TORONTO, July 23, 2013 /CNW/ - Laurion Mineral Exploration
Inc. ("Laurion" or the "Company") (TSX-V: LME) and (OTCQX: LMEFF)
is pleased to report that a grab sample collected in May from a
quartz vein/alteration zone, named the Bjorkman zone, on its
Midlothian property assayed 12,700 g/t Au. A second grab
sample collected from the same zone 5 m away assayed 296 g/t Au.
Grab samples are selective by nature and are unlikely to represent
average grades of the deposit
The Midlothian property consists of 11 claims
(152 claim units) covering an area of approximately 24.2 km2.
The property is jointly owned by Laurion (51%) and Kiska Metals
Corporation (TSX-V: KSK: 49%). Laurion is the project
operator.
The Midlothian property occurs 80 km
west-southwest of Kirkland Lake
and 25 km west-southwest of Matachewan. The west-southwest trending,
250 km long Cadillac-Larder Lake Break ("CLLB") is interpreted to
pass through the southeast portion of the property. This
major structure provides a regional locus for numerous gold
deposits and hosts more than 100 mines and significant gold
prospects, extends from well east of Val
d'Or, Quebec to Matachewan
in Ontario, and probably extends
further to the southwest. Combined past production and known
reserves from the break aggregate more than 80 million ounces of
gold.
A subparallel structure to the CLLB has also
been interpreted on the Midlothian property, and several westerly
trending splays off the latter structure have been inferred.
The western half of the property contains Archean intermediate and
felsic volcanics intruded by east-trending mafic to ultramafic
linear intrusions (typically gabbro to peridotite). The
northeastern corner of the property contains Timiskaming
Conglomerate, and the Archean geology of the eastern portion of the
property, including the CLLB, is concealed by an unknown thickness
of Proterozoic sediments. During the 1950s and early 1960s most
investigations were concentrated on the gold potential of the
Timiskaming Conglomerate and on asbestos and copper-nickel showings
associated with the mafic to ultramafic sills. Asbestos was
mined from several pits by United Asbestos Incorporated from 1975
to 1977.
A five-day prospecting program was conducted on
the property in late May, 2013. The highlights of the results
were two grab samples taken 5 m apart from a quartz vein/alteration
zone, in the wall of the top bench of one of United Asbestos's open
pits. These samples assayed 296 g/t (8.6 oz/ton) and 12,700
g/t (370 oz/ton) gold respectively.
The mineralized Bjorkman zone is 1 m wide, and
consists of a mixture of white bull quartz, very fine-grained grey
silica and iron carbonate, with a 10 cm zone of banded fine-grained
silica on the margin. The Bjorkman zone occurs on the western
contact of an approximately 25 m wide, northerly trending
intermediate dike which cuts the ultramafic sill, and is proximal
to one of the westerly trending interpreted splay structures.
The contact and mineralized zone vary in dip from 45 degrees to
subvertical. The Bjorkman zone can be followed for
approximately 20 m; it is concealed at both ends by debris
associated with the open pit. Abundant visible gold occurs in
the banded margin of the zone in at least one locality.
Malachite is also present locally. Photographs of the
mineralized zone and the visible gold are available on Laurion's
website: http://www.laurion.ca/s/midlothian.asp.
Laurion spent two days in July re-examining the
mineralized zone and conducting additional sampling and prospecting
on the property. There is extensive iron carbonate alteration with
pyrite in the Timiskaming Conglomerate and locally in the volcanics
on the property, in many instances proximal to the interpreted
structures. Minor veining and small cliffs were also noted along
the interpreted structures.
Six chip samples were collected across the
Bjorkman mineralized zone, and additional grab samples were
collected where anomalous results were obtained from the May
program. All results from the May program will be reported in
conjunction with results from the recent sampling as soon as the
latter results are available.
SAMPLE ANALYSIS
Samples were analyzed by Activation Laboratories
Ltd. of Thunder Bay. The 296
g/t Au analysis was obtained by the fire assay method with
gravimetric finish. The 12,700 g/t Au analysis was obtained
by the screen metallic assay method on a 436 g sample.
QUALIFIED PERSON
Tom Setterfield,
PhD, P. Geo., Principal of GeoVector Management Inc., is the
Qualified Person, as defined by NI 43-101, for the Midlothian
Property and has reviewed the technical information in this
release.
About Laurion Mineral Exploration
Inc.
Laurion Mineral Exploration Inc. is a junior
mining company focusing on the upside of its 100%-owned Ishkoday
property, a high impact project with a primary focus on gold and
base metals. Exploration of its high-potential Midlothian Property
is in its early stages.
With proven ability to develop early stage
projects and create shareholder value by monetizing its discoveries
and assets, Laurion has realized a total of $6.35 million in the last two years from
monetization of its assets. The Company's current focus is on
resource development at Ishkoday, located in 28 km northeast of
Beardmore, and approximately 220
km northeast of Thunder Bay,
Ontario.
Neither the TSX Venture Exchange (the "TSX-V") nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility for the adequacy or
accuracy of this news 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.
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. 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.
SOURCE Laurion Mineral Exploration Inc.