TORONTO, Jan. 11, 2022 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTC-PINK: LMEFF) ("LAURION" or
the "Corporation") is pleased to announce that it will
commence drilling on January 14, 2022
at its Ishkoday project, located 220 km northeast of Thunder Bay, Ontario, near the town of
Beardmore.
Highlights:
- 15,000-metre drilling program to define the continuity of the
Ishkoday mineralized system from the CRK to A zones, extending over
1.4 km strike length.
- Diamond drilling will commence at the A zone to follow up on
the southeast extension of gold and base metal-rich mineralized
zones intersected in 2020 with 10.34
m @ 3.22 g/t Au in Hole LBX20-002 and 63.93 m @ 0.58 g/t Au, 6.10 g/t Ag, 0.11% Cu and
1.92% Zn in Hole LBX20-003 (see May 29,
2020 news release). Winter conditions and freezing will
permit access to this area, located in a swamp.
- Following completion of this drilling target, the drill will be
moved to the CRK zone to follow up on the high-grade gold Joe
structure: Hole LME20-025 intersected in 2020, 14.25 m @ 10.98 g/t Au, including 1 m @ 152 g/t Au (see December 1, 2020 news release).
- Drilling program will also test areas with strong density of
lineaments identified by a 2021 LiDAR survey, where minimal
drilling and exploration were previously completed.
A compilation and integration of all historical and recent
datasets is currently underway for planning the 2022 summer
exploration program along the 6 km long Ishkoday mineralized trend
and within several mineralized areas, located outside the main
mineralized trend, highlighted by the 2021 LiDAR survey and
historic work.
LAURION is fully funded for the 2022 exploration program.
Issuance of Performance Incentive Stock Options
The Corporation also wishes to announce that it has granted to
each of John Covello and
Nick Ierfino incentive stock options
("Options") to acquire 29,000 common shares of the
Corporation, exercisable on or before January 11, 2027 at an exercise price of
$0.82 per share, subject to vesting
requirements. These Options are part of a discretionary performance
bonus awarded to Mr. Covello and Mr. Ierfino (who are both
directors of the Corporation) in recognition of their significant
contributions to the Corporation's capital raising initiatives.
The issuance of Options, as contemplated in this news release,
is subject to the terms of the Corporation's stock option plan and
TSX Venture Exchange ("TSXV") approval.
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 Mineral Exploration Inc.
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. The Corporation currently has 247,167,449
outstanding shares, of which approximately 81% of LAURION's issued
and outstanding shares 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, which was acquired in 2020 and 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.
Website: http://www.LAURION .ca
Follow us on Twitter: @LAURION_LME
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, management's objectives, strategies, beliefs and
intentions, and the issuance of Options. 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, the TSXV not
providing its approval for the granting of Options, 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.