Alexis hits gold, copper in Abitibi (August 30, 2004)

Alexis Minerals (AMC-V) has intersected significant gold and copper on its Cadillac Break properties in northwestern Quebec.

Forty-four holes totalling 9,970 metres have tested 40 target areas in three principal geological settings east of Val d’Or. One hole graded 8.28 grams gold per tonne over 3 metres — an intercept included in a 7.5-metre interval of 3.57 grams gold. In an adjacent zone, a hole intersected 4.89 grams gold over 1.5 metres. These results are from zones containing pyrite-pyrrhotite-chalcopyrite and magnetite stockwork veins within altered gabbro and volcanic rock. The company believes the epidote-actinolite-calcite garnet alteration suggests skarn-type mineralization.

David Rigg, president and CEO of Alexis, says the skarn-type assemblage may indicate the nearby presence of a volcanogenic massive- sulphide deposit. In a skarn environment, epidote is a proximal facies and garnet. The nearby Akasaba deposit has a distinct garnet halo, and the company hopes the garnet zone will lead it to a similar deposit.

Other significant assays from a similar geological environment ranged from 1.1 to 7.05 grams gold over 0.67-3 metres. These holes also intersected up to 0.23-2.26% copper over widths of 0.6-3 metres. Seven of 14 holes failed to intersect significant mineralization.

Mechanical stripping and ground geophysics are being carried out over extensions of some of these zones.

About 20 km to the east, an altered, 80-metre-wide breccia zone was intersected, but assays were low. The zone is associated with a 2-km-long magnetic and induced-polarization anomaly.

Three of six holes intersected significant gold while targeting disseminated sulphide with gold in the Cadillac break. One hole intersected a 1.5-metre interval of 6.4 grams gold per tonne, while two other holes intersected 1.1-2.1 grams gold over 1.5-4.5 metres.

North of the Cadillac break, three holes intersected gold-bearing quartz-tourmaline and carbonate veins.

The best intersection assayed 3.15 grams gold over 1.9 metres. Nine metres farther down-hole, a second intercept graded 1.5 grams gold over 1.5 metres. Other holes intersected 1.9-2.15 grams gold over 0.5-0.9 metre. Eighteen holes failed to intersect significant gold.

The Cadillac Break properties are under option from Aur Resources (AUR-T). Alexis is earning a half-interest in the properties. That percentage may be increased to 100%, subject to their agreement.