Alexis Minerals Corporation

Alexis Minerals Corporation

November 30, 2006 07:30 ET

Alexis-Xstrata Copper Canada to Test Horne West Zone, Rouyn-Noranda, Quebec

TORONTO, ONTARIO--(CCNMatthews - Nov. 30, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) and Xstrata Copper Canada are pleased to announce that recent compilation of the Horne Mine property has identified an historic gold and zinc mineralized zone, the West Zone, which demonstrates excellent potential for expansion. The zone is located approximately 1 km to the west of the historic Horne Mine (Historical Production: 54 million metric tonnes (t) at 2.2% copper (Cu), 5.83 grams gold per tonne (g Au/t), 19.2 grams silver per tonne (g Ag/t)) and 2 km. west of the Quemont Mine (Historic Production: 13.9 million metric tonnes at 1.31 % Cu, 2.43 % Zn, 5.38 g Au/t, 30.86 g Ag/t).

The "West Zone 1-2" consists of a mineralized envelope (gold-zinc) averaging 5 to 18 metres thick which plunges steeply to the east and which has a strike length of approximately 30 to 150 metres at depths extending from 20 to 450 metres below surface. Gold grades typically range from 1.0 to 5.5 grams per ton. A zinc mineralized trend is recognized trending parallel, and adjacent to, the gold zone. Where sampled, values of 1 to 3.6% Zn over widths of 7 to 15 metres have been identified in the New Zone A second gold-zinc zone, historically termed the "New Zone", trends at a shallow angle to the West Zone. Both zones lie within the stratigraphic felsic package which hosts the Horne Deposit, are associated with up to 20% disseminated sulphides and are associated with sericite/chlorite alteration. The area of intersection of the two zones to the west has never been drill tested. Surface diamond drilling on the target will commence in January 2007.

"The Joint Venture has focused aggressively on the discovery of new deposits in the Rouyn-Noranda region over the last two years," stated David Rigg, President, Alexis Minerals. "Recent compilation work to re-evaluate and re-interpret the very large exploration database for the Rouyn-Noranda Camp, most recently over the Horne Deposit area, has led to the identification of many new targets. The West Zone target has many of the features of the "Bousquet 1" mine environment on the LaRonde-Dumagami-Bousquet deposit trend in the nearby Cadillac Camp. Drilling on the West Zone may well prove the adage that many new discoveries are made 'in the shadow of a headframe'. We continue our aggressive program of surface drilling throughout the region."

Historical gold results identified in compilation are shown in Table 1 and include:

- 4.56 g/t Au over 14.63 m (Hole: RN-S-573)

- 4.27 g/t Au over 9.32 m (Hole: RN-9-26)

- 5.49 g/t Au over 20.63 m (Hole: RN-9-90), and

- 3.37 g/t Au over 15.85 m (Hole: RN-9-73)

The West Zone was initially discovered through drilling during late 1930's, with the most recent drilling conducted in the late 1980's from surface and from the 9th mine level (270 metres vertical depth). Widely spaced drilling was also conducted from three deeper underground exploration drifts on the 21st, 33rd and 49th mine levels, respectively located at 730, 1200 and 1800 metres vertical depth. Compilation and modelling of the historic data identifies two converging gold-zinc trends. The area at the convergence of these two zones to the west is open above the 21st level (-730 metres) and plunges parallel to the trend of the Horne Deposit.

Table 1: Historic Drilling Results from the "West Zone 1-2", Rouyn-Noranda,

Section Hole No. Grade Core Vert. Comments
(50 m Length depth
Intervals) (m) (m)
646500 RN-S-573 4.56 g/t Au 14.63 -137.9 Au Zone, N/S for Zn
646550 RN-S-578 2.21 g/t Au 14.97 -176.6 Au Zone, N/S for Zn
646600 RN-9-26 4.27 g/t Au 9.32 -218.5 Au Zone
1.23 % Zn 2.74 -217.7 Zinc Zone
646650 RN-9-73 3.37 g/t Au 15.85 -259.8 Au Zone, N/S for Zn
646700 RN-9-75 1.38 g/t Au 11.27 -150.6 Au Zone
3.67 % Zn 10.36 -147.8 Zinc Zone
646700 RN-9-90 5.49 g/t Au 20.63 -410.6 Au Zone
1.86 % Zn 12.53 -417.3 Zinc Zone
N/S = core not sampled for Zinc

The new compilation work has recognized that chlorite and sericite alteration, common features of volcanic massive sulphide deposits like the Horne mine, identify a systematic trend focused on the West Zone and independent of the adjacent Horne Deposit alteration trend. Previous drilling has focused mainly on gold and the zones have not been uniformly and systematically sampled for copper, zinc and silver. Mineralization is open on strike to the west towards the untested convergence of the two zones; towards depth where significant openings are recognized; to the east; and, with local openings up-dip towards surface.

Several drill holes drilled during the late 1980's have been recovered and will be systematically resampled for Cu, Zn, Ag and Au prior to a program of surface diamond drilling commencing in January 2007. Surface drilling will test the western convergence of the two identified zones above the 21st level as well as possible extensions of mineralization.

Quality Control

Compilation and reinterpretation of the historical data of the Horne West Zone property is supervised by Senior Geologist Mario Masson, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. The information contained in this release relies mainly on historical data from previous workings and data at the Horne mine. All historical drill logs, plans and longitudinal sections confirm the information released herein. Work during this period would not have been subjected to current strict QA/QC protocol required under NI 43-101 best practices.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the 100%-owned Lac Herbin and Lac Pelletier deposits during 2007 - 2008. Alexis has a clear route to 100% ownership of all interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp. Alexis has purchased the 1400 tonne per day Aurbel gold mil and holds a 100%-interest in the Aurbel property. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp in JV with Xstrata Copper Canada (formerly Falconbridge Ltd.).

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".

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