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TORONTO, Dec. 20, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX-V: LME; OTCPINK: LMEFF)
("LAURION" or the "Corporation")
is pleased to outline plans for the 2020 Exploration Program at the
Corporation's wholly-owned Ishkoday Project ("Ishkoday"),
located 220 km northeast of Thunder Bay,
Ontario (Figure 1).
Cynthia Le Sueur-Aquin, President
and CEO of the Corporation stated, "Our 2019 exploration work
identified three major gold-mineralized trends, Sturgeon River
Mine, M25/Marge and Loki, which extends along strike for 2+km,
1.8+km and 3+km, respectively as shown in Figure 2.
The 2018 and 2019 channel and selected grab sampling campaigns
returned a substantial number of significant gold and
gold-silver-zinc assay results which not only validated historical
sampling but also greatly expanded the target strike lengths. These
results indicate that the gold-mineralizing event, or events are
very widespread. The historic Sturgeon River Mine data further
suggests that mineralization may be more extensive at depth. We now
have three prime target areas to follow-up with further detailed
geophysical surveys to define targets for drilling in 2020. Further
surface work including channel sampling will also be carried out to
expand our evaluation of these important trends.
The three major mineralized trends occur in the 5km by 1km
overall Target Area and are characterized by two separate
multi-episodic mineralizing events1:
- An early, likely syn-volcanic, hydrothermal system, termed the
Ishkoday-style Mineralization, which resulted in
discordant, zoned, stockwork-style veins consisting of magnetite
(iron oxide), actinolite (calcium aluminium silicate hydroxide),
monazite (rare earths rich phosphate), quartz, sphalerite (zinc
sulphide), gold and silver (the "Oxide-Sulphide Veins"). In
addition, there are multiple sphalerite-rich centimeter to meter
wide veins, also containing pyrite (iron sulphide), chalcopyrite
(copper sulphide), galena (lead sulphide), gold and silver (the
"Sulphide Veins–) - both centered on the "A" and CRK Zones
of the 3+km by 800m "Loki Trend
Corridor"; and
- A later, gold-dominant event is linked primarily to later syn-
to early-tectonic gold-silver bearing quartz veins, termed the
Sturgeon River-style Mineralization (the "Quartz
Veins"), occasionally with a distinct chlorite alteration halo
that locally includes iron carbonate and pyrite - the 2+km by
300m "Sturgeon River Mine
Corridor" and 1.8km by 350m
"Marge Corridor"
In the Sturgeon River Mine Corridor, compilation and
synthesis of the historic Sturgeon River Mine underground data, and
the mapping/sampling of the No. 3 Quartz Vein and adjacent veins
suggest that the 1937 to 1942 mining not only covered the
010⁰ No. 3 Quartz Vein, but also 5 other quartz veins, most of
which trend ±045⁰. LAURION drilling in 2010 (LME-10-008, 009 and
010) intersected several additional veins north of the underground
workings.
Based upon mine records, LAURION believes that higher-grade
gold-bearing shoots exist at the Sturgeon Gold Mine, and that the
compilation now underway should help determine other potential
target shoots for future drilling.
The most significant gold grade from selected interval in-vein
channel sampling included:
- 92.58 g/t gold over 12.98m strike
length from continuous in-vein sampling channel sampling on the No.
3 Quartz Vein South (refer to the Corporation's news release
dated August 20, 2019).
The most significant historical and recent gold-silver grades
from the M25/Marge Corridor ("F", "X" and M21 to M25 Quartz
Veins) included:
- 314m grading 17.62 g/t gold over
an average 36cm true width at the Marge Quartz Vein (Koskitalo,
1988); and
- 58.10 g/t gold and 140 g/t silver from selected grab samples of
the M25 Quartz Vein (refer to the Corporation's news release
dated December 3, 2019).
The Loki Trend Corridor is characterized by
Oxide-Sulphide Veins which consist of ±045° trending shears, that
post-date the earlier 320°-030° trending Sulphide Veins except
where the latter have been structurally transposed parallel to the
former. The full system extends for a minimum 3+km length over an
800m average width, covering more
than half the Target Area.
Typical metal grades and true widths from selected interval
channel sampling in 2019 of Oxide-Sulphide Veins and Sulphide Veins
included:
- 3.25m yielding 1.44 g/t gold,
6.37 g/t silver, 2.42% zinc, 0.08% copper (CRK NE) (refer to the
Corporation's news release dated October 25,
2019);
- 1.06m grading 0.18 g/t gold,
45.69 g/t silver, 25.00% zinc, 0.03% copper, 6.21% lead (CRK SE, SJ
Showing Sulphide Vein) (refer to the Corporation's news release
dated October 18, 2019); and
- 0.69m yielding 5.59 g/t gold,
46.80 g/t silver, 5.09% zinc, 0.34% copper (CRK West Sulphide Vein,
Trench #37) (refer to the Corporation's news release dated
September 12, 2019).
The priority target in the Loki Trend Corridor, is the 2.8km by
2 to 20m wide "A" Zone. In 2012,
LAURION selectively grab sampled surface outcrops of Sulphide Veins
at the "A" Zone yielding:
- 0.70 g/t gold, 28.40 g/t silver, 27.50% zinc and 0.12% copper,
and 4.58 g/t gold, 13.60 g/t silver and 18.90% zinc (refer to
the Corporation's news release dated July
18, 2012).
Previous diamond drilling by LAURION intersected:
- 4.04m core length (or true widths
between 2.00 to 3.60m) grading 5.26
g/t gold, 40.10 g/t silver, 8.38% zinc and 0.29% copper at a
vertical depth of approximately 40m
(LBX12-010) (refer to the Corporation's news release dated
October 18, 2012).
1 Contributions from "Metal Earth – 2019
Geraldton-Onaman Field Trip Guide: The Geraldton-Onaman Transect –
Volcanology, Metamorphism, Deformation and Mineralization, by Z.
Tóth, K. Strongman, A. Haataja, B. Mark, B. Lafrance and H. Gibson,
MERC, Harquail School of Earth Sciences, Laurentian University (Sudbury, Canada)
QA-QC Protocols
All samples for assay from this program were initially processed
and prepared by ALS Global Geochemistry in Thunder Bay (Ontario), with pulps sent to and analyzed by
ALS Global Analytical Lab in North
Vancouver (BC), using the Fire Assay and multi-element
geochemistry methods of analysis. LAURION employs an industry
standard system of external standards, blanks and duplicates for
all its sampling in addition to the QA/QC protocol used by the
laboratory.
Qualified Persons
Mr. Jean Lafleur, P. Geo. (PGO,
OGQ). LAURION's VP Exploration is a Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
technical content of this news release.
About Laurion
The Corporation is a junior mineral exploration and development
company listed on the TSX-V under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION now has 176,710,617 outstanding
shares of which approximately 58% is owned and controlled by
Insiders who are eligible investors under the "Friends and Family"
categories.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 44 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. Ishkoday has a
project-wide database (2008 to 2018) that includes 283 diamond
drill holes totaling 40,729 m,
geological mapping, ground and airborne geophysics, and 14,992
individual samples with assays and geochemical analysis. The
mineralization on Ishkoday is open at depth beyond the current
core-drilling limit of -200 m from
surface, based on the historical mining to a -685 m depth, in the past producing Sturgeon
River Mine.
The 2018-2020 exploration initiated in May 2018 is a three-staged program with
the strategic objective of outlining the precious and base
metals upside potential of the 5km by 1km Target Area of the
southern claims block at Ishkoday. The Exploration Team has
confirmed the extent of known and new gold bearing quartz and
polymetallic sulphide veins that will ultimately help in completing
the construction of the 2-D and 3-D model which will guide
future exploration targeting. This Model will provide LAURION with
a solid technical foundation to initiate diamond drilling to
demonstrate the depth potential across the Target Area at
Ishkoday as part of the Stage 3 drill program starting in
2020. The field portion of the Stage 2 Campaign is now
completed.
Refer to tables and maps on LAURION's website using the
following link:
http://www.laurion.org/ishkoday-project/highlights/2019-field-exploration-program/
Caution Regarding Forward-Looking Information
This news release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, LAURION's business, operations and future plans for the
development of the Corporation and/or the Ishkoday Gold Project,
and management's objectives, strategies, beliefs and
intentions.
The forward-looking statements involve risks and
uncertainties. Actual events and future results, performance or
achievements expressed or implied by such forward-looking
statements could differ materially from those projected herein
including as a result of a change in the trading price of the
Corporation's common shares, the interpretation and actual results
of current exploration activities, changes in project parameters as
plans continue to be refined, future prices of gold and/or other
metals, possible variations in grade or recovery rates, failure of
equipment or processes to operate as anticipated, the failure of
contracted parties to perform, labor disputes and other risks of
the mining industry, delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the Corporation's publicly filed documents.
Investors should consult the Corporation's ongoing quarterly and
annual filings, as well as any other additional documentation
comprising the Corporation's public disclosure record, for
additional information on risks and uncertainties relating to these
forward-looking statements. The reader is cautioned not to rely on
these forward-looking statements. Subject to applicable law, the
Corporation disclaims any obligation to update these
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.