3D modelling and involved significant input from the Aur Resources' Louvicourt geological team in 2004.

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.

West Ansil Update:

Alexis Minerals Corporation in joint venture with Noranda Inc. (TSX:NRD) also wishes to report that initial road construction has commenced towards the West Ansil area. A 1-km gravel road to drill sites on the new West Ansil discovery is required and will be completed upon receipt of environmental permits. Five drill machines are active in the Rouyn-Noranda Camp and have meanwhile been relocated to accessible targets during spring break-up and resumption of normal summer drilling conditions.

Additional drilling near West Ansil will be directed at:

- delineation of the West Ansil Zone,

- adjacent targets represented by off-hole geophysical anomalies identified in current holes, and,

- targets arrayed along the EW2 trend (see press release dated: March 04, 2005).

Five surface drills remain active on Gocad targets as part of a 2005 program that includes an estimated 50,000 meters of surface exploration drilling in the Rouyn-Noranda Camp.

Cadillac Option, Val d'Or

Alexis also wishes to announce that the option agreement with Aur Resources Inc. on the Cadillac Group properties dated May 5th, 2003 has been terminated. The option agreement covered 10 properties (approx. 6,000 Ha.) to the south of the Central VMS Val d'Or Properties. The "Skarn Model", developed on the Cadillac properties, is currently being applied across Noranda-Alexis joint venture properties in the Rouyn-Noranda area.

Stock-Option Benefit Plan

The company has granted 1.87 M options under the company Stock Option Plan to officers, directors, employees and consultants at an exercise price of $0.78. Options are valid for a period of 5 years.

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 kilometers in the Val d'Or area that are 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: The Map and Table 1 (Significant Assay results, Louvex property, Val d'Or, Quebec) are available on CCNMatthews' website at: http://www2.ccnmatthews.com/database/fax/2000/atme0512.pdf

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)
    or
    Alexis Minerals Corporation
    John Pritchard
    V.P Corporate Development
    (416) 861-5884
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304 / (514) 605-0576