Laurion Acquires 100% Interest in Beaurox Property with Potential Target Deposit
2011年11月23日 - 12:00AM
PR Newswire (Canada)
TORONTO, Nov. 22, 2011 /CNW/ - Laurion Mineral Exploration Inc.
(OTCQX:LMEFF) ("Laurion" or the "Corporation") is pleased to
announce that it has entered into a definitive agreement (the
"Agreement") with Beaurox Mines Limited ("Beaurox"), in which the
Corporation has received the option to acquire up to a 100%
interest in 30 mining leases covering an area of 447.35 hectares.
The Beaurox property is contiguous to the Corporation's north
eastern boundary, and is located in the south western quarter of
Elmhirst Township. The Corporations' Sturgeon River Property is
located 25 kilometres east of the Town of Beardmore, Ontario.
Highlights of the Beaurox Property Laurion is currently compiling
the extensive diamond drilling data base on the Beaurox property
and combining it with information currently compiled on its
Sturgeon River and Jubilee properties. Based on preliminary
analysis of the historical drilling, combined with Laurion's recent
drill results on its Sturgeon River and Jubilee properties, Laurion
has established the potential for possible economic deposits across
the three properties. Aggressive exploration plans are now being
developed to explore for these deposits and to guide this
exploration. Laurion has developed a Target Deposit based on the
available drilling information which suggests a combined strike
length of 6,000 metres for the 3 zones. Assuming a minimum vertical
depth of 250 metres on these zones at an average true width of 2.5
meters, and that the trends are 30-50% mineralized, the Target
Deposit size is: Target Deposit Potential - Sturgeon River to
Beaurox
Trends
Potential Tonnage Gold Grade Silver Grade Zinc Grade Copper Grade
Range Range Range Range Range (tonnes) (gpt) (gpt) % % 4.0 to 6.0
million 1.5 to 3.0 20 to 30 2.5 to 3.5 0.25 to 0.50 Note:
The reader should be cautioned that the potential quantities and
grades reflected above are conceptual in nature, that there has
been insufficient exploration to define a mineral resource and that
it is uncertain if further exploration will result in the target
being delineated as a mineral resource. The Beaurox Property has
undergone multiple exploration drilling campaigns (1952, 1966,
1967, 1971, 1973, 1982, 1987, 1988, 1990 and 1992), which have all
resulted in the discovery of significant polymetallic
(Gold-Zinc-Silver-Copper) horizons with highlights of drill hole
intersections that include:
_________________________________________________________________
|Target|Campaign|Hole ID|Interval (m)|Au (g/t)|Ag (g/t)|Cu %| Zn% |
|______|________|_______|____________|________|________|____|_____|
| | | | | | | | |
|______|________|_______|____________|________|________|____|_____|
|A-Zone| 1971 | C-19 | 1.55 | 14.75 | 21.9 |0.14|4.50 |
|______|________|_______|____________|________|________|____|_____|
| | 1982 | K-64 | 2.70 | 5.4 | 20.0 |0.50|6.80 |
|______|________|_______|____________|________|________|____|_____|
| | 1987 | 87-11 | 3.05 | - | 35.0 | - |28.25|
|______|________|_______|____________|________|________|____|_____|
| | 1988 |88-03B | 1.23 | 11.32 | 32.6 |0.50|5.74 |
|______|________|_______|____________|________|________|____|_____|
| | 1990 | 90-39 | 2.40 | 4.0 | 17.6 |0.10|3.50 |
|______|________|_______|____________|________|________|____|_____|
| | 1992 | 92-58 | 4.00 | 5.1 | 24.8 |0.40|3.90 |
|______|________|_______|____________|________|________|____|_____|
| | | | | | | | |
|______|________|_______|____________|________|________|____|_____|
|D-Zone| 1988 | 88-28 | 2.10 | - | 7.5 |0.23|6.51 |
|______|________|_______|____________|________|________|____|_____|
| | 1988 | 88-33 | 2.77 | 1.03 | 13.72 |0.33|4.61 |
|______|________|_______|____________|________|________|____|_____|
| | | | | | | | |
|______|________|_______|____________|________|________|____|_____|
|Garvey| 1971 | C-9 | 0.70 | 265.2 | 116.2 | - | - |
|______|________|_______|____________|________|________|____|_____|
| | | | | | | | |
|______|________|_______|____________|________|________|____|_____|
|River | 1967 | M-6 | 3.05 | - | - |4.10| - |
|______|________|_______|____________|________|________|____|_____|
Cynthia Le Sueur-Aquin, President of Laurion Mineral Exploration
Inc. stated, "We are particularly excited about this key
acquisition. There are strong indications we are located in a very
favourable geological setting to realize the occurrence of
strata-bound massive gold-zinc-copper-silver environment. The base
metal mineralized horizon is very persistent over a great distance.
Available sampling and drilling results indicate excellent
potential. The "A" Zone on the Beaurox property is the possible
extension of the A-2 zone, and the "D" Zone appears to be on strike
with the Tehya Zone, thus indicating that the potential strike
length of these zones may extend up to 2.7 km of this prospective
horizon of precious metal rich VMS mineralization." Terms of the
Agreement Pursuant to the terms of the Agreement, the Corporation
has an Option to earn in an undivided 100% interest, subject to the
issuance of an aggregate of 4,500,000 common shares in the capital
of Laurion ("Common Shares") at a deemed price of $0.05 per Common
Share. 90% of the 4,500,000 Common Shares to be issued by
Laurion shall be held pursuant to an escrow agreement and released
in accordance with a structured schedule over a period of 36
months. The Beaurox Property is subject to a 3% net smelter return
("NSR") royalty (the "Royalty") in favour of Beaurox (0.5%), David
Malouf (2%) and Orient Resources Inc. (0.5%). At any time,
Laurion may purchase 1.5% of the Royalty for $1,500,000 or 1% of
the Royalty for $1,000,000. The proposed transaction is subject to
regulatory approval by the TSX Venture Exchange. Beaurox Property
The Beaurox property contains eight named surface showings, most
with at least one or two drill holes through the mineralized zones.
These showings appear to line up into three sub-parallel horizons
trending northeast along the regional geological strike. From
northwest to southeast they include the River Zone (River Showing
and River Showing SW Extension), the "D" trend (Area D, Garvey
Zone, Miron Vein, and extending to the southwest onto Laurion's
Sturgeon River property as the Tehya Zone) and the "A" trend (Area
A, Area B, and extending southwest into the McLeod-Kennedy Zone on
Laurion's Jubilee property, and into the A-2 Vein on Laurion's
Sturgeon River property). It is estimated that the strike lengths
of the "D" trend and the "A" trend on the Beaurox Property are
approximately 1.5km, and combined with Laurion's other property
holdings along the trends, that the potential strike lengths of the
combined "D-Zone to Tehya" and "A Zone to A-2 vein" may each extend
to over 2.7km. Approximately 197 diamond drill holes totalling
20,836 metres have been completed on the Beaurox Property with most
of these holes testing below surface exposures of mineralization
and intersecting the zones less than 100 metres below
surface. Drilling on the "A" Zone has been the most extensive
with the deepest intersection of the mineralized zone at a depth of
approximately 130 metres below surface. The majority of the
drilling is on the "A" Zone, and it remains open along strike and
down dip. The Beardmore-Geraldton Gold Camp ("BGGC") has a
production history of over 4.1 million ounces of gold, mined
predominantly from high grade quartz vein systems. Laurion's
Sturgeon River property holdings are composed of gold-silver
bearing quartz veins hosted in ENE-WSW trending mineralized shear
zones associated with volcanogenic sulphides within felsic to
intermediate volcanics. These zones contain significant amounts of
base metal sulphides, mainly sphalerite and chalcopyrite. Over the
last two years, Laurion with their project manager GeoVector
Management, have shifted their focus to these largely unexplored
sequences of mineralized sericite and quartz rich shear zones,
discovering a number of new gold and polymetallic zones along
substantial strike lengths. 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 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
condition, as well as management's objectives, strategies, beliefs
and intentions. Such statements include, but are not limited to,
statements concerning the Sturgeon River and Beaurox Property 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 even 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
except as required by law. 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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