A reinterpretation of some historic data has allowed Alexis Minerals (AMC-V, AXSMF-O) to boost estimated resources at its Lac Pelletier gold project in the prolific Rouyn-Noranda camp in northwestern Quebec.
Alexis figures measured and indicated resources at 1.2 million tonnes running 6.1 grams gold, for around 242,000 contained oz. of gold. Another 491,140 tonnes of inferred material runs 5.2 grams, for 81,637 contained oz. The estimates employ a cutoff grade of 3 grams gold.
The new estimates are based on a second look at historic data derived from some 42,656 metres of surface and underground drilling, more than a kilometre of ramp development, and nearly 300 metres of lateral drifting has
In the 1990s, former operators Soquem and a subsidiary of Mining Italianna pegged measured and indicated resources at 484,799 tonnes running 7.84 grams gold, based on 5-gram cutoff.
Aligning the cutoff grades, Alexis’ measured and indicated figure slips to 618,514 tonnes at 8.2 grams gold. The inferred resource comes to 175,242 tonnes of 7.45 grams.
The increase in tonnage and contained gold arises from Alexis’ revised model of Lac Pelletier, which is more steeply dipping than what Soquem had envisaged. Alexis says its new model clarifies the relationship between many previously unrelated mineralized intersections.
Alexis says its new model is supported by a historic hole, which has been reinterpreted to represent a 3.15-metre section of 3.44 grams from the projection of zone 4-2.
The property straddles several structural splays emanating from the Cadillac-Larder Lake break. Gold mineralization is contained in quartz-pyrite veins and shears. The known gold zones remain open at depth and along strike.
An ongoing 5,000-metre drill program from a barge on the lake is designed to push out zones 3 and 4 to the north and east. So far, around 11 holes have hit the target mineralization within metres of where the company’s model predicted.
Looking ahead, Alexis has applied for a transfer and modification of existing permits to reopen the ramp and dewater the underground workings. It figures dewatering should take around three months; underground exploration and drifting would follow.
Alexis envisages Lac Pelletier starting up at an annual rate of 20,000 oz. gold in 2008. Ore would accompany Lac Herbin material through the recently acquired Aurbel mill (Alexis will also look for custom milling opportunities to supplement mill feed). The company plans to link Lac Pelletier up to a nearby highway so ore wouldn’t have to be trucked through the adjacent residential area.
Lac Pelletier is envisaged as a satellite operation for Alexis’ more advanced Lac Herbin gold project just outside of nearby Val d’Or. Lac Herbin is expected to begin producing 35,000 oz. gold annually at a cash cost of US$224 per oz. over 5.3 years in 2007. Capital costs are pegged at US$4.4 million.
A new scoping study to determine the preliminary economics of Lac Pelletier is underway.
Alexis inked a 3-year option deal to pick up the property from Thundermin Resources (THR-T, TUDMF-O) in late 2005. Under the deal, Alexis still needs to spend $200,000 by the beginning of September, with another $300,000 to be spent over a subsequent year. The deal also includes an optional $500,000 on exploration and engineering over the following year. Thundermin retains a 2.5% net smelter return royalty; Falconbridge (FAL-T, FAL-N) has an underlying 1% nsr.
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