Laurion Acquires 100% Interest in 179 Mining Claim Units Contiguous to the North of the Sturgeon River Project, Beardmore ON
2011年2月24日 - 10:00PM
Marketwired Canada
Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion" or
the "Corporation") and James E. Bond II and Russell P. Renner (collectively,
"Bond and Renner") are pleased to announce that they have entered into a letter
of intent (the "LOI") for Laurion to acquire an undivided 100% interest in 13
mining claims totaling 179 units and primarily located in Pifher Township north
of the Corporations 100% owned Sturgeon River Project (" known as the "Sturgeon
Pifher North Claims") The purchase price payable by Laurion for the Property is
($68,000) payable by the issuance of 800,000 Laurion common shares at a deemed
price of $(0.085) per share to be divided equally between Bond and Renner.
The LOI contemplates that a definitive purchase agreement incorporating the LOI
terms will be subject to the parties obtaining all necessary corporate and
regulatory approvals.
Highlights of the Sturgeon Pifher North Claims
In 1972, Augmitto Explorations Ltd. conducted a prospecting program followed by
an Induced Polarization ("I.P.") survey which resulted in the reported discovery
of a zone of chalcopyrite-pyrrhotite mineralization of approximately 16 to 20
ft. wide and 250 ft. in strike length in a north easterly direction, hosted in
an altered, chloritized acid volcanic or rock of dacitic to rhyolitic
composition. A second zone was stripped uncovering fine disseminated
chalcopyrite and pyrite. This zone was located on the extension of one of the
higher I.P survey anomalies over which mineralization was found to extend over a
width of approximately 200 ft. A grab sample was reported to assay 0.250 ozs/ton
gold, 1.43 ozs /ton silver and 3.77% copper.
A program of diamond drilling was commenced in November 1972 to test the surface
showing and geophysical anomalies. Three holes were drilled in the phase
totaling 1,302 ft. of drilling. Drill hole reported the following results show
in the table below:
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Drill Hole From To (ft.) Width Width (m) Ozs /ton Ozs /ton Copper %
(ft.) (ft.) Gold Silver
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AM-2 127.3 165 37.7 11.49 0.022 0.196 0.76
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including 127.3 150 27.7 8.44 0.033 0.240 1.02
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Carling Gold Resources Inc. carried out a several drill programs of diamond
drilling following up on a VLF-EM survey carried out in 1960 and a VLF and I.P.
survey in the 1970 and encouraging gold results from the "H" zone outlined in
surface trenching and diamond drilling between 1983 and 1985 and extended the
"H" zone from 100ft to a 600 ft. strike length. The "H" zone is reported to be
the northern strike extension of the Laurion Sturgeon River gold-bearing Marge
Vein. In 1984, 155 m of Marge vein was exposed by trenching and the accumulated
channel samples resulted in an average of 25 g/t gold over 0.36 m of vein width.
Trenching in 2008 by Laurion exposed and additional 47 m of the Marge vein and
achieved an average grade of 17 g/t over 0.47 m in channel sampling. Drill
results from LME10-01 reported a high grade gold intercept of 20.20 g/t over
0.36 m on Marge Vein confirming the historical high grade for this vein.
Carling Gold reported a grab sample of 21.5 g/t gold in 1984 and followed up in
1985 and 1987 with the following drill hole results:
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Drill Hole From (ft.) To (ft.) Width (ft.) Width (m.) Ozs /ton Au
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CP84-1 24.4 27.3 2.7 0.85 0.130
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CP85-8 57.1 63.1 6.0 1.83 0.364
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CG/87-1 783.9 784.8 0.9 0.27 0.108
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158 164.7 6.7 2.04 0.026
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1,107.8 1,114.5 6.7 2.04 0.053
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CG/87-2 177.5 178 0.5 0.15 0.152
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CG/87-5 168.4 169.2 0.8 0.24 0.285
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523.5 525.6 2.1 0.64 0.155
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CG/87-11 1,312.4 1,312.8 0.4 0.12 0.595
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CG/87-12 324 325 1.0 0.30 0.137
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325 326.7 1.7 0.52 0.045
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383 348.4 1.0 0.30 0.165
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The technical information contained in this news release has been verified by
Joe Campbell, P. Geo., consulting geologist with GeoVector Management Inc. Mr.
Campbell is the project manager for Laurion's Sturgeon River project and he is a
Qualified Person as defined in "National Instrument 43-101, Standards of
Disclosure for Mineral Properties."
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.
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 Laurion's acquisition of the Property from Bond and Renner as
described above, 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.
Laurion Mineral Explorat... (TSXV:LME)
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