Laurion Files the NI 43-101 Technical Report for Its 100% Owned Bell Mountain Project
2011年5月4日 - 10:00PM
Marketwired Canada
Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF)("Laurion")
advised that the Technical Report supporting the recently released initial
Mineral Resource Estimate completed on its Bell Mountain Project located in
Churchill County, Nevada (Press Release April 6, 2011), has been filed with
SEDAR.
The report details an initial Measured and Indicated Mineral Resource estimate
at Bell Mountain's Varga, Spurr and Sphinx Zones of 9,761,000 tonnes at an
average grade of 0.526 g/t gold and 17.63 g/t silver hosting 165,018 ounces gold
and 5,533,907 ounces silver and and initial Inferred Mineral Resource estimate
of 2,046,000 tonnes of material at an average grade of 0.449 g/t gold and 13.26
g/t silver hosting 29,550 ounces gold and 872,411 ounces silver. This Mineral
Resource Estimate assumed a gold price of $1,149.89 per ounce and a silver price
of $20.92 per ounce. Preliminary estimates for operating costs were $11.43 per
ton (mining, processing and G&A) and for recoveries were 80% for gold and 51%
for silver.
The NI 43-101 Mineral Resource estimate was completed by Telesto Nevada Inc.
("Telesto"). It incorporates data obtained from 54,692 feet (16,671 meters) of
244 reverse circulation ("RC") drill holes completed on the Varga, Spurr and
Sphinx zones.
Highlights of the Bell Mountain Property:
-- The estimated equivalent ounces of gold contained in the Measured and
Indicated Mineral Resource is 265,635 ounces, and estimated Inferred
Mineral Resource is 45,412 ounces. The resource estimate is comprised of
mineralization found on the Varga, Spurr and Sphinx zones.
-- The mineralized zones remain open to depth and laterally.
-- The gold-silver mineralized structurally controlled Spurr-Varga fault
can be traced for more than 1.8 kilometers (6,000 feet) on surface. On
the fault, approximately 1.5 kilometers on strike to the east of the
Varga zone, a further mineralized zone, the East Ridge CC zone, has
excellent potential for resource addition. The zone had a total of 481
meters in 13 RC drill holes spaced over a strike length of approximately
300 meters, completed in 2003 by NDT ventures, which confirmed
mineralization. The Mike Zone, located between the Varga the East Ridge
CC Zone, displays similar widths and characteristics, and appears open
to adding to the Bell Mountain Resources by further drill programs.
-- The Sphinx Vein system can be traced for more than 900 metres along
strike by prospect pits, vein quartz float and trenching and is
available to resource expansion in further drill programs.
-- A Preliminary Feasibility study contemplating a conventional open pit
heap leach configuration and assessment for potential production is in
progress.
-- Environmental permitting requirements to include development of baseline
needs and mine plan of operations is in progress.
Table 1 - Global Bell Mountain Resource Estimate
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Average
Tonnage Gold
('000 Grade Gold Gold
Metric Tonnes) (g/Tonne) (grams) (ozs)
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Measured 5,952 0.531 3,158,063 101,534
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Indicated 3,810 0.518 1,974,575 63,484
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Total Measured and Indicated 9,761 0.526 5,132,638 165,018
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Inferred 2,046 0.449 919,108 29,550
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Average Total
Silver Equivalent
Grade Silver Silver Ounces Of
Metric (g/Tonne) (grams) (ozs) Gold
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Measured 16.62 98,913,080 3,180,127 159,355
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Indicated 19.22 73,210,796 2,353,780 106,280
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Total Measured and Indicated 17.63 172,123,876 5,533,907 265,635
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Inferred 13.26 27,135,036 872,411 45,412
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Notes:
1. Rounding of tons as required by Form 43-101F1 reporting guidelines (Item
19) results in apparent differences between tons, grade and contained ounces
in the mineral resource.
2. Mineral Resources are estimated at a pit discard cutoff Grade at 0.192
g/t AuEq.
3. The assumed parameters used for Bell Mountain used establishing a cut-off
grade is identified as follows:
-Gold Price - $1,149.89/oz (US) - 60% 3-year previous average/40% 2-year
forward (Dec. 31, 2010)
-Silver Price - $20.92/oz US - 60% 3-year previous average/40% 2-year
forward (Dec. 31, 2010)
-Recovery - Gold 80%, Silver 51%
-Total Operating Costs - $11.43/ton (mining, processing and G&A)
-Gold Equivalent Ratio - 55 to 1
Parameters used to estimate the in-situ resource are based on information
supplied by Bell Mountain Group. Assumptions were made for items like strip
ratio, mining costs, processing costs and recovery percentages. These
assumptions were based on published and previously calculated rates for other
mining operations having similar parameters, and on testwork performed on Bell
Mountain samples. The operation parameters assume open pit mining and cyanide
heap leaching. A conceptual open pit mining method was used for the purpose of
delineating the mineralization with a reasonable prospect of economic
extraction. Tonnage estimates were based on a 2.6 grams/cubic centimeter density
factor. Inverse distance square method was used to interpolate grade in the
resource model (geostatistical methods of calculating resources) using the
database based on the RC and core drilling.
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, Canada and
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) (G1M-Frankfurt))
("Globex") of Rouyn-Noranda, Quebec.
Laurion envisages the realization of shareholder value and wealth through
monetization of its discoveries and assets.
QUALIFIED PERSON
This news release has been reviewed and approved by Jonathan M. Brown, Telesto
Nevada, Inc. and Dana Durgin, Laurion's Bell Mountain consulting geologist
("Bell Mountain Group") who are Qualified Persons as defined by NI 43-101, with
the ability and authority to verify the authenticity and validity of the data
comprising this resource estimate.
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.
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