TORONTO, ONTARIO--(CCNMatthews - Feb. 1, 2005) - Alexis Minerals Corporation (TSX VENTURE:AMC) in joint venture with Noranda is pleased to announce 54 prioritized drill targets across the Rouyn-Noranda joint venture properties (see Jan. 21/05 press release at www.alexisminerals.com). These targets were delineated using Titan 24 (identifies conductors up to 1000 meters deep), Gocad (3-D modeling of data) and Megatem II advanced (airborne survey) technologies. In addition the Alexis- Noranda partnership has provided Alexis with access to over six years of technical data compiled by Noranda which provides valuable focus in defining and selecting targets.
5 diamond drills are currently mobilized in the area and are active. Alexis President & CEO David Rigg stated "Our proposed 50,000 meter, CDN$5Millon program to test these targets supports our aggressive exploration approach which we believe will lead to significant gold and base metal discoveries in the Rouyn-Noranda District."
Alexis Minerals and Noranda have now completed integration of the Gocad model with Titan24 and previous MegaTEM II airborne surveys. Up to 10 Titan24 base metal targets, along with 24 Gocad targets in the Central Camp and 20 MegaTEM targets throughout the Rouyn-Noranda region, will be tested in a proposed 50,000 meter, $5 million program of exploration in 2005.
Titan24:
In October 2004 the Alexis-Noranda Joint Venture completed, 130 line-kilometres of Titan24 geophysical ground surveys covering an area of 52 km sq. km. to the northwest of the central Rouyn-Noranda Mining Camp, Quebec. The area has seen limited and only shallow, prior exploration. Results from the Titan24 survey are being integrated in the new Regional Gocad3D-model.
The Titan24 geophysical survey method was recently developed by Quantec. It uses leading-edge technology to identify conductors up 1000 meters deep - up to three times the depth possible with conventional geophysical surveys. Four Titan24 test-lines were also completed over the Corbet deposit, central Rouyn-Noranda Camp, and successfully identified anomalies associated with the environment of this deposit at a depth of 760 meters below surface. The Corbet deposit is one of 18 base metal deposits previously mined in the Rouyn Camp and because of its depth, considered a good test environment for Titan24 in the area.
Regional 3D Gocad Model:
A new regional Gocad model is being completed. This model incorporates geology and all previous exploration work over a 70 km x 30 km area covering the majority of the Rouyn-Noranda area and all of the extensive properties of the Alexis - Noranda Joint Venture. Gocad, developed initially by a research consortium of 30 resource companies and 40 universities, is the most advanced geological modelling software used by resource companies. It allows for rapid data integration, review and interrogation.
The regional Gocad model incorporates the new Titan24 survey results, as well as MegaTEM II geophysical airbourne survey information. These surveys complement the extensive Gocad database covering all prior exploration and historical drilling through the camp. MegaTEM II is an improved technology developed two years ago by Fugro Airborne and Noranda, which can detect conductive sulphides to a depth of 250 meters. The region was flown using MegaTEM II in 2002 by Noranda.
The Gocad software is also used on a model developed over the central Rouyn-Noranda Mining Camp (17 km x 17 km) where over 90 exploration targets have been identified to date by the Alexis-Noranda Joint Venture. Of the 90 targets, 72 are located on properties held in the Alexis-Noranda Joint Venture and on recent acquisitions (See press release: January 21, 2005). 24 targets have been identified with the 3D-Gocad program and are the focus of on-going drilling and exploration.
For further information on the advanced technologies noted in this release please visit www.alexisminerals.com/glossary.
Alexis Minerals Corporation: Dominant Gold and Base Metal Explorers in Quebec
Alexis Mineral Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of both gold and base metal properties. Their portfolio of properties covers approximately 270 square kilometers in the Val d'Or mining camp, Quebec. Alexis has a clear route to 100% ownership in the properties and maintains an option to purchase the 1400 tpd Aurbel gold mill. The Company has also entered into option agreement with Noranda Inc. wherein Alexis will earn a 50% interest in all of Noranda's properties in the Rouyn-Noranda mining camp, Quebec. The Alexis-Noranda properties cover approximately 800 square kilometres 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".
FOR FURTHER INFORMATION PLEASE CONTACT:
Alexis Minerals Corporation David Rigg President and CEO (416) 861-5889 (416) 861-8165 (FAX) or Alexis Minerals Corporation John Pritchard V.P Corporate Development (416) 861-5884 or Alexis Minerals Corporation Louis Baribeau Relationniste, Quebec (514) 605-0576
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
