TORONTO, Aug. 10, 2021 /CNW/ - Laurion Mineral
Exploration Inc. (TSXV: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation") is pleased
to announce the following update on its exploration program of
2021at the Ishkoday Property:
Highlights:
- Trenching and stripping exposed 4 new mineralized areas of
interest: The A Zone, the Niish and Garvey
Zone and a new zone, the Pond, located near the McLeod
prospect.
- New mineralized lenses of semi-massive sulfides were stripped
on the A-Zone. Further assays are pending.
- A new mineralized zone of 4 sub-parallel veins, called 'The
Pond' has also been exposed. These veins are part of the McLeod
mineralized system, which is hosted in a sequence of
felsic-intermediate volcanic and strikes N215 with a 70 dip to the
South. Mineralization can be found in 4 distinct sub-parallel veins
which are 20m apart and are composed
of brecciated quartz with disseminated fine pyrite (up to 15%),
chalcopyrite and sphalerite. The LiDAR survey shows a possible
extension of more than 400m along
strike. Mapping, interpretation, and final assay results are still
pending.
- A soil sampling survey has been designed to cover 3 magnetic
high anomalies located north of the Namewaminikan River. The areas
show low historical prospecting, low outcrop density and thick
vegetation. The magnetic anomalies are interpreted to represent a
possible extension of the north-south feature observed in the
southern portion of the Property. Historic grab samples from this
area produced anomalous values (0.082 g/t Au, 11.9 g/t Ag and 0.89%
Cu and 0.356 g/t Au, 37.6 g/t Ag and 1.52% Cu) for both base and
precious metal in exposed trenching.
- A LiDAR survey was conducted at the end of May over the entire
property. This high precision laser imaging survey provided Laurion
with a high-definition digital elevation model (DEM). The new DEM
model is key in the interpretation of the structural feature on the
property. Historical trenches are also evident on the survey and
are aiding the geological team in the further expansion of already
known mineralized zones.
- The 10,000m 2021 diamond drill
program has been paused due to the current forest fire hazards (see
press release from July
21st, 2021). Of the initial of 6,079 meters of
drilling completed to date, assay results for 4,758 meters of
drilling have been received and highlights are shown in Table 1
below.
Exploration drilling in 2021 started with the objective of
defining the mineralized system along a strike extension of 1.25 km
from the A-Zone, (Behzik Zone) 2020 Niish discovery zone to the
McLeod Zone. Preliminary observations and results confirmed the
existence of an extension of the new Niish structure 850m to
the northeast in drill hole LBX21-032. Drilling confirmed the
extension at depth of the Behzik zone at around 410m below surface level as well of its steep dip
to the northwest.
The initial drill holes targeted unexplored areas to depths,
approximately 650m from surface,
across the 1.25 km strike to investigate the geometry and grade
distribution of the greater Niish and Behzik zone. The drilling was
also conducted with the objective of understanding the
litho-structural model and define the mineralized system as seen in
historic (1980s and 1990s) and LAURION (2012 to 2020) drilling,
which intersected significant grades and widths of gold and base
metal mineralization.
Highlights from the 7 initial exploratory holes:
Hole
ID
|
From
|
To
|
Core
Length*
|
Au
g/t
|
Ag
g/t
|
Cu
%
|
Zn
%
|
AuEq
|
LBX21-032
|
206.20
|
228.80
|
22.60
|
0.01
|
0.81
|
0.02
|
0.60
|
0.36
|
|
286.00
|
293.70
|
7.70
|
0.08
|
3.12
|
0.09
|
1.39
|
0.97
|
|
653.50
|
655.30
|
1.80
|
0.44
|
13.30
|
0.13
|
5.08
|
3.42
|
LBX21-033
|
359.70
|
361.50
|
1.80
|
1.95
|
4.27
|
0.22
|
1.15
|
2.96
|
|
492.00
|
494.90
|
2.90
|
0.37
|
8.53
|
0.26
|
1.01
|
1.43
|
LBX21-034
|
131.10
|
133.00
|
1.90
|
1.55
|
9.47
|
0.07
|
2.26
|
2.94
|
|
150.40
|
153.40
|
3.00
|
0.34
|
4.52
|
0.10
|
1.42
|
1.28
|
|
304.30
|
312.70
|
8.40
|
0.15
|
2.34
|
0.05
|
1.19
|
0.86
|
LBX21-035
|
423.40
|
432.40
|
9.00
|
1.50
|
10.63
|
0.33
|
1.04
|
2.71
|
|
429.20
|
432.40
|
3.20
|
4.13
|
26.20
|
0.90
|
2.22
|
7.07
|
LBX21-036
|
108.00
|
109.00
|
1.00
|
3.94
|
1.30
|
0.00
|
0.01
|
3.97
|
|
438.80
|
441.90
|
3.10
|
0.93
|
15.80
|
0.43
|
0.81
|
2.26
|
|
512.50
|
515.80
|
3.30
|
0.20
|
3.23
|
0.10
|
2.52
|
1.68
|
|
522.30
|
532.20
|
9.90
|
0.03
|
0.66
|
0.03
|
0.56
|
0.37
|
LBX21-037
|
125.00
|
127.80
|
2.80
|
1.73
|
1.79
|
0.02
|
0.07
|
1.84
|
|
416.40
|
425.60
|
9.20
|
0.03
|
3.69
|
0.16
|
1.54
|
1.11
|
|
517.30
|
532.00
|
14.70
|
0.24
|
0.25
|
0.00
|
0.01
|
0.25
|
LBX21-038
|
303.10
|
306.50
|
3.40
|
0.04
|
3.78
|
0.09
|
1.30
|
0.89
|
*True thicknesses
have yet to be estimated since the 3D modelling of the zones is
still pending updates
|
Table 2: Drill hole coordinates for holes LBX21-032 to
LBX21-039. (UTM NAD83 Zone 16N)
Hole
ID
|
Azimuth
|
Dip
|
Length
|
Easting
|
Northing
|
Elevation
|
LBX21-032
|
126
|
-50
|
725
|
446400.4
|
5513397.7
|
319.8
|
LBX21-033
|
306
|
-50
|
644
|
446611.6
|
5512751.5
|
323.2
|
LBX21-034
|
263
|
-54
|
350
|
446779.3
|
5513212.1
|
326.5
|
LBX21-035
|
126
|
-50
|
800
|
445840.3
|
5512815.8
|
325.0
|
LBX21-036
|
126
|
-50
|
705.8
|
445794.9
|
5512667.7
|
326.0
|
LBX21-037
|
310
|
-50
|
604
|
446123.6
|
5512450.0
|
329.0
|
LBX21-038
|
307
|
-51
|
459
|
446066.5
|
5512430.8
|
330.7
|
LBX21-039
|
307
|
-52
|
467
|
446122.0
|
5512588.7
|
321.5
|
Exploration for Remainder of 2021:
The remaining 3,550m of drilling
will focus on in-fill drilling the areas between the A Zone and
McLeod Zone as well as the extension of the McLeod to the
southwest, which in turn could extend the A-Zone/McLeod strike
length to over 1.4 km.
The McLeod southwest extension hosts encouraging historical
surface trenching results and a magnetic high anomaly and an
associated IP chargeability high date as seen in Figure 1 showing
mineralized interval based on 3m over
0.5 g/t AuEq. No drilling has been conducted in this area
todate.
Qualified Person
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements and has been
reviewed and approved by Jean Philippe
Paiement, PGeo, MSc, a consultant to Laurion, and a
"Qualified Person" within the meaning of National Instrument
43-101.
About LAURION
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION now has 233,473,342 outstanding
shares of which approximately 79% are 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 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. 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 Brenbar Property, acquired in 2020, is contiguous
with the Ishkoday Property, hosts the historic Brenbar Mine.
LAURION believes the mineralization to be a direct extension of
mineralization from the Ishkoday Property.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to LAURION's business, operations
and condition, 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
common shares of LAURION, 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.