Clarification: Laurion Identifies Additional Mineralized East Ridge Zone on Bell Mountain Project, Nevada
2011年2月17日 - 11:00PM
Marketwired
Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX: LMEFF)
("Laurion") is pleased to provide shareholders with an update on
the Bell Mountain project located in Churchill County, Nevada.
Project geologists have examined an additional mineralized zone in
the field called the East Ridge which is located approximately 1.5
kilometers to the east of the current Bell Mountain Varga and Spurr
zones on which 56 reverse circulation ("RC") drill holes were
completed. The East Ridge zone is on strike with the Varga and
Spurr zones and is located within the Laurion claim block area.
Research has revealed that NDT Ventures Ltd. drilled in the East
Ridge area in 2003. A press release dated May 28, 2003 stated that
thirteen RC drill holes, totaling 481 meters were completed in late
March 2003 in the East Ridge zone. Drill holes were spaced over a
strike length of approximately 300 meters and positioned into the
vein system angled between 45 and 80 degrees. The objective of the
program was to establish continuity of the East Ridge vein system
at relatively shallow levels below mineralized vein outcrops.
In the work executed by NDT Ventures, all sampling was completed
on 3 foot intervals, with assaying conducted by ALS Chemex in Reno,
Nevada. Highlights of these results include intersections of 15
feet grading 2.78 g/t gold and 64 g/t silver; 12 feet grading 3.13
g/t gold and 114 g/t silver; and, 9 feet grading 2.75 g/t gold and
72 g/t silver. The drilling and sampling was reported to be carried
out under the direction of Thomas Burkhart, Vice President of
Exploration for NDT Ventures, who is a Qualified Person as defined
by NI 43-101.
This drilling identified the consistent presence of a Main Vein
and the occurrence of hanging-wall and footwall veins and
stockworks on strike and down dip. Two drill holes, CC-l and CC-6,
lost recovery through the main target zones but all other holes did
intercept the predicted vein zones with gold and silver results
noted as follows:
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From To Width Gold Silver
Drill Hole ID (feet) (feet) (feet) (g/t) (g/t)
----------------------------------------------------------------------------
CC-2 45 54 9 2.75 72
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CC-3 54 63 9 1.83 75
----------------------------------------------------------------------------
CC-4 21 24 3 1.64 (i)
and 96 102 6 2.62 50
----------------------------------------------------------------------------
CC-5 39 42 3 2.30 35
and 129 132 6 1.66 66
----------------------------------------------------------------------------
CC-7 21 27 6 2.72 45
and 45 60 15 2.78 64
----------------------------------------------------------------------------
CC-8 54 60 6 1.60 40
and 99 102 3 4.42 112
----------------------------------------------------------------------------
CC-9 63 69 6 3.12 92
and 72 75 3 1.64 68
and 81 84 3 3.70 59
and 93 96 2 1.13 (i)
----------------------------------------------------------------------------
CC-10 42 45 3 1.01 (i)
and 78 84 6 2.31 54
and 99 111 12 1.80 38
and 117 120 3 1.72 36
----------------------------------------------------------------------------
CC-11 42 51 9 1.43 61
and 84 87 3 1.49 42
----------------------------------------------------------------------------
CC-12 72 78 6 1.79 (i)
and 87 99 12 3.13 114
----------------------------------------------------------------------------
CC-13 21 27 6 1.32 (i)
and 66 72 6 1.49 60
----------------------------------------------------------------------------
(i) less than 30 g/t Silver
Acquisition of the details of this drilling program data from
NDT Ventures is in progress. The East Ridge mineralization may add
significantly to the resource potential of the Bell Mountain
Project. Further work will be completed in the East Ridge area in
the spring.
Laurion has engaged Telesto Nevada, Inc. ("Telesto") to develop
a National Instrument 43-101 compliant technical report for the
Bell Mountains property contemplating a conventional low cost open
pit mining method with heap leach processing configuration. The
43-101 compliant technical report will confirm the resource
estimate completed in 1991 by N. A. Degerstrom (the "Degerstrom
Report") and the 14,240 feet of drilling recently completed in 2010
by Laurion. The Degerstrom report, which was based on 34,682 feet
of drilling, concluded that the deposit contained 2.1 million
tonnes grading 1.33 g/t gold and 37.6 g/t silver. Falling metals
prices made the development of the Property uneconomic at that time
and the project was shelved. Although the Degerstrom Report was
completed by credible professionals, it was written prior to the
enactment of NI 43-101 statute, thus a "Qualified Person" has not
completed sufficient work to classify the historical estimate as
current mineral resources. Laurion is not treating the historical
estimate as current mineral resources and the historical estimate
should not be relied upon.
Qualified Person
This news release and the technical information contained in it
have been reviewed and verified by Mr. Dana C. Durgin (MSc, P.Geo),
Laurion's Exploration Manager, who is the Qualified Person
responsible for the scientific and technical work (as defined under
National Instrument 43-101) discussed in this press release.
About Laurion Minerals Exploration Inc.
The Corporation's focus is to make the transition from explorer
to near-term producer and envisages the realization of shareholder
value and wealth through monetization of its discoveries and
assets. Laurion's exploration horizons are focused primarily on
gold with a secondary interest in base metals and PGEs with key
interests in prospective mining properties located in Ontario and
Churchill County, Nevada USA.
The Corporation has an option to acquire a 100% interest in the
Bell Mountain Gold Project with Globex Mining Enterprises Inc.
(TSX: GMX)(FRANKFURT: G1M) ("Globex") of Rouyn-Noranda, Quebec.
Laurion is well-funded to complete the next phases of drilling
and exploration work on the Bell Mountain and Sturgeon River Gold
Projects and to successfully advance these projects, moving the
Corporation closer to being a near-term producer.
This news release includes certain forward-looking statements
concerning the future performance of Laurion's business, operations
and financial performance and condition, as well as management's
objectives, strategies, beliefs and intentions. Such statements
include, but are not limited to, statements concerning the approval
of Laurion's application to trade its common shares over the
facilities of the OTCQX and the commencement of such trading.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements and Laurion
cautions against placing undue reliance thereon. Laurion and its
management assume no obligation to revise or update these forward
looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Laurion Mineral Exploration Inc. Cynthia Le
Sueur-Aquin President 1-705-788-9186 1-705-788-9187 (FAX)
www.laurion.ca
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