Alexis Minerals Corporation

Alexis Minerals Corporation

January 09, 2007 07:30 ET

Alexis-Xstrata Intersects 8.1% Zinc Over 2.6 Metres-Discovers Two New Massive Sulphide Targets in Rouyn-Noranda, Quebec

TORONTO, ONTARIO--(CCNMatthews - Jan. 9, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) and Xstrata Copper Canada are pleased to announce their two most recent diamond drill holes have identified two new volcanic-hosted massive sulphide environments in the Rouyn-Noranda District. The new areas are located in little explored parts of the camp, outside of the main base metal mining region and offer strong potential to host base metal deposits in favourable geological contexts.

Hole PNK-06-02 on the 'Pinkos 3' Target, 12 km east or Rouyn-Noranda, intersected massive to semi-massive sulphides grading:

- 8.11 % zinc (Zn) and 18.2 grams per tonne silver (g Ag/t) over 2.64 metres, including:

-- 22.3% Zn, 0.06% Cu, 40.4 g Ag/t and 0.28 g Au/t over 0.60 metres

Hole DUT-06-07 on the 'Baie D'Alembert' Target, 20 km north-northwest of Rouyn-Noranda, intersected copper and zinc sulphide mineralization associated with volcanic breccias containing clasts and fragments of massive sulphides and in apparent association with good off-hole geophysical conductors.

"The Joint Venture has focused aggressively on discovery during 2006. The two new base metal environments, along with the West Zone target adjacent to the Horne Mine (see Press Release: November 30, 2006) present excellent stepping off points for our program in 2007," stated David Rigg, President, Alexis Minerals. "Recent compilation to re-evaluate and re-interpret the Rouyn-Noranda Camp continues to yield many new base metal targets. This is strong testament to the new mine potential of the region."

Diamond drilling on the Rouyn-Noranda project recommenced in May 2006 to test high potential copper (Cu) and Zn target areas identified through new compilation and evaluation programs. A total of 17,960.0 metres of drilling in 27 holes was completed in 2006 on high-quality targets. The joint venture will conduct a program of exploration in 2007 budgeted at $3.5M which will allow Alexis Minerals to fully vest into the Joint Venture in 2007.

"Pinkos" Area

Drillhole PNK-06-02 intersected 2.64 m of massive to semi-massive pyrite and sphalerite grading 8.1% Zn and 18.2 g silver (Ag) at the top of the Cyprus Rhyolite stratigraphic unit. The mineralized interval occurs within a 100-metre wide sericite and black chlorite alteration zone in the footwall rhyolite. A second, lower semi-massive pyrite intersection containing chalcopyrite stringers graded 0.33% Zn, 0.18% Cu over 2.86 metres. The hole was the third of a series of four kilometre-spaced holes planned to test the top of a regional stratigraphic unit known as the Cyprus Rhyolite. Holes are planned to target the top of this horizon at the intersection with known north-east synvolcanic faults. The target, located approximately 12 km east of the Central Mining Camp, is hosted by geology that is commonly associated with base metal sulphides in the Rouyn-Noranda Camp. Additional drilling is ongoing to further evaluate the economic potential of this target. The "Pinkos" property is currently under option from IAMGOLD-Quebec Management Inc. (formerly Cambior Inc.).

Baie D'Alembert Area

The Baie D'Alembert target, located about 20 km north-northwest of the Central Mining Camp near Duparquet, Quebec, has returned a new favourable VMS environment with Cu and Zn sulphide mineralization associated with altered intermediate flows and pyroclastic rocks . The newly identified favourable base metal horizon is marked by a bedded cherty exhalite and intermediate tuffs containing stringers, bands and fragments of massive to semi-massive sulphides. The sulphide fragments, measuring from 1 to several 10's of centimetres in diameter, indicate close proximity to a massive sulphide deposit. The best base metal intersection was returned from an earlier drillhole, DUT-06-05, which obtained 3.04% Zn over 0.7 m, 0.15% Cu over 3.65 m and 0.17% Zn over 4.7 m. Hole DUT-06-07 was completed to test the same rock package at a vertical depth of 1,000 m and down-plunge of hole DUT-06-05. Hole DUT-06-07 has intersected significantly thicker pyroclastic rocks and wide breccia zones hosting locally up to 25% fragments of massive sulphide. Fragments are dominantly composed of pyrrhotite and pyrite with frequent chalcopyrite. Locally, centimetre-sized fragment of massive sphalerite was observed in a tectonic breccia. Chalocopyrite is also present within the amygdules of the footwall andesites. A downhole geophysical survey has identified untested off-hole anomalies which will be the focus of future drilling. Assays have not been reported from the laboratory.

Quality Control

Diamond drilling in the Rouyn-Noranda area is supervised by Senior Geologist Mario Masson, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from NQ drill core 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).

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 mill 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) 667-2304