Last year, the junior partnered with
The Abitibi greenstone belt stretches from Timmins and Kirkland Lake in the west, through the Rouyn-Noranda area, to the Val d’Or area in the east. The deal, which has yet to be completed, calls for Alexis to earn a half-interest in Noranda’s properties in the southern Abitibi over the next three years. The properties, which comprise 800 sq. km, include eight past-producing base metal and gold mines, as well as numerous base metal occurrences and showings.
The agreement calls for Alexis to spend $1 million on exploration initially and issue to Noranda 1 million shares and 500,000 warrants exercisable at 75 over two years. Noranda will be the operator of the joint-venture during the earn-in period, and Alexis is required to spend $16.5 million in total.
Noranda recently completed an airborne electromagnetic survey over the entire region. The survey is capable of detecting base metal deposits at depths of 200 metres; to date, 37 targets have been identified, 27 of which are ready to be drilled.
Historically, the Rouyn-Noranda camp has produced 2.4 million tonnes copper, 1.9 million tonnes zinc and 19.5 million oz. gold.
In July 2003, Alexis became partners with Aur on the latter’s Cadillac Group and Aurbel properties, which together cover 157 sq. km near Val d’Or. Alexis also has an option to buy the Aurbel mill, which, though dormant, is capable of treating 1,400 tonnes per day.
Past production and current reserves from base metal deposits in the Val d’Or camp add up to 700,000 tonnes copper, 700,000 tonnes zinc, 900,000 oz. gold, and 50 million oz. silver. Gold production from the area totals 17.5 million oz.
Alexis had 16.6 million shares issued and outstanding at the end of March.
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