Laurion Provides Exploration Update: Announcement of Commencement of Drill Programs on its Projects in Ontario and Nevada
2011年10月31日 - 5:13PM
PR Newswire (Canada)
TORONTO, Nov. 1, 2011 /CNW/ - Laurion Mineral Exploration Inc.
(OTCQX: LMEFF) ("Laurion" or the "Corporation") is pleased to
provide an update on forthcoming drill programs and exploration
activities at its Bell Mountain property in Nevada and Sturgeon
River project in Beardmore, Ontario. Bell Mountain The Corporation
has retained Major Drilling of Salt Lake City, Utah to complete
1,219.2m (4,000ft.) of reverse circulation drilling ("RC") on its
Bell Mountain property located 95km south-east of Reno, Nevada.
Approximately 823m (2,700ft.) will be completed on the Sphinx Zone.
Historic sampling indicates that the Sphinx Zone is approximately
300m (1,000ft.) along strike and up to 24m (75ft.) in maximum
width. It dips approximately 60 degrees to the south-west and thus
drilling could contribute significantly to the resource totals. The
remaining RC drill holes will be on the west-facing slope of Varga
Zone. Exploration Updates, Goals and Objectives on Bell Mountain
(2011) -- Resource at time of Bell Mountain acquisition (2010)
133,870 AuEq (including 2,535,286 ozs Ag). -- Completed 56 holes of
RC drilling on Spurr and Varga Zones. -- Completed NI 43-101
Technical Report. Measured and indicated resource of 9,761,000
tonnes of material 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. The resource is based on 54,692ft. (16,671m) of reverse
circulation ("RC") drilling completed on the Varga, Spurr and
Sphinx Zones. Mineral Resources are estimated at a pit discard
cut-off grade at 0.192 g/t AuEQ and the assumed parameters is
identified as follows: o Gold Price - $1,149.89/oz (US) - 60%
3-year previous average/40% 2-year forward (Dec. 31, 2010) o Silver
Price - $20.92/oz US - 60% 3-year previous average/40% 2-year
forward (Dec. 31, 2010) o Recovery - Gold 80%, Silver 51% o Total
Operating Costs - $11.43/ton (mining, processing and G&A) o
Gold Equivalent Ratio - 55 to 1 (calculations assume metallurgical
recoveries and net smelter returns to be 100%) -- Initiated
Baseline data collection (cultural, biological ground water
hydrology, ore and waste characterization and air quality studies
and reports). These baseline studies are used as input to model
possible project impacts and enhance the efficiency of the project
permitting process [Environmental Assessment Permit ("EA")]. The
completion of the EA permitting phase is scheduled for Q4-2012. --
Commenced Preliminary Economic Assessment ("PEA"). Completion of
the PEA is anticipated in Q4-2012/Q1-2013. Sturgeon River The
Corporation has retained Cobra Drilling of Thunder Bay to complete
approximately eight holes of diamond drilling. The Corporation has
completed line-cutting and geophysics on the recently acquired
Walter-Elmhirst Property (October 11, 2011). Two diamond drill
holes are planned on the Walter-Elmhirst Property. The Corporation
also completed line-cutting and geophysics on the Sturgeon Pifher
North Claims and plan to complete three diamond drill holes over
the targets. These drill holes will also follow up on Augmitto
Explorations Ltd. 1972 drilling which resulted in the discovery of
a zone of chalcopyrite-pyrrhotite mineralization in a north
easterly zone of approximately 4.88m to 6.1m wide and 76.2m in
strike length, reporting assays of 6.9m of 1.1 g/t Au, 8.25 g/t Ag
and 1.02 % Cu (38.8m to 45.7m). Exploration Goals, Objectives and
Updates on Sturgeon River (2011) -- Completedcomprehensive surface
sampling program, reporting assays of: o up to 32 g/t Aufrom the
waste rock pile; and o up to 21.50 g/t Au from mill tailings. --
Completed 3,856m of drilling testing down plunge extent of the
Sturgeon River Mine below the 530m level. Drilling was successful
in intersecting the # 3, 10, 11, and M veins in the lower mine
levels, reporting assays of: o up to 14.30 g/t Au (No 3 Vein); and,
o Identifying eight new mineralized gold zones including a wide
shear zone of 53.68m in length, reporting assays of up to 24.80 g/t
Au in one of the new zones. -- Completed acquisition of i. Elmhirst
Claims (Jubilee Gold); ii. Walter- Elmhirst claims (Prodigy Gold)
to encompass strike of parallel extensions which lay south and east
of the Tehya, Ahki, Loki and A2 Vein trends that are potential
prospective horizons for precious metal rich VMS mineralization;
and, iii. Sturgeon Pifher North Claims (Renner/Bond), host to the
numerous reported zones of chalcopyrite-pyrrhotite mineralization.
Grab sample reported to assay0.250 ozs/ton gold, 1.43 ozs/ton
silver and 3.77% copper. -- Completed473m of drilling (seven holes)
on Tehya, Ahki and Loki Zones. All seven holes intersected Au, Ag,
Cu, Zn mineralization, thus identifying the potential for a
precious metal rich VMS deposit. Reported assays as follows: o Ahki
Zone - LME11-013 - 3.10 g/t Au, 27.5 g/t Ag, 0.38% Cu and 5.63% Zn
over 3.10m, including 0.80 g/t Au, 10.40 Ag, 77.1 g/t Ag, 0.83% Cu
and 14.30% Zn over 0.80m; and, o Tehya Zone - LME11-017 - 0.10 g/t
Au, 10.1 g/t Ag, 0.11% Cu and 2.85% Zn over 5.85m including 0.05
g/t Au, 14.9 g/t Ag,0.21% Cu and 9.79% Zn over 1.30m (Tehya
extension). -- Completed 1,678m of drilling (eight holes) on Asha
and Tehya Zones. Drill holes on Asha Zone approximately 1.1
kilometres southwest and along strike trend from recognized Tehya
Zone drill intercepts and surface showings. This could well
increase the strike length of the Tehya mineralization to 1.9km
with the seven drill holes completed to date through the Tehya
horizon. Highlights of reported assays as follows: o LME11-024 -
9.91 g/t Au and 2.8 g/t Ag over 1.0m (28.30 to 29.30m), including
17.50 g/t over 0.5m (28.30 to 28.80m); o LME11-024 - 7.59 g/t Au,
2.0 g/t Ag and 1.01% Zn over 1.26m (56.74 to 58m), including 12.90
g/t Au, 3.4 g/t Ag and 1.73 % Zn over 0.73m (57.27 to 58m); o
LME11-025 - 0.11g/t Au, 3.0 g/t Ag, 0.07% Cu and 0.68% Zn over
4.58m (7.57 to 12.15m), including 3.2 g/t Ag and 2.23% Zn over
0.50m (11.00 to 11.50m); o LME11-025a* - 0.06 g/t Au, 2.7 g/t Ag
0.06 % Cu and 1.11% Zn over 4.58m (7.56 to 12.12m), including 3.0
g/t Ag and 2.36% Zn over 0.68m (7.56 to 8.24m); and including 5.0
g/t Ag and 3.31% Zn over 0.55m (11.00-11.55m); o LME11-025a - 4.11
g/t Au, 2.3 g/t Ag over 0.50m (30.40 - 30.90m). Below is a
cross-section of the Tehya Zone. The Tehya Zone was intersected in
drill hole LME11-017 located 800m to the north-east. A possible
further strike extension to the Tehya Zone is indicated in holes
LME11-018 and LME11-019 located than 1.1km southwest and along
strike trend from the recognized Tehya Zone drill intercepts.
Planned Drill Programs -- Drilling Tehya Zone to develop resource
base. Confirm depth and presence of zone with downhole I.P. --
Drilling Sturgeon Riverunmined stope areas of mine workings.
Historical reports suggest a target deposit of a 300,000 - 400,000
ton resource at 0.12 ozs to 0.17 ozs/tonne gold (3.75 to 5.30 g/t)
down to the 2000ft. (610m) level. Compilation of the historic
workings coupled with recent drilling and discovery of new zones
should result in enough information to generate a National
Instrument 43-101 compliant ore resource report. -- Drilling of
Ahmik Zone- north of Sturgeon River shaft. Soil samples indicate
assays over 3.0g/t Au. -- Sampling of Tala zone (new discovery
zone) located east-northeast trend with 1km strike with reported
assays of124 g/t Au and 79 g/t Ag. -- Drilling Ahki Zoneon strike
to two holes which were drilled 25 metres apart to test a 1.5m
surface exposure reporting the following assays:- o LME11-012
reported 0.09 g/t Au, 1.0 g/t Ag, 0.025 % Cu and 0.74% Zn over
6.50m, including 0.50 g/t Au 0.76 g/t Ag, 4.3% Cu and 7.90% Zn over
0.5m; and, o LME11-013 reported 3.22 g/t Au, 27.5 g/t Ag, 0.38% Cu
and 5.635% Zn over 3.10m (19.25 to 22.35m) including 10.40 g/t Au,
0.83% Cu and 14.30% Zn (19.25 to 20.05m). 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."
The technical information contained in this news release has also
been verified by Mr. Dana C. Durgin (MSc, P. Geo). Mr. Dana C.
Durgin is the project manager for Laurion's Bell Mountain project
and he is a Qualified Person as defined in "National Instrument
43-101, Standards of Disclosure for Mineral Properties." 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.
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.
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. SOURCE Laurion
Mineral Exploration Inc. Image with caption: "Cross-section of the
Tehya Zone(CNW Group/Laurion Mineral Exploration Inc.)". Image
available at:
http://photos.newswire.ca/images/download/20111101_C9352_PHOTO_EN_5883.jpg
Laurion Mineral Exploration Inc. CONTACT: Laurion Mineral
Exploration Inc.Cynthia Le Sueur‐Aquin - PresidentTel:
1-888-212-4070Tel: 1-705-788-9186Fax: 1-705-788-9187Website:
www.laurion.ca
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