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 - 11:00PM
Marketwired
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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.
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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