Alexis Minerals Corporation

Published : May 27th, 2009

Identifies New Resource Areas adjacent to Lac Herbin Mine and Two Areas with Mine Discovery Potentia

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MINERALS CORPORATION

 

For Immediate Release                                                                                  News Release ___________________________________________________________

 

Alexis Identifies New Resource Areas adjacent to Lac Herbin Mine and Two Areas with Mine Discovery Potential

 

May 27, 2009, Toronto, Ontario:  ALEXIS MINERALS CORPORATION (AMC: TSX) is pleased to report recent exploration drilling results on the 100 sq. km., wholly owned Aurbel Property, approximately 10 km. northeast of Val d'Or, Quebec. Results confirm excellent potential for both increased resources at the Lac Herbin mine and potential for further new mine discoveries on the Aurbel property. A total of 22,946 m of surface and underground drilling was completed during Q1 - 2009.

 

Exploration during the quarter identified:

?         continuation of the Lac Herbin mine mineralization to the East;

?         two new areas with mine discovery potential, namely the Lac Herbin Zone approximately 1.0 km to 1.3 km West of the Lac Herbin Mine; and, the NEF Showing, 4.0 km Northeast of the Lac Herbin Mine; and,

?         additional potential at depth beneath the Dumont Mine [see Press Release: May 07, 2009].

 

The following text highlights and reviews the most noteworthy results in these areas. A full assay listing of results is available on the website version of this news release at www.alexisminerals.com.

.

 

Lac Herbin Mine: (Immediate Mine Area)

 

Underground drilling continues to focus on replacing and increasing reserves at the mine.  The principal discoveries in the first quarter were on the Bonanza Zone East, S1 Zone Extension East and the Apex Zone.  The typical narrow vein deposit in the Val d'Or area of Quebec generally replaces the mined reserve year on year. The results to date in these three zones indicate the strong possibility of not only replacing, but increasing resources by year end.

         Bonanza Zone Extension -  250 m East of the Lac Herbin Mine

o        6.3 g Au/t over 1.5 m (1.5 m true thickness) in hole LH01-254

o        17.4 g Au/t over 1.5 m (1.5 m true thickness) in hole LH01-255

         S1 Zone Extension - 75 m East of the Lac Herbin Mine

o        7.8 g Au/t over 1.7 m (1.5 m true thickness) in hole LH01-252

         Apex Zone - the immediate up-dip, near surface continuation of the Lac Herbin mine

o        66.5 (27.0 cut*) g Au/t over 1.3 m in hole AMAR-107;

o        13.9 g Au/t over 0.7 m in hole AMAR-111

                               (Cut* - Upper cut-off factor for high grade assay results on 34.39 Au g/t.)

 

The Lac Herbin West Zone: (1.0 to 1.3 km West of Lac Herbin Mine).

 

A significant new prospective area, termed the Lac Herbin West Zone, was identified when surface drilling evaluated a broad area along the western strike extension of the Lac Herbin mine. Management believes this new area has the potential to develop into a new gold deposit. Drilling on sections 1000 m and     1300 m west of the mine has confirmed significant gold values in three different converging shear zones and covering at least 400 m of strike length. The structural setting and assay results in this area are very reminiscent of early stage exploration results from the Lac Herbin deposit. Results include:

         8.4 g Au/t over 1.8 m; 8.5 g Au/t over 0.8 m;  and 5.3 g Au/t over 1.2 m (1.0 km W) in hole AMAR-97;

         8.2 g Au/t over 0.9 m; 23.6 g Au/t over 0.9 m; 3.6 g Au/t over 2.0 m; and 14.3 g Au/t over 0.5 m (1.3 km W) in hole AMAR-104;

         Numerous intersections of tensional veins were returned, including:

?         6.1 g Au/t over 1.6m, 8.4 g Au/t over 0.5 m, (1.0 km W) in Hole AMAR 94

 

NEF Showing:( 4.0 km NE of the Lac Herbin Mine).

 

Surface drilling has been initiated in the 8 sq. km. area of NEF Showing, in the central part of the property and 4 km NE of Lac Herbin Mine. Prior drilling encountered 6.7 g Au/t over 4.0 m. in one of seven widely-spaced, historical holes. Two holes have recently been completed, 220 m and 900 m west of the showing, on structures interpreted to resemble a repeat of the Lac Herbin structural environment. Both holes are encouraging from a structural perspective and both have returned auriferous values. Additional drilling is currently being focused in this area.

         6.8 g Au/t over 0.6 m and 3.8 g Au/t over 0.4 m (900 m west) in hole 17421-02;

         6.9 g Au/t over 0.7 m (220 m west) in hole 17421-04

         Historical intersection: 6.7 g Au/t over 4.0 m (Hole 2102-51)

 

 

Enhancing Regional Production Potential

 

Alexis will focus additional surface exploration to investigate the potential depth extension of the Dumont Mine [see Press Release: May 07, 2009]; and, in the area of both the Lac Herbin West and NEF areas. Underground drilling continues to focus on the eastern extension of the Bonanza and S1 zones as well as on other targets in the immediate mine area.

 

The Aurbel property, outside of the known Ferderber, Dumont and Lac Herbin Mines, has seen limited historical exploration with an average of one 200-m hole for everyone square kilometre of the property. Current exploration is guided by a new structural model developed from evaluation of the three mines.

 

Twelve additional surface drill holes on the Aurbel property, selected for geophysical and structural potential, were completed in a program to test a variety of structural targets identified through reinterpretation of available property geophysics. Numerous shear zones were encountered which returned low values and weak veining. Several of these areas may also prove prospective through further exploration. Assay results are pending receipt.

 

Quality Control:

 

The technical and scientific content of this press release has been reviewed by Mr. Jean Girard, Eng., and Claude Gobeil, P.Geo., who are employees of the Company and Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from NQ or BQ core, sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. A strict QA/QC program is followed on samples from drill core that includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by ALS Chemex of Val d'Or, Qu?bec.

 

 

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC").  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. 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). Further information about Alexis Minerals can be found at its website:  www.alexisminerals.com

 

Contact Information:

 

David Rigg, President and CEO

Tel: (416) 861-5889

Fax: (416) 861-8165

 

Bruce Barch,                                                              Louis Baribeau,

VP Investor & Corporate Affairs                               Relationniste

Tel: (416) 8615905                                                    Tel: (514) 6672304

bruce.barch@alexisminerals..com                            deconsul@videotron.ca

 

Email: info@alexisminerals.com                 Website: www.alexisminerals.com

 

 

Alexis Minerals Corporation

PRODUCER
CODE : AMC.TO
ISIN : CA01537P1045
CUSIP : 01537P104
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Alexis Min. is a gold and copper producing company based in Canada.

Alexis Min. holds various exploration projects in Canada.

Its main asset in production is LAC HERBIN in Canada, its main assets in development are NEW BRITANNIA MINE and SNOW LAKE in Canada and its main exploration properties are MCMILLAN, LAC PELLETIER, BEACON NORTH, AURBEL, FERDEBER MINE, COPPER PRINCE (GARSON), LUCIANA, OSPIKA, BIG BAR, BAEZ, DUMONT, ROUYN-NORANDA, WEST ANSIL and NORALEX in Canada and MBK & BP in Indonesia.

Alexis Min. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 213.7 millions as of today (US$ 220.6 millions, € 169.6 millions).

Its stock quote reached its highest recent level on January 11, 2008 at CA$ 0.94, and its lowest recent point on August 03, 2012 at CA$ 0.03.

Alexis Min. has 593 646 000 shares outstanding.

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