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Alexis Minerals Encounters Potential Gold Discovery at Snow Lake Mine in Manitoba

ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) has reported additional encouraging results from its gold exploration drilling program at its Snow Lake Mine in Manitoba.

Drilling confirms the potential for mineralization from surface to 520 foot depth within the East Extension of the Main Mine, giving further support for the potential discovery of a major new ore zone. Also, very high gold grade results are being found in the Footwall of the Main Mine Horizon.

East Extension

  • 2.99 g Au/t over 15.12 metres (m) in hole HB 10-70; including
    • 7.16 g Au/t over 4.73 m;
  • 2.06 g Au/t over 8.41 m in hole HB 10-72.

Footwall Zones

  • 22.43 g Au/t over 4.21 m in hole HB 10-71; including
    • 148.97 g Au/t over 0.59 m; or
    • 51.46 g Au/t over 1.73 m
  • 3.70 g Au/t over 9.86 m in hole HB 10- 80; ; including
    • 5.69 g Au/t over 5.40 m;
    • 41.62 g Au/t over 0.52 m.

Drilling until August 2010 was largely focused on areas of Inferred Resources adjacent to the mine in order to further delineate these in support of the recently completed Snow Lake Feasibility Study (see news release: November 3, 2010). Drilling is now focused on several known gold showings and numerous structural targets across the property. Recent drilling has focused on the East Extension (see news release, June 15, 2010), an area immediately to the east of the principal zones historically mined at the Snow Lake Mine; and, on high grade intercepts in the Footwall (FW) of the Main Mine Horizon. The zone is cut by a Gabbroic intrusion below the 520 foot level. Down plunge exploration of this new ore trend is in progress. Mineralization in the footwall zones is locally very high grade and work to correlate this new area of interest is ongoing.

A program of recompilation and reinterpretation of all property data is in progress. This work is identifying good potential for the extension of known ore zones along strike, as well as down plunge of existing deposits. With its acquisition of the Snow Lake property and the addition of properties over the Snow Lake Basin, (see news release: November 24, 2010); Alexis' management feels the property could become the foundation for significant growth in resources, reserves and gold production within the next 12-18 months.

During the first eleven months of 2010, 28,841m of diamond drilling has taken place on the Snow Lake property. Alexis will invest approximately $5.5 million of its annual exploration budget in the Snow Lake property in 2010 and has three drill rigs operating. Exploration budgets on the Snow Lake properties are expected to increase to $8.0M for 2011.

Quality Control

The technical and scientific content of this press release has been reviewed by Darren H. Simms P. Geo., Senior Exploration Geologist, Manitoba Division, Alexis Minerals and a Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company personnel at the Snow Lake Mine. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample retained and archived in a secure facility. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate for each batch of samples. Samples are shipped by secure truck to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan, an ISO/IEC 17025 accredited assay facility established in 1981. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.



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