TORONTO, Sept. 20,
2022 /CNW/ - LAURION Mineral Exploration
Inc. (TSX.V: LME) (OTCPINK: LMEFF) ("LAURION" or the
"Corporation"), is pleased to announce that it is jointly
studying with DRA Americas Inc. ("DRA") the potential
application of ore sorting technology to monetize the available
material through recovery of contained gold within the stockpiles
and/or existing shaft at the Corporation's wholly-owned Ishkoday
Project ("Ishkoday" or "Project"), which is located
220 km northeast of Thunder Bay,
Ontario.
LAURION is currently in discussions with DRA to potentially
provide consulting and engineering services to develop the
stockpile and shaft based project. It is currently contemplated
that, pursuant to such an engagement, DRA would conduct all the
techno-economic studies and also manage any additional
metallurgical test-work that may be required. The planned studies
in regards to the Project would be stage-gated with the goal of
producing a final Feasibility Study. Further details of any
engagement with DRA will be provided when available.
DRA Global Limited (ASX: DRA) (JSE: DRA) ("DRA Global")
is a diversified global engineering, project delivery and
operations management group, with an impressive track record
spanning more than three decades. Known for its collaborative
approach and extensive experience in project development and
delivery, as well as turnkey operations and maintenance services,
DRA Global aims to deliver optimal solutions from 'womb to tomb'
that are tailored to meet needs of the mining industry.
LAURION's objective for the Ishkoday is to initiate development
and production, as well as to continue exploration of the Ishkoday,
implementing a phased and strategic approach to achieve these
target objectives.
LAURION has recently completed the Baseline Environmental
Studies through Blue Heron Solutions ("Blue Heron"). Blue
Heron commenced the permitting work and baseline studies in
2018.
The Ishkoday has a history of mining activity dating back to
1936, when gold and silver was mined from 1936 to 1942. The
Sturgeon River Mine produced 73,322 ounces of gold, and 15,929
ounces of silver from the No. 3 Vein at 24 g/t gold.
A legacy stockpile of approximately 190,000 tons grading
1.59g/t, was stacked adjacent to the mine shaft and the low grade
tailings pile of 137,501 tonnes grading 0.67 g/t gold, deposited
from the historic mining is located north of the legacy stockpile,
based on a National Instrument 43-101-compliant Technical Report
entitled "Technical Report on the Resource Estimate on the Sturgeon
River Mine Waste Pile and Tailings, Ishkoday Property, Northern Ontario", dated June 7, 2013 (the "Technical Report"), which is
available on SEDAR. (See the Technical Report and the Corporation's
news release dated April 23,
2013.)
The Sturgeon River Mine Corridor is approximately 1.8km by
350m. The compilation and synthesis
of the of the No. 3 Quartz Vein and adjacent veins, suggest that
the 1937 to 1942 mining from near surface to -642 m vertical depth not only covered the N-S
trending No. 3 Quartz Vein, but also 5 additional quartz veins,
most of which trend NE-SW. (See the Corporation's news release
dated March 17, 2020).
The 3 Vein encompass 12 individual veins, Nos. 1A, 1B, 2, 3, 3A to 3E, Coniagas and No's. 8/11 gold
bearing vein sets in a corridor extending some 750m in length by 375m wide (See the Corporation's news release
dated October 8, 2019).
LAURION's drilling in 2010 intersected several additional quartz
veins north of the underground workings. LAURION is of the opinion
that higher-grade gold-bearing veins ("Shoots") are present at the
Sturgeon Gold Mine. Mineralization on the 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, as
evidenced in the past producing Sturgeon River Mine. (See the
Corporation's news release dated March 17,
2020).
For more information regarding the Ishkoday, please refer to the
Technical Report.
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. LAURION now has 254,052,613 outstanding
shares of which approximately 80% 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
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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 any potential future arrangements and engagements
with DRA and/or its affiliates. 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.
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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.