Alexis Finds Kilometre-Scale Gold Zones on the Noralex Property, Rouyn-Noranda, Quebec

Alexis Finds Kilometre-Scale Gold Zones on the Noralex Property, Rouyn-Noranda, Quebec

ALEXIS MINERALS CORPORATION is pleased to announce the completion of a 3,375 metre, 9-hole, surface diamond drill program on the Noralex Gold Property; 25 kilometres (km) east-northeast (ENE) of Rouyn-Noranda and 15 km northwest (NW) of the Doyon Mine. Drilling indicates the presence of two broad zones of gold mineralization, 30 to 70 metres wide that extend over distances of up to 1.0 kilometre. The zones are characterized by numerous gold values in the 0.5 to 1.5g/t Au range associated with distinct zones of shearing and widespread disseminated sulphides. Late quartz veins, often carrying visible gold, occur dispersed throughout the zones and are associated with short, high-grade gold intersections. Additional exploration drilling is required along these corridors to identify areas of economic interest.

Results from the drilling program are presented in Table 1. Significant intersections include:

– 1.52 g/t Au over 16.2 m in hole NA 10-26, including 31.26 g/t Au over 0.65 m; – 13.1 (8.32 cut) g/t Au over 2.0 m in hole NA 10-27, including: — 48.97 g/t Au over 0.5 m; and — 0.59 g/t Au over 39.2 m also in hole NA 10-27; – 0.50 g/t Au over 21.1 m in hole NA 10-29; and – 0.39 g/t Au over 76.2 m in hole NA 10-31, including 0.56 g/t Au sur 39.0


Five holes, NA-10-26, 27, 28, 29 and 31, were completed on 100-m step-outs between the Young Buck and Sulphide showings. Gold mineralization correlates with a 30-m wide, sub-vertical, E-W trending, structural zone which crosses the NW trending stratigraphy. Mineralization occurs within a large low grade auriferous system which is characterized by a multitude of gold values in the 0.5 to 1.5g/t Au range and hosting the metric to decametric zones reported in Table 1. Gold occurs in two very distinct environments:

– Within broad fault and shear zones carrying 1-5% disseminated Pyrite and marked by late quartz veins. The veins contain little or no Pyrite, but may carry visible native gold; and, – In mafic flows in association with 1-3% disseminated Pyrite-Pyrrhotite

accompanied by traces of Chalcopyrite and minor quartz veining.

An Induced Polarization (IP) survey (3.2 was completed to the northwest of the showings and IP targets were tested with four drill holes (NA-10-30; NA-11-32, -33 and -34). Holes -30 and -33 cut a NW-SE oriented, broad corridor of shearing with decametre-wide zones of disseminated pyrite and late quartz veining, similar in style to that around the Young Buck showing. Hole -30 returned similar anomalous gold values with numerous, low-grade intercepts, including 0.2 g/t Au over 13.5 m; and, 0.45 g/t Au over 9.0 m; in association with short higher-grade internals of 4.4 g/t Au over 2.0 m, including 17.3 g/t Au over 0.5 m. Visible gold was documented in one of the veins. Auriferous values are distributed through the corridor of shearing. Hole 30 is located 800 m to the NW of holes -27 and -28 and supports a potential extension of the auriferous system for more than one kilometre. Hole -33, located a further 800 m to the NW of hole -30 returned no significant gold values within the zone.

The Noralex property covers approximately 50 sq. km. and lies 10-15 km northwest of the Doyon-Bousquet-LaRonde Mine Trend. Volcanic rock sequences across the property have the same distinct geochemical signature, and are considered to be the strike extension of, the Bousquet-LaRonde stratigraphy. There has been very little historic exploration throughout this area. Alexis conducted its’ first program of gold exploration in 2004-2005. The work identified three new gold showings (See News Releases: Sept. 16, 2004; Feb 10, 2005): the ‘Young Buck’ (1.9 g/t Au over 33.0 m, 1.64 g/t Au over 24.5m), ‘Shear’ (up to 1.45 g/t Au over 8.9m) and ‘Sulphide’ (4.1 g/t Au over 7.2 m) Showings; representing three distinctively different environments for gold mineralization. Subsequent work by the Alexis/Xstrata joint venture has focused on drill testing potential Volcanic Massive Sulphide (VMS) targets (MegaTEM conductors) detected by airborne geophysics.

The current drill program has identified two broad zones of shearing, associated with widespread low grade gold mineralization, trending NW-SE and also E-W across the property. The NW trending zone dips moderately west, sub-parallel stratigraphy, and extends for over a kilometre strike distance through the area of current drilling. The Zone remains open to the SE. The zone encompasses the Young Buck and the Shear Showings. The second zone is sub-vertical, trends E-W and is also associated with faulting and shearing. The E-W zone crosses stratigraphy and encompasses the Young Buck and the Sulphide Showings. This zone also remains open for extension.

Alexis will complete three additional drill holes to test additional IP targets prior to the end of winter drilling conditions. All prior geophysics will be reviewed and a program of down-hole IP surveying carried out in the most recent drill holes should this review confirm the applicability of this approach to target future drilling activities.

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