MINERALS CORPORATION
For Immediate Release Press Release
Alexis Drilling Large Off-hole Anomaly in Deep West Target Area
- On 100% Alexis Owned Properties
September 3rd, 2008, Toronto - ALEXIS MINERALS CORPORATION [TSX: AMC] is pleased to report encouraging results from exploration drilling on the Deep West target, 1.5 km west of the past producing Louvicourt Mine [Past Production: 15.65 Million tonnes (Mt) @ 3.42% Copper (Cu), 1.59% Zinc (Zn), 25.8 gpt silver (gpt Ag) and 0.92 gpt gold (Au)], Val d'Or, Quebec. Hole 17314-10 was successfully completed at a final depth (core length) of 2,252 metres after intersecting three distinct sulphide stringer and alteration zones. The location, geological environment and setting of an off-hole geophysical conductor detected in the Deep West target area, and beneath the third stringer and alteration zone, has management excited by the potential of this deep off-hole anomaly. Recent geophysical results also indicate additional potential for the known Louvem 4 deposit to extend to depth [Past Production: 0.59 Mt @ 0.20% Cu, 9.27% Zn, 48.2 gpt Ag and 2.05 gpt Au].
Earlier results from hole 17314-10 were previously reported to 1450.0 metres and cover the first two stringer zones [see press release: June 27th 2008]. At depth, Hole 17314-10 traversed what Alexis believes is the western extension of the Louvicourt Mine Sequence in the Deep West target area and intersected stringer mineralization between 1705.0 and 1920 m, and in the footwall to the specific marker for the Louvicourt deposit within the Mine Sequence, the "VSED contact". The narrow VSED package (1920 - 1934m) at this location is mineralized with bedded pyrite. The best assay sections from the deeper stringer zones include:
- 1.76% Cu and 0.46% Zn over 4.5 meters (Core length from 1747.5 to 1752.0 m); with
- 2.95% Cu over 1.5 metres (1747.5 to 1749.0 m);
- 0.85% Cu over 4.5 metres (1869.0 to 1873.5 m); and
- 0.47% Cu over 15.0 metres (1905.0 to 1920.0 m)
Down hole geophysics (PEM) has now been completed and identified two interesting targets:
? A large off-hole anomaly associated with the Deep West Target; and,
? An edge/in-hole geophysical response at shallow depth and to the west of the hole, below the Louvem 4 Mine
A wedge-cut from hole 17314-10 is in progress to test the new deep anomaly and should be completed during the next 3 to 4 weeks. The new hole was deflected by wedging from hole 17314-10 at a depth of 984 metres.
Geophysical modeling
Maxwell modeling software is advanced commercial software which allows 3D interpretative modeling and comparison between theoretical results and actual down-hole geophysical results.
Recent Maxwell modeling of the Deep West Target area incorporates the results from down-hole geophysics surveys in:
- The most recent deep hole, 17314-10, drilled southward and below the Louvem 4 Mine (at approx 400m), through footwall volcanics and through the mine sequence on the adjacent Dunraine/Chimo properties (100% Alexis). The hole is approximately 1.5 km west of the Louvicourt deposit and was drilled almost perpendicular to the trend of the Mine Sequence.
- Alexis drill hole 17315-03C which was completed to evaluate the deep target 'P6' [see press release: November 17th, 2005] approximately 600 metres to the east of hole 17314-10; and,
- Four underground drill holes completed from the Louvicourt mine workings which remained within altered and stringer-mineralized footwall rocks to the north of the Deep West target area. The underground holes were drilled from an underground exploration gallery at the mine on the 770-m level almost parallel to the trend of the Mine Sequence. The holes never crossed the complete Mine Sequence.
The Maxwell modeling that Alexis has conducted suggests that the geophysical responses in these holes can be explained by:
? A large zone of low conductance (50 Siemens) representing the stringer mineralization intersected in hole 17314-10 and the underground holes; and, at depth beneath this,
? A large plate, 200 m x 300 m in size, of moderately conductive (300 Siemens) material 50-60 metres to the east of, and below, hole 17314-10. The off-hole anomaly in hole 17314-10 is seen on all 20 recorded channels.
The response in the area of the Deep West target is of particular interest because higher channel responses could be indicative of a large mass of material associated with the modeled plate, and are potentially indicative of an area which is more massive than a stringer system. Since mineralization at the Louvicourt mine has a measured conductance of 10 siemens per metre ore width, the modeled conductance may suggest significant potential associated with the off-hole anomaly. The Deep West Target is a Volcanogenic Massive Sulphide (VMS) target [see Press Release: June 10th, 2008].
Results from the down-hole Pulse electromagnetic (PEM) survey of hole 17314-10 have also been checked against a second down-hole survey method, employing the new InfiniTEM? survey method. Both surveys highlighted a large off-hole conductor in the same location.
Readers are cautioned that off-hole responses can be caused by a variety of conductive masses including pyrrhotite (an uneconomic iron sulphide mineral) or graphite-rich rocks, as well as massive sulphides that can form mineralized deposits bearing copper, zinc, silver and gold.
Hole 17314-10 - Three sulphide stringer and alteration systems encountered
Three areas of interest were identified in hole 17314-10. Results from drilling to 1450.0 metres were previously reported [see press release: June 27th 2008]. All mineralized intervals are reported as core lengths. The true thickness for the Louvem 4 stringer zone represents approximately 20-30% of the core length. The true thickness of the second and third stringer zones can not yet be assessed without further information.
1/ Louvem 4 Stringer Vein System:
Stringer and disseminated sulphide mineralization intersected beneath the Louvem 4 Deposit returned:
o 0.99% Zinc over 29.8 metres (325.8 to 355.6m), including
o 6.03% Zinc over 3.4 metres (325.8 to 329.2m)
This mineralized intersection is characterized by an "edge/in-hole" PEM anomaly, centered at 350m in the hole and located beneath the Louvem 4 Zone to the west of the drill hole. Results may indicate additional potential for the known Louvem 4 deposit to extend to depth. The anomaly will be followed up in due course.
2/ Intermediate Stringer System:
Chlorite and sericite alteration and stringer pyrite-chalcopyrite mineralization was encountered from 750 to 955 metres. The best assays have returned:
o 0.93% Cu over 6.2 m (936.0 to 942.5 m), including
o 1.47% Cu over 3.4 m (937.3 to 940.7 m).
3/ Deep West Target Area:
Drilling from 1,450 metres to 2,252 metres has been particularly encouraging due to the recognition of several mineral associations potentially indicative of a near (proximal) VMS setting, lying beneath, and very close to, the westward extension of the Louvicourt Mine Sequence:
? Proximal magnetite-chlorite-garnet alteration assemblages (1550 to 1580 m);
? Sulphide Stringer Zones containing chalcopyrite, pyrite, sphalerite and locally magnetite and pyrrhotite, and typical of the extensive stringer systems that have attracted Alexis to this area over the last four years of deep exploration. The best assay sections from this deep stringer zone include:
o 1.76% Cu and 0.46% Zn over 4.5 meters (1747.5 to 1752.0 m); with
o 2.95% Cu over 1.5 metres (1747.5 to 1749.0 m);
o 0.85% Cu over 4.5 metres (1869.0 to 1873.5 m); and
o 0.47% Cu over 15.0 metres (1905.0 to 1920.0 m)
? "Chaotic Carbonate Alteration", an association of intense black chlorite alteration with carbonate porphyroblasts and carbonate veining (1905 to 1934 m). This rock type has only been observed in the area surrounding the feeder zone to the Louvicourt VMS deposit.
Pyrrhotite and magnetite are both rare minerals in the Val d'Or Formation which extends eastward from Val d'Or across the width of the 212 km2 Alexis exploration properties. They are minerals which are considered to be good proximal indicators to mineralization and are recognized to be related to the massive sulphide lenses at the Louvicourt mine. Pyrrhotite and magnetite have not been observed in association with any of the stringer sulphide zones encountered in Alexis deep drilling programs over the last 3-4 years. In this setting, they are indicative of very high fluid temperatures of deposition and usually only occur in the central core of the hottest parts of the feeder pipe directly beneath VMS deposits.
Wedge-cut
A wedge-cut from hole 17314-10 is in progress to test the new anomaly and should be completed during the next 3 to 4 weeks. Alexis believes that the top of the anomaly is located at a vertical depth of 1,600 metres, approximately 1,500 metres west of the past-producing Louvicourt Mine and near the boundary of the Dunraine and Chimo properties. Alexis vested into a 100% interest in these properties in April 2008 [see Press Release: April 1, 2008].
Quality Control
The base metal program is supervised by Mr. Jean Girard, Eng., Denys Vermettte, P.Geol, and Sophie Lafontaine, P.Geol., Qualified Persons as defined under NI 43-101guidelines. Assay samples are taken from NQ or BQ 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 on samples from drill core which includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by ALS Chemex of Val d'Or, Qu?bec.
The technical and scientific content of this press release has been reviewed by Mr. Jean Girard, who is an employee of Alexis Minerals.
About Alexis Minerals
Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis owns the 1400 tonnes per day Aurbel gold mill and is currently advancing the adjacent, wholly-owned Lac Herbin Gold deposit into production in 2008. Alexis also has the right to earn in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused on advancing this project to a commercial production decision in 2009. Alexis holds an outstanding portfolio of properties covering 1,005 sq. km. of the prospective Val d'Or and Rouyn-Noranda Mining Camps in Quebec and explores these properties for both gold and base metals. Approximately 786 sq. km. of the Rouyn-Noranda Mining Camp is explored in a 50-50 joint venture with Xstrata Copper. There are currently five underground drills active at Lac Herbin, two surface drills active in Val d'Or and one surface drill active in Rouyn-Noranda.
For Further Information Contact:
David Rigg, President and CEO
Tel: 416-861-5889
Fax: 416-861-8165
Bruce Barch, VP Investor & Corporate Affairs Louis Baribeau, Relationniste
Tel: 416-861-5905 Tel: 514-667-2304
deconsul@videotron.ca
Email: info@alexisminerals.com Website: www.alexisminerals.com
Forward looking information.
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing and costs of production and exploration, mineral prices, feasibility of projects, 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. These forward looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.