TORONTO, Sept. 30, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation") is pleased
to announce new drill hole assay results of the ongoing 2021
drilling program focussing on the strike continuity between the
A-Zone and McLeod mineralized areas on the Ishkoday Property,
located 220 km northeast of Thunder
Bay.
Highlights of current drill hole results include:
- 0.77 g/t Au, 4.31 g/t Ag, 0.83% Zn over 20m on hole LBX21-045 between 145 and
165m.
- 0.71 g/t Au, 13.29 g/t Ag, 0.17% Cu and 2.22% Zn over
13.5m on hole LBX21-046 between 138.5
and 152 m (See Figure 1).
The current assay results, combined with new geological
understanding, confirms the presence of volcanogenic mineralization
(A-Zone type) over the whole strike length between the McLeod Zone
and A-Zone. The strike length across the mineralized zones is
approximately 1.4 km, with a confirmed depth up to 150 m from the surface.
A soil survey completed north of the Sturgeon River, 1.5 km
north of the McLeod Zone highlighted several copper anomalies,
confirming the potential for additional volcanogenic mineralization
North of the current area of focus.
Diamond Drilling Results:
Drilling resumed on August 19,
2021, following the lifting of the forest fire restrictions
in the region. In-fill drilling focussed on linking the A-Zone and
the McLeod Zone mineralized horizons. A total of 11 drill holes
were completed to date, and LAURION is pleased to issue results of
the first two drill holes, LBX21-045 and 046.
Mineralization occurs in a series of intermediate to felsic
volcanic units cut by dioritic dykes. The majority of the
mineralization is located in pervasive
pyrite-sphalerite-quartz-carbonate stockworks and veins, with some
massive sulphide horizons. A two (2) metre long semi-massive
sulphide interval was intersected in hole LBX21-046 and is composed
of sphalerite-pyrite-chalcopyrite-galena (see Figure 1). Brecciated
quartz, magnetite banding with strong sericite-chlorite and silica
alteration is also observed within the same intersection. The hole
was stopped in a mineralized quartz vein (last 3.5 metres) due to
technical issues on the hole. The completed results for the
mineralized zones can be found in Table 1 below.
Table 1: Selected Best Results from Diamond Drilling
Connecting the Mineralized Zone Between McLeod Zone and
A-Zone:
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
g/t
|
Ag
g/t
|
Cu
%
|
Pb
%
|
Zn
%
|
LBX21-046
|
138.50
|
152.00
|
13.50
|
0.71
|
13.29
|
0.17
|
0.27
|
2.22
|
including
|
149.00
|
151.00
|
2.00
|
2.90
|
61.83
|
0.92
|
0.91
|
10.78
|
LBX21-045
|
145.00
|
165.00
|
20.00
|
0.77
|
4.31
|
0.04
|
0.03
|
0.83
|
LBX21-040
|
41.00
|
46.50
|
5.50
|
0.38
|
5.72
|
0.11
|
0.03
|
0.60
|
LBX21-041
|
37.00
|
41.00
|
4.00
|
0.95
|
2.26
|
-
|
-
|
-
|
LBX21-042
|
200.00
|
204.00
|
4.00
|
0.38
|
14.29
|
0.13
|
0.32
|
3.12
|
LBX21-043
|
46.00
|
53.30
|
10.30
|
0.49
|
10.27
|
0.06
|
0.06
|
0.80
|
LBX21-044
|
98.00
|
107.00
|
9.00
|
0.47
|
1.66
|
0.02
|
0.01
|
0.71
|
Note: At this time
the true width of the mineralized interval is unknown.
|
Since the discovery of the McLeod Zone, there has been very
little exploration conducted in the swamp area between both
showings (McLeod and A-Zone) and recent advances showed that the
A-Zone mineralization is similar to the McLeod Zone. Based on
LAURION's recent exploration focus in the area, this sector was
prioritized for the second phase of the 2021 drilling campaign.
Results from LBX21-045 and LBX21-046 aided in confirming the
continuity along strike between both zones. These results combined
with the discovery of two historical trenches south-west of McLeod
Zone show that the system remains open in all directions.
Table 2: Drill hole coordinates for drill holes LBX21-040 to
-046.
Hole
ID
|
Azimuth
|
Dip
|
Length
|
Easting
|
Northing
|
Elevation
|
LBX21-040
|
307
|
-67
|
368
|
445947.2
|
5512615.2
|
322.4
|
LBX21-041
|
130
|
-80
|
278
|
446235.8
|
5512740.5
|
323.6
|
LBX21-042
|
70
|
-45
|
338
|
446280.2
|
5512838.2
|
320.2
|
LBX21-043
|
108
|
-70
|
201
|
446574.0
|
5513109.6
|
326.1
|
LBX21-044
|
108
|
-55
|
194
|
446533.9
|
5513141.6
|
322.3
|
LBX21-045
|
108
|
-50
|
326
|
446293.5
|
5512693.9
|
322.2
|
LBX21-046
|
108
|
-50
|
155.4
|
446319.4
|
5512744.8
|
322.1
|
Soil Sampling Results
In the past, limited exploration work was conducted in the
northern area of the Ishkoday project. A total of 5 historic drill
holes were completed on the River Showing and yielded good results
(DDH 88-22 with 10.37m @ 0.20 g/t Au
13.62 g/t Ag and 1.22% Cu).
Previous grab samples also yielded copper results grading over
1.8% Cu. Two magnetic high anomalies are also present on the
northern portion of the project, which are interpreted to represent
possible extensions of the A-Zone system.
A soil sampling survey was conducted to cover the eastern part
of the property up to 1km north of the Namewaminikan river, which
is located 700m north of the A-Zone.
A total of 859 samples were taken from the B-horizon in available
soils. All samples were dried, sieved and assayed onsite using a
portable XRF to detect any anomalies in base metals. Copper
returned anomalous results ranging from 25ppm up to 191ppm for 48
samples. Indications from soil sampling, grab sampling and
historical drilling, indicate a potential extension of
mineralization over that area and requires further prospecting and
possible trenching (See Figure 2).
QAQC
All core samples have been assayed by ALS Laboratories in
Thunder Bay, Ontario. Samples are
processed by 4-acid digestion and analyzed by fire assay on 50 g
pulps and ICP-AES (Inductively-Coupled-Plasma –
Atomic-Element-Spectroscopy). Over limit analyses are reprocessed
with gravimetric finish. A total of 5% blanks and 5% standard are
inserted randomly within all samples. 5% of the best assays results
pulps will be sent for re-assays. A total of 8.7% blanks and 9.5%
standard were randomly inserted during the pXRF analyse of the soil
sampling. 2.8% we re-analyzed. All QAQC were verified, and no
contamination or bias have been observed.
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, P.Geo., 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 238,069,240 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 and
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.