TORONTO, Nov. 17, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK:
LMEFF) ("LAURION" or the "Corporation"), is
pleased to announce the final analytical results for the 2021
diamond drilling program on the Ishkoday Property, located 220 km
northeast of Thunder Bay. The 2021
drill campaign focused on testing the strike continuity between the
A-Zone and McLeod mineralized areas.
Highlights of current drill hole results include:
- 0.80 g/t Au, 5.12 g/t Ag, 1.07% Zn over 14.40m on hole LBX21-054 between 105.2 and
119.6m.
- 0.37 g/t Au, 3.03 g/t Ag, 0.05% Cu and 0.99% Zn over
11.0m on hole LBX21-048 between 156.0
and 167.0m.
- The A-Zone and McLeod mineralized areas are interpreted to
constitute the same mineralized system.
The 2021 drilling campaign was completed with a total of
8,930 m (initially 10,000 m were planned). Current assay results
continue to confirm the presence of volcanogenic mineralization,
with significant width and continuity at shallow depths (up to
150 m vertically) over the 1.4 km
strike length corridor between the A-Zone and the McLeod area.
Exploration hole LBX21-055 results, indicate a possible new
mineralized zone to the southwest of McLoed located between the
McLeod and the CRK Zones, which could signify an even greater
strike length of the total mineralized system.
A plan map of the drill holes, current mineralization and
interpreted zones related to both gold and polymetallic veins is
presented in Figure 1.
Diamond Drilling Results:
On September 26th, the
2021 drill program at the Ishkoday Property was completed. All
results of the last nine holes are now available with analytical
results of eight (8) diamond drill holes confirming the presence of
gold mineralization along strike between the A-Zone and McLeod
areas.
As previously stated in press release dated September 30th, 2021, mineralization
occurs in a series of intermediate to felsic volcanic units cut by
dioritic dykes. Much of the mineralization is hosted in pervasive
pyrite-sphalerite-quartz-carbonate stockworks and veins, with some
massive sulphide zones. Massive sulphide zones appear to be the
result of remobilization and concentration at the junction of a
regional orogenic shear zone and the polymetallic volcanogenic
system. It is currently interpreted that the junctions could
represent possible ore shoots, containing higher grades and widths
in precious and base metals. These intersections can be observed in
both the A-Zone and McLeod/Pond outcrops as stated in Laurion's
press release from August 10th
,2021.
Drill hole LBX21-055 revealed a potential continuity of the
mineralization at depth and to the south-west of the main A-Zone /
McLeod corridor. Between 368-376.8m
(for 8.8m), a diorite breccia with
strong sericite alteration and silicification, with up to 7%
chalcopyrite, 5% pyrite and 5% sphalerite were noted. This area is
directly along strike to the Niish Zone and shows strong
similarities to the 2020 drill hole LBX20-031, and 2021 drill holes
LBX21-035 through -039 intercepts. A 3D exploration model with
follow up drilling will be completed in the area to confirm
potential continuity.
Between 441.1 m and 444.9 m (3.5 m) in
hole LBX21-055, a 30 cm wide quartz vein with fractured filled
chlorite and pyrite stringer appears to lie adjacent to the McLeod
quartz vein, and from 464.3 m to
472.7 m (8.4
m) a strong silicified mineralized breccia, with up to 10%
chalcopyrite, 2-4% pyrite and magnetite is interpreted as the
A-Zone.
Table 1: Selected Best Results from Diamond Drilling Linking
the Mineralized Zone Between McLeod Zone and A-Zone:
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
g/t
|
Ag
g/t
|
Cu
%
|
Zn
%
|
Zone
|
LBX21-048
|
112.00
|
113.00
|
1.00
|
9.12
|
5.50
|
|
|
|
And
|
156.00
|
167.00
|
11.00
|
0.37
|
3.03
|
0.05
|
0.99
|
A-Zone
|
And
|
172.00
|
181.50
|
9.50
|
0.21
|
1.88
|
0.02
|
0.44
|
A-Zone
|
LBX21-049
|
167.00
|
196.50
|
29.50
|
0.15
|
2.08
|
0.04
|
0.25
|
A-Zone
|
LBX21-051
|
187.20
|
194.40
|
7.20
|
0.51
|
5.54
|
0.10
|
0.86
|
A-Zone
|
LBX21-054
|
61.30
|
80.80
|
19.50
|
0.28
|
0.96
|
0.01
|
0.24
|
|
And
|
105.20
|
119.60
|
14.40
|
0.80
|
5.12
|
0.06
|
1.07
|
A-Zone
|
LBX21-055
|
368.00
|
376.80
|
8.80
|
0.31
|
8.43
|
0.28
|
0.30
|
New Zone?
|
And
|
441.40
|
444.90
|
3.50
|
0.53
|
|
|
|
McLeod
Vein
|
And
|
464.30
|
472.70
|
8.40
|
0.17
|
12.87
|
0.51
|
0.24
|
A-Zone?
|
Note: At this time
the true width of the mineralized interval is unknown. Hole
LBX21-050 was stopped before getting to the
main corridor due a rod jam.
|
Since the discovery of the McLeod Zone, there has been very
little exploration conducted in the swamp area between both the
interpreted similar McLeod Zone and the A-Zone.
Based on LAURION's recent exploration results, the sector
between the A-Zone and McLeod was prioritized for the second phase
of the 2021 drilling campaign. Results from holes LBX21-045 through
LBX21-054 helped in confirming the continuity along strike between
both areas. These results combined with the discovery of two
historical trenches south-west of McLeod Zone indicate that the
polymetallic mineralized system remains open in all directions.
Table 2: Drill hole coordinates for drill holes LBX21-048 to
-055.
Hole
ID
|
Azimuth
|
Dip
|
Length
(m)
|
Easting
|
Northing
|
Elevation
(m)
|
LBX21-048
|
108
|
-50
|
200
|
446335.5
|
5512791.1
|
322.0
|
LBX21-049
|
108
|
-50
|
245
|
446299.8
|
5512821.4
|
323.0
|
LBX21-050
|
108
|
-65
|
193
|
446299.4
|
5512821.6
|
323.0
|
LBX21-051
|
90
|
-50
|
275
|
446299.8
|
5512822.1
|
323.1
|
LBX21-052
|
108
|
-50
|
202
|
446265.9
|
5512647.1
|
323.4
|
LBX21-053
|
108
|
-50
|
160
|
446331.5
|
5512653.4
|
323.3
|
LBX21-054
|
108
|
-65
|
202
|
446331.8
|
5512653.4
|
323.4
|
LBX21-055
|
90
|
-50
|
654
|
445727.0
|
5512340.0
|
323.0
|
QAQC
All core samples have been assayed by ALS Laboratories in
Thunder Bay, Ontario. Samples are
processed by 4-acid digestion with ICP-AES finish for base metals
and analyzed by fire assay on 50 g pulps with ICP-AES finish. Over
limit analyses are reprocessed with gravimetric finish. A total of
5% blanks and 5% standard are inserted randomly within all samples.
The sample pulps from five percent of the best assays will be
submitted for re-analysis. No issue have been noted in the QAQC
results from this batch of results.
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 242,565,353 outstanding
shares of which approximately 81% 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.
Website: http://www.laurion.ca
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.