TORONTO, Aug. 7, 2013 /CNW/ - Laurion Mineral Exploration
Inc. ("Laurion" or the "Company") (TSX-V: LME) and (OTCQX: LMEFF)
is pleased to report the assay results from property-wide samples
collected in May as well as follow-up sampling of the Bjorkman
zone, on its Midlothian property. An initial grab sample from
the Bjorkman zone assayed 12,700 g/t Au and a second grab sample
collected 5 m away assayed 296 g/t Au (see news release of
July 23, 2013). Laurion spent
two days on the property in July collecting an additional seven
chip samples and three grab samples from the immediate area of the
Bjorkman zone, as well as 14 grab samples from the remainder of the
property. This sampling complements the 113 grab samples
collected in May. Chip sampling of the Bjorkman zone produced
assays of 0.3 m @ 4,810 g/t (140 oz/ton), 0.8 m @ 2,060 g/t (60
oz/ton) and 0.95 m @ 510 g/t (14.9 oz/ton) gold.
Anomalous gold (up to 162 ppb) is also present in altered
Timiskaming Conglomerate in the northeast part of the property.
Grab and chip samples are selective by nature and are unlikely to
represent average grades of the zone.
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 property
contains Archean intermediate and felsic volcanics intruded by
east-trending mafic to ultramafic linear intrusions, with
Timiskaming Conglomerate in the northeastern corner. The
Archean geology of the eastern portion of the property, including
the CLLB, is concealed by an unknown thickness of Proterozoic
sediments. Asbestos was mined from several pits on the property by
United Asbestos Incorporated from 1975 to 1977.
The Bjorkman zone was discovered during a
five-day prospecting program conducted on the property in late May,
2013. This mineralized zone is 1 m wide, and consists of a
mixture of white quartz, very fine-grained grey silica and iron
carbonate, with a 10 cm zone of banded fine-grained silica on the
margin. The zone occurs on the western contact of an
approximately 25 m wide, non-magnetic, northerly trending
intermediate dike which cuts the strongly magnetic 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. Two grab samples were taken
initially from this zone; they assayed 296 g/t (8.6 oz/ton) and
12,700 g/t (370 oz/ton) gold.
Laurion spent two days in July re-examining the
Bjorkman zone and conducting additional sampling and prospecting on
the property. Seven chip and three grab samples were taken from the
Bjorkman zone. Results are presented in Table 1. A 30
cm chip sample of the western part of the zone ran 4,810 g/t,
whereas an adjacent 40 cm sample of the remainder of the zone ran
2.99 g/t Au. This confirms visual observations that the
visible gold is concentrated on the western margin of the
zone. Other chip samples in the immediate vicinity of the
original discovery returned 0.8 m @ 2,060 g/t Au and 0.75 m @ 90
g/t Au. A 0.95 m chip sample taken 15 m from the original
discovery assayed 510 g/t Au; this is considered very
encouraging. Two other chip samples further from the original
location produced anomalous values only. Grab samples of
andesite and ultramafic wall-rock material to the zone ran 746 and
12 ppb Au respectively.
The other area of interest defined to date on
the property is a widespread zone of iron carbonate alteration with
disseminated pyrite in Timiskaming Conglomerate in the northeastern
part of the property. This is part of a larger alteration
zone defined by the Ontario
Geological Survey. Laurion collected 25 samples along a
strike length of 1 km proximal to one of the interpreted west
trending splays within this alteration zone. Gold values in these
samples ranged from below detection to a high of 162 ppb Au; ten
values were anomalous (>20 ppb Au), of which three were greater
than 40 ppb Au.
The Bjorkman zone is a mineralized zone of
unknown extent. Laurion's second sampling program has shown that
the very high grades can be obtained from chip samples across the
zone over a strike length of at least 15 m. It is possible
that the magnetic qualities of the host rocks can be used to trace
the dike contact that appears to localize mineralization. The
dike itself is non-magnetic, whereas the ultramafic country rock is
strongly magnetic. The altered Timiskaming Conglomerate in
the northeast part of the property merits additional prospecting,
given the anomalous gold found to date. Finally, it is worth
recalling that very little gold exploration has been conducted by
Laurion on this 24.2 km2 property, and that it is quite
possible that additional zones of surface mineralization remain to
be discovered.
Table 1: Bjorkman Zone Gold Values
Sample |
Type |
Length |
Details |
Gold
(g/t) |
Gold
(oz/ton) |
656400 |
Grab |
n/a |
B Zone |
296 |
8.6 |
656401 |
Grab |
n/a |
B Zone |
12,700 |
370.4 |
5003 |
Chip |
0.3 m |
B Zone |
4,810 |
140.3 |
5004 |
Chip |
0.4 m |
B Zone |
2.99 |
0.09 |
5013 |
Chip |
0.8 m |
B Zone |
2,060 |
60.1 |
5014 |
Grab |
n/a |
Andesite |
0.75 |
0.02 |
5015 |
Chip |
0.75 m |
B Zone |
90 |
2.6 |
5016 |
Grab |
n/a |
Ultramafic |
0.01 |
0.0003 |
5017 |
Chip |
0.9 m |
B Zone |
0.2 |
0.006 |
5018 |
Chip |
0.95 m |
B Zone |
510 |
14.9 |
5019 |
Chip |
0.9 m |
B Zone |
0.23 |
0.007 |
5020 |
Grab |
n/a |
B Zone |
0.26 |
0.008 |
B Zone= Bjorkman Zone
SAMPLE ANALYSIS
Samples were analyzed by Activation Laboratories
Ltd. of Thunder Bay. The
analyses were obtained by the fire assay method variably with
atomic absorption or gravimetric finishes.
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.