Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

November 29, 2010 08:30 ET

Alexis Reports Additional Encouraging Gold Results at Snow Lake: 2.99 g Au/t Over 15.12 metres; 51.46 g Au/t Over 1.73 metres and 22.43 g Au/t Over 4.21 metres

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to report additional encouraging results from its gold exploration drilling program at its Snow Lake Mine in Manitoba. Drilling confirms the potential for mineralization from surface to 520 foot depth within the East Extension of the Main Mine, giving further support for the potential discovery of a major new ore zone. Also, very high gold grade results are being found in the Footwall of the Main Mine Horizon. Highlights include (see Table 1):

East Extension

  • 2.99 g Au/t over 15.12 metres (m) in hole HB 10-70; including
    • 7.16 g Au/t over 4.73 m;
  • 2.06 g Au/t over 8.41 m in hole HB 10-72.

Footwall Zones

  • 22.43 g Au/t over 4.21 m in hole HB 10-71; including
    • 148.97 g Au/t over 0.59 m; or
    • 51.46 g Au/t over 1.73 m
  • 3.70 g Au/t over 9.86 m in hole HB 10- 80; ; including
    • 5.69 g Au/t over 5.40 m;
    • 41.62 g Au/t over 0.52 m.

Drilling until August 2010 was largely focused on areas of Inferred Resources adjacent to the mine in order to further delineate these in support of the recently completed Snow Lake Feasibility Study (see news release: November 3, 2010). Drilling is now focused on several known gold showings and numerous structural targets across the property. Recent drilling has focused on the East Extension (see news release, June 15, 2010), an area immediately to the east of the principal zones historically mined at the Snow Lake Mine; and, on high grade intercepts in the Footwall (FW) of the Main Mine Horizon. The zone is cut by a Gabbroic intrusion below the 520 foot level. Down plunge exploration of this new ore trend is in progress. Mineralization in the footwall zones is locally very high grade and work to correlate this new area of interest is ongoing.

A program of recompilation and reinterpretation of all property data is in progress. This work is identifying good potential for the extension of known ore zones along strike, as well as down plunge of existing deposits. With its acquisition of the Snow Lake property and the addition of properties over the Snow Lake Basin, (see news release: November 24, 2010); Alexis' management feels the property could become the foundation for significant growth in resources, reserves and gold production within the next 12-18 months. 

During the first eleven months of 2010, 28,841m of diamond drilling has taken place on the Snow Lake property. Alexis will invest approximately $5.5 million of its annual exploration budget in the Snow Lake property in 2010 and has three drill rigs operating. Exploration budgets on the Snow Lake properties are expected to increase to $8.0M for 2011.

 Table 1 - Snow Lake Mine Exploration Drilling- Significant Intersections
True widths are greater than 90% of core length)

Hole Number From (m) To (m) Core Length (m) Au gpt Zone (All assays are uncut)
HB10-70 46.73 61.85 15.12 2.992 Main Zone – East Extension
includes 46.73 56.78 10.05 4.227
includes 46.73 51.46 4.73 7.159
and 53.28 56.78 3.50 2.322
HB10-71 116.41 116.76 0.35 15.223 FW
HB10-71 183.72 187.93 4.21 22.428 FW
includes 183.72 184.32 0.60 8.023
and 186.20 187.93 1.73 51.463
includes 186.20 186.79 0.59 148.973
HB10-71 234.84 236.10 1.26 3.218 FW
HB10-72 172.27 180.68 8.41 2.056 Main Zone – East Extension
includes 172.27 175.09 2.82 2.909
HB10-73 65.32 66.47 1.15 3.971 HW
HB10-73 224.00 225.73 1.73 2.411 Main Zone – East Extension
HB10-73 357.39 358.23 0.84 8.572 FW
HB10-73 451.16 453.48 2.32 3.305 FW
HB10-74 No Significant Assays
HB10-75 176.40 177.97 1.57 2.663 FW
HB10-75 189.94 190.94 1.00 5.623 FW
HB10-75 204.78 205.48 0.70 8.023 FW
HB10-76 259.92 263.14 3.22 2.338 FW
includes 261.43 263.14 1.71 3.418
HB10-77 27.73 31.00 3.27 2.062 Main Zone – East Extension
includes 29.00 31.00 2.00 2.718
HB10-78 No Significant Assays
HB10-79 No Significant Assays
HB10-80 46.21 48.05 1.84 2.559 Main Zone – East Extension
includes 47.11 48.05 0.94 4.389
HB10-80 101.65 111.51 9.86 3.702 FW
includes 103.27 111.51 8.24 4.286
includes 103.27 104.16 0.89 4.783
and 106.11 111.51 5.40 5.691
Includes 107.65 111.51 3.86 7.075
Includes 107.65 108.94 1.29 2.963
includes 110.99 111.51 0.52 41.623
HB10-81 Assays Pending
HB10-82 Assays Pending
HB10-83 Assays Pending
HB10-84 Assays Pending
HB10-85 Assays Pending

Quality Control

The technical and scientific content of this press release has been reviewed by Darren H. Simms P. Geo., Senior Exploration Geologist, Manitoba Division, Alexis Minerals and a Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company personnel at the Snow Lake Mine. 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 in a secure facility. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate for each batch of samples. Samples are shipped by secure truck to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan, an ISO/IEC 17025 accredited assay facility established in 1981. 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 mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX:AXSMF). The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq. km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 92 sq. km). For more information about Alexis Minerals visit alexisminerals.com.

Forward-looking information

This document may contain or refer to forward-looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

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