Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

July 26, 2011 07:00 ET

Alexis Provides Update on Surface Exploration Efforts at Its Aurbel Property Finding 62.3 g/t (Uncut) Over 1.2 Metres at the Beaufor West Extension

TORONTO, ONTARIO--(Marketwire - July 26, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to provide an update on its exploration efforts at the Aurbel property in the Val-d'Or mining camp. The program ran from September 2010 to April 2011 and 23 holes totaling 9,808 metres were drilled. Results are summarized in Table 1 below.

The objective of the drilling campaign was to test different areas of the Bourlamaque batholith in search of mineralization similar to that at the Lac Herbin and Beaufor mines. Alexis chose targets from the compilation and interpretation of what the Company believes to be favorable structures. The results are as follows:

Beaufor West Extension Area

Seven holes were drilled totaling 3,028 metres which included holes 17421-33 and 17421-34 drilled on the same section. The shear zone had a core length of 11 m from 498 to 509 metres in hole 34 at a vertical depth of -390 metres. A section of 1.2 metres showed up to 20% sulphides (Py±Cp) and graded 18.97 g/t Au, 10.38 g/t Ag and 0.39% Cu. Alexis had these values checked by an independent laboratory who used a metallic sieve method of testing. The independent laboratory (ALS) reported a gold value of 62.3 g/t uncut (32.8 g/t cut) over 1.2 metres. Hole 33 cut the same shear at a vertical depth of -50 but had almost no vein and sulphides, and no gold assays.

Results for Hole 17421-34
From
(m)
To
(m)
Length Au
(g/t)
Ag
(g/t)
Cu
(%)
Technilab 499.7 500.2 0.5 8.59 15.4 0.47
500.2 500.9 0.7 26.39 6.8 0.33
ALS 499.7 500.2 0.5 105.5 ---- ----
500.2 500.9 0.7 31.50 ---- ----

The second phase of drilling was planned and executed to test this same shear structure. Hole 39 was drilled between holes 33 and 34 on the same section, and cut the shear zone 80 metres above hole 34. Traces of pyrite were present and weak anomalous gold values were reported. Holes 35, 38 and 41 were drilled on a section located 150 metres west of hole 34. Each hole cut numerous shear zones, some with quartz veins and veinlets and traces of pyrite. Gold values reported were 5.1g/t Au over 0.8 metres in hole 35 at a vertical depth of -240 metres from one of the shears. The Company has interpreted this to mean the shear zone corresponds to another structure located 60 metres south of the one cut in hole 34. A last hole, 17421-40, was drilled 200 metres farther west and north to test the junction of two interpreted shear zones. Numerous shear zones were cut, but none has assayed gold value.

A borehole induced polarization (IP) survey will be executed in holes 33, 34, 35, 38, 39, 40 and 41 this quarter with the aim to localize sulphides enrichment and, hopefully, gold enrichment in these structures.

Eastern Extension of the Dumont Shear

Four holes over 2.5 kilometers were tested (17421-23, 24, 26 and 27) that intersected tensional veins and shears which were weakly mineralized. The exploration team identified the best results from hole 24 intersecting a shear zone of 16.7 metres (core length) and assays of 0.4 g/t Au over 8.4 metres including a sample at 1.0 g/t Au over 1.1 metres. According to the exploration team, anomalies from an induced polarization (IP) hole-to-hole survey realized in the vicinity of hole 26 and the Langford showing justify follow-up in this area.

Standard Gold Showing Area

Four holes were tested (17421-29 and 17408-03, 04 and 05). Test results provided by the previous owners on the showing reported 121.7g/t Au over 0.3 metres at shallow depth. The Company's more recent tests show 13.2 g/t Au(cut) over 1.5 metres in hole 29 including visible gold (VG) and tests in hole 5 resulted in 25.8 g/t Au (cut) over 1.8 metres including 37.4 g/t Au over 1.3 metres. Based on these results the Exploration team has recommended follow-up drilling.

Additional Updates

The exploration team drilled two short holes (17319-01 and 02) and additionally tested a showing stripped in 2007 near the South East Border of the Bourlamaque Batholith. The team found mineralization of 1.5 g/t Au over 0.5 metres in hole 17319-01 and 0.3 g/t Au over 2.8 metres in hole 17319-02.

Table 1: Summarized Results
Hole # From
(m)
To
(m)
Grade Au Target
17319-01 25.9 26.4 1.5 g/t over 0.5 m Calahan Gold Showing
17408-03 265.5 267.0 1.1 g/t over 1.5 m North of Standard Gold
17408-04 250.5 251.5 2.2 g/t over 1.0 m North Standard Gold
17408-05 299.9 301.2 37.4 g/t over 1.3 m North Standard Gold
17421-24 111.6 112.7 1.0 g/t over 1.1 m Eastern extension of Dumont shear
17421-29 249.6 251.1 15.3 g/t over 1.5m (VG) North Standard Gold
17421-29 354.9 355.7 2.7 g/t over 0.8 m North Standard Gold
17421-34 499.7 500.9 19.0 g/t over 1.2 m Western extensions of Beaufor faults
17421-35 342.7 343.5 5.0 g/t over 0.8 m Western extensions of Beaufor faults
All intercepts reported are core lengths and true thickness is believed to be in the range of 70 to 85% of these core lengths.

Qualified Persons and Quality Control

The technical and scientific content of this press release has been reviewed by Jean Girard, P. Eng, Exploration Manager, and Claude Gobeil, P.Eng., senior Geologist, both Alexis Minerals employees and Qualified Persons as defined under NI 43-101 guidelines. The results were supervised by Claude Savard, P.Geo., and André Bérubé, P.Geo, Alexis Minerals Corporation. Diamond drill core is logged and sampled by company personnel at the exploration office. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample retained and archived. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicates for each batch of samples. Analyses were performed by Techni-Lab of Ste-Germaine Boulé, Québec an ISO/IEC 17043 accredited assay facility. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian publicly traded mining company concentrating on exploration and mine development. The Company is listed on the Toronto Stock Exchange ("TSX") under the symbol "AMC", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMF". The Company's focus is to grow through exploration, development and acquisition of mineral properties and directly and indirectly, through joint ventures. Alexis is now in its third full year as a junior gold-producing company. The Company holds a dominant property position (over 1,050 km2) in three of Canada's richest mining camps: Val-d'Or and Rouyn-Noranda, in the Abitibi District of Québec, Canada, historically the 3rd richest gold producing region in the world; and Snow Lake, Manitoba, Canada. Alexis undertakes exploration across these properties searching for new world class discoveries, while maintaining a focus on growing Alexis to become a mid-tier gold producer.

Forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the results of the drilling on the Company and its understanding of the property, the timing and amount of future exploration and development of the property, and the future financial or operating performance of Alexis and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact Information

  • Alexis Minerals Corporation
    Francois Perron
    President and CEO
    (416) 309-2952 or Toll free: 1 877-717-3027

    Alexis Minerals Corporation
    Louis Baribeau
    Public Relations
    (514) 667-2304 or Toll free: 1 877-717-3027

    Alexis Minerals Corporation
    Rob Hopkins
    Investor Relations
    (416) 861-5899 or Toll free: 1 877-717-3027
    info@alexisminerals.com
    www.alexisminerals.com