Laurion Completes Transaction with Prodigy Gold Inc., Obtaining the Option to Acquire a 100% Interest in Walters-Elmhirst Pro...
2011年10月9日 - 8:35PM
PR Newswire (Canada)
TORONTO, Oct. 11, 2011 /CNW/ - Laurion Mineral Exploration Inc.
(OTCQX: LMEFF) ("Laurion" or the "Corporation") issued a press
release on September 8, 2011, announcing that it had entered into a
definitive option agreement (the "Option Agreement") with Prodigy
Gold Inc. ("Prodigy"), whereby Laurion would acquire a 100%
interest in three mineral claims comprising 21 claim units located
in Walter-Elmhirst Townships ("Walter-Elmhirst"), Thunder Bay
Mining Division, in the Province of Ontario (the "Claims"). Laurion
is pleased to announce that it has received all necessary corporate
and regulatory approvals with respect to the above transaction with
Prodigy, and confirms that the transaction has closed. The Prodigy
Walter-Elmhirst property is contiguous to the Corporation's
Sturgeon River property. The objective of this transaction is to
encompass the strike of parallel extensions which lay south of the
Tehya, Ahki, Loki and A2 Vein trends that are potential prospective
horizons for precious metal rich VMS mineralization. The
Corporation recently stated continued success in illustrating
through drill results the significant continuity and grade of the
Tehya Zone across 800 metres of strike length reporting the
following assays: Highlights of the drill program occurred in the
Tehya Zone and include:
______________________________________________________________
|Hole | |From | To |Interval|Au g/t|Ag g/t|Cu% |Zn% | | | | (m) |
(m) | (m) | | | | |
|___________|_____|_____|_____|________|______|______|____|____|
|LME11-024 | |28.30|29.30| 1.0 | 9.91 | 2.8 | | |
|___________|_____|_____|_____|________|______|______|____|____| |
|Incl.|28.30|28.80| 0.5 |17.50 | | | |
|___________|_____|_____|_____|________|______|______|____|____|
|LME11-024 | |56.74|58.00| 1.26 | 7.59 | 2.0 | |1.02|
|___________|_____|_____|_____|________|______|______|____|____| |
|Incl.|57.27|58.00| 0.73 |12.90 | 3.4 | |1.73|
|___________|_____|_____|_____|________|______|______|____|____|
|LME11-025 | |7.57 |12.15| 4.58 | 0.11 | 3.0 |0.07|0.68|
|___________|_____|_____|_____|________|______|______|____|____| |
|Incl.|11.00|11.50| 0.5 | | 3.2 | |2.33|
|___________|_____|_____|_____|________|______|______|____|____|
|LME11-025a*| |7.56 |12.12| 4.58 | 0.06 | 2.7 |0.06|1.11|
|___________|_____|_____|_____|________|______|______|____|____| |
|Incl.|7.56 | 8.24| 0.68 | | 3.0 | |2.36|
|___________|_____|_____|_____|________|______|______|____|____| |
| |11.00|11.55| 0.55 | | 5.0 | |3.31|
|___________|_____|_____|_____|________|______|______|____|____|
|LME11-025a | |30.40|30.90| 0.5 | 4.11 | 2.3 | | |
|___________|_____|_____|_____|________|______|______|____|____|
*Drill hole LME11-025 was abandoned and the drill moved
approximately 3m along strike to re-collar LME11-025a through the
same stratigraphy. As a result of this recent round of drilling on
the Tehya Zone, where the mineralization now has demonstrated
continuity, the opportunity exists to begin developing a resource
in this zone. The Tehya Zone remains open to the northeast and
southwest, and to depth. The Tehya base metal zone appears to be
one of several anomalous zinc/copper areas, which in combination
with high grade gold and silver occurrences, is indicative of the
multi-faceted potential of the Sturgeon River Property. Six drill
holes were completed 1.1 kilometres in the untested Asha Zone,
located southwest and along strike trend from the recognized Tehya
Zone drill intercepts and surface showings. This could well
increase the strike length of the Tehya mineralization to 1.9km
with the 7 drill holes completed to date through the Tehya horizon.
To date, the Tehya Zone has not been drilled more than 45 metres
vertically below surface, and remains open down dip and along
strike southwest of LME10-07 towards an IP anomaly defined by the
ground geophysical survey near the Asha Zone. Hole LME11-018 was
located on the far west of the grid of the Asha Zone and
intersected a horizon of altered intermediate volcanics, which is
assumed to be the extension of the Tehya horizon. This hole
reported 2.3 g/t Ag and 0.13% Zn over an interval of 10 metres.
Hole LME11-019 was located to the south southeast of hole LME11-018
and intersected a similar horizon of intermediate volcanics, also
thought to be the extension of the Tehya Zone, reported assays of
2.3 g/t Ag and 0.33% Zn over 7.50m (21.5 to 29.0m), including 5.6
g/t Ag and 0.95% Zn over 1.0m (26 to 27m), and 0.56% Zn over 3.83m
(112.17 to 116.0m), including 1.31% Zn over 0.57m (112.17 to
112.74m). Holes LME11-020, LME11-021 and hole LME11-022 located
east of holes LME11-019 intersected weaker mineralized intermediate
volcanics, shear zones and quartz veins with sulphides with a
notable assay of 0.23 g/t Au and 1.49 % Zn over 0.5m in LME11-022.
About Laurion Mineral 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.
About Prodigy Gold Inc. Prodigy is a Vancouver-based gold
exploration and mine development company listed on the TSX Venture
Exchange with assets in Eastern Canada. Prodigy's lead project is
the advanced Magino mine project in northern Ontario. 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. 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 Prodigy as described above.
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 Mineral
Exploration Inc. CONTACT: Laurion Mineral Exploration Inc.Cynthia
Le Sueur‐Aquin, President & CEOTel: 1-888-212-4070Tel:
1-705-788-9186Fax: 1-705-788-9187Website: www.laurion.ca
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