Alexis extends Snow Lake gold mineralization

Alexis Minerals (AMC-T) has wasted no time kicking off a $5-million exploration program since acquiring the Snow Lake gold mine in Manitoba last month and the company is already seeing results.

The initial nine-hole drill program is showing significant gold mineralization in an on-strike extension to the Snow Lake mine, formerly known as the New Britannia mine. The area has never been drilled before.

Mineralization, which is open to the east and down plunge, is very similar to one of two principal ore lenses that characterize the Snow Lake deposit.

The first hole was the highlight: HB10-46 returned 7.58 metres grading 5.41 grams gold per tonne.

Hole HB10-48 returned 3.02 metres grading 5.35 grams gold per tonne, hole HB10-49 intersected 1.92 metres grading 5.46 grams gold and HB10-52 hit 2.13 metres grading 3.56 grams gold.

This new area is about 300 to 500 feet below surface and extends over a strike length of 700 feet so far. Alexis says the new zone could be accessed from within the existing mine infrastructure at the 320 and 780-foot levels.

The mine is broadly characterized by two principal and very substantial ore lenses with approximate strike lengths of 1,000 feet, widths of 10 to 100 feet and plunge length of more than 3,500 feet.

Alexis will continue with further drilling to see if the newly detected mineralization is a third ore lens.

The Snow Lake mine has produced 1.44 million oz. gold contained in 12.1 million tonnes grading 4.23 grams gold per tonne. Production occurred between 1949-1958 and 1995-2005.

Current measured and indicates resources stand at 2.21 million tonnes grading 5.1 grams gold per tonne totaling 364,000 oz. gold while inferred resources stand at 305,000 tonnes grading 4.6 grams gold per tonne for 45,000 oz. gold.

The company plans to complete a preliminary economic assessment on the Snow Lake mine by the end of March and a full feasibility study by the end of June 2010.
In addition the main mine ore zone, the company is also exploring other zones including the 3 Zone which is about 1.5 km northwest of the main mine.

Alexis acquired the mine when it bought Garson Gold for $28.8 million in shares. The mine came with a fully-permitted 2,150-tonne per day mill and tailings facility on a 48 sq. km property.