News out this AM.
SEPTEMBER 19, 2005 - 08:00 ET
Alexis Minerals Corporation: West Ansil Exploration Incorporates New Targets and Continues Delineation Drilling
TORONTO, ONTARIO--(CCNMatthews - Sept. 19, 2005) - Alexis Minerals Corporation (TSX VENTURE:AMC) in joint venture with Falconbridge Limited (TSX:FAL.LV)(NYSE:FAL) is pleased to announce exploration drilling on the West Ansil deposit is continuing with three drills. The deposit is located 1.8 km to the southwest of the historic Ansil Mine and 10 km from the Horne Smelter, in the heart of the Central Rouyn-Noranda Mining Camp, Quebec.
Falconbridge and Alexis have undertaken an initial evaluation of the deposit. Five additional holes are recommended prior to resource calculation to NI 43-101 standards for release. The holes will be completed after testing of three new targets in the immediate vicinity of the West Ansil zone, Figure 1. Additional drilling will also be directed at depth to expand the known areas of high grade intercepts recently reported from the zone (See press release: September 06, 2005).
"Results from West Ansil drilling continue to return very exciting results," said David M. Rigg, President and CEO. "The joint venture approach should enable the project to be fast-tracked through resource calculation to deposit evaluation and reporting."
Three targets will be tested immediately within an area accessible from potential future infrastructure in the area of the West Ansil deposit:
- Target P95 - Defined from five off-hole geophysical anomalies detected in old drill holes resurveyed after Gocad modelling of the area. The target lies 1.1 km NE of West Ansil, less than 700 metres from the past-producing Ansil Mine (1.4 Mt grading 7.18% copper, 0.8% zinc, 2.1 g/t gold), and above the Lewis Exhalite in an identical setting to West Ansil.
- Target I - Lies down-plunge of West Ansil mineralization and is identified as an off-hole electromagnetic response in historic drillhole AN92. The target is located 150 metres west of West Ansil.
- Target H - Lies on the extension of the northerly West Ansil alteration trend and the Lewis Exhalite. It is located 500 meters North of West Ansil on a known synvolcanic Fault (Snoop Fault).
Drilling is currently ongoing on Target P95 and Target I. Drilling on Target H will commence shortly.
The West Ansil deposit, a zone of copper- and gold-rich massive sulphides and associated copper-rich stringer zones, is located at a basalt/andesite contact within the Rusty Ridge Formation and lies in a discordant trend between two known sulphide ore-bearing units, the Lewis Exhalite and the Beecham Breccia. Increasing copper grades at depth and down-plunge, including 14.34 % copper over 6.30 metres and 21.10 % copper over 1.15 metres in stringer or massive sulphides, suggests excellent potential for additional discovery at depth. The current interpretation of the West Ansil Zone and comparison with known ore bodies in the central camp suggest that potential at depth is excellent.
Quality Control
Drilling on the West Ansil property is supervised by Senior Geologist Mario Masson, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from drill core (NQ/BQ size) 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).
Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 212 square kilometres in the Val d'Or area and considered highly prospective for both gold and base metals. Alexis has a clear route to 100% ownership in the properties and maintains an option to purchase the 1400 tonne per day Aurbel gold mill. The Company has also entered into option agreement with Falconbridge Limited (formerly Noranda Inc.) wherein Alexis will earn a 50% interest in all of Falconbridge's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 square kilometres in the Rouyn-Noranda area. In April 2005, Alexis successfully closed a financing of $15.0M through CIBC World Markets to fund aggressive exploration on these two substantial and prospective areas. Two diamond drills are currently active in the Val d'Or area and five drills are active in the Rouyn-Noranda area.
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".
Please note: Maps of the West Ansil Zone is available on CCNMatthews' website at the following link: https://www.ccnmatthews.com/doc/amc0919.pdf
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.