TORONTO, Sept. 27,
2022 /CNW/ - LAURION Mineral Exploration Inc.
(TSXV: LME) (OTCPINK: LMEFF) ("LAURION" or the
"Corporation"), wishes to announce the successful
completion of its 2022 Exploration Program, and is pleased to
provide an update on its corporate activities and strategic
objectives. In regards to its wholly-owned Ishkoday project, which
is located 220 km northeast of Thunder
Bay, Ontario ("Ishkoday" or the "Project"),
LAURION's extensive field work to-date has identified and confirmed
several new surface targets within the 6km strike. The
Corporation's 2022 Exploration Program ends the five-year key stage
exploration program, which was initiated in 2018.
"We are very pleased with the results of our 2022 diamond
drilling program, which contributed appreciably to our knowledge
base in advancing LAURION's flagship Ishkoday Project,
significantly increasing the mineral exploration potential of
the project," stated Cynthia Le
Sueur-Aquin, President and CEO of LAURION.
As well, the Corporation's capital-raising efforts over the past
few years, including the recently-announced over-subscribed private
placement of flow-through units, have further bolstered LAURION's
financial health, which leaves the Corporation well-positioned to
continue advancing the Project, while exploring strategic
opportunities with maximizing shareholder value being top of
mind.
We are at an important juncture in the outlook for LAURION. The
Corporation's Board of Directors and management continue to work
towards developing and executing a strategy to deliver value
creation to the Corporation's shareholders. The Corporation
believes that its flagship asset, the Project, offers short-term
transformational opportunities with the potential development of
revenue streams, hosted within the orogenic and gold / polymetallic
veins.
LAURION's objective for Ishkoday is to initiate development and
production on surface stockpiles, as well as to continue
exploration of the project, implementing a phased and strategic
approach to achieve these target objectives. LAURION recently
announced that it is currently in discussions with DRA Americas
Inc. ("DRA") for 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 for the stockpile and also
manage any additional metallurgical test-work that may be
required.
Highlights of the 2022 Exploration
Program Activities on Ishkoday
- Drilling 2020-2022 significantly expanded the Ishkoday
Au-Zn-Cu-Ag deposit
- 2022 Drill Program comprised of 14,211.5
m in 46 drill holes, defined new mineralized zones that were
successfully tested with this drilling program which significantly
increased the mineral exploration potential
- The stacked vein system occurs from surface to 300 m vertical depth, and remains open at depth
and along strike.
- In 2021, the stacked vein system in the A-Zone and McLeod Zone
covered an area of 1.1 km by 250 m.
The 2022 Drilling expanded the potential of the area by 1.5 km by
up to 400 m in the A-Zone and up to
600 m in the McLeod Zone.
- The 2022 drilling and mapping programs have demonstrated that
the stacked vein system remains open at depth and to southwest,
suggesting that the mineral exploration potential of the Ishkoday
Au-Zn-Cu-Ag deposit could increase much more in the future.
- The 2022 mapping and channel sampling program was successful in
opening up key areas to the west of the McLeod and CRK Zones and
assisting with the critical structural and alteration mapping,
crucial to the enhancement of the 3D model and future drill
targeting.
Our Primary Focus
LAURION's chief priority remains maximizing shareholder value
while simultaneously embracing and considering the principles and
best practices of environmental, social, and corporate governance
(ESG) issues. A large portion of the Corporation's focus in this
regard falls within the ambit of its mineral exploration activities
and more specifically, advancing the Project. A consequence of
LAURION's success and advancement over the past several years is
that the Corporation has become positioned as an acquisition target
for appropriate potential acquirors. Accordingly, the Corporation's
Board of Directors is aware that possible strategic alternatives
and transactional opportunities may arise and/or could be procured
in the short or medium terms. The Corporation will promptly issue a
press release if any material change occurs. In the meanwhile,
LAURION will continue to seek out and explore opportunities and
potential transactions that are strategically beneficial to the
Corporation and its shareholders.
Over the years, LAURION has formed several alliances with
industry specialists in order to provide the Corporation with
support and a wide breadth of expertise highlighted by innovative
approaches and new techniques, all with the aim to achieve the next
level exploration successes and development of efficient
operations.
The Board of Directors believes that these alliances will help
foster the continued advancement of the Project and,
potentially, support a prospective strategic transaction.
Expected Upcoming New NI 43-101
Technical Report
With an eye towards ensuring that LAURION is well-prepared in
the event that it is faced with a potential merger, acquisition,
significant financing or other capital markets event that it wishes
to pursue, the Corporation's Board of Directors is evaluating the
prospect of commissioning a new NI 43-101 technical report for
the Project, thereby allowing all of the important scientific
and technical data that has been collected and publicly disclosed
by the Corporation since April 23,
2013 (being the effective date of Laurion's latest NI 43-101
technical report) can be included in one of the following potential
documents: (i) an information, proxy or take-over bid circular;
(ii) a prospectus; or (iii) an annual information form. Laurion's
latest NI 43-101 technical report, which is entitled "Technical
Report on the Resource Estimate on the Sturgeon River Mine Waste
Pile and Tailings, Ishkoday Property, Northern Ontario", was a "mineral
resource estimate" on the Project and the report was filed on SEDAR
on June 12, 2013. The Corporation's
Board of Directors is currently considering whether LAURION's next
technical report on the Project should be a mineral resource
estimate update or whether it should be a "preliminary economic
assessment" (also known as a "scoping study"). The Board of
Directors will discuss this topic further with management and the
Corporation's advisors, third-party experts and qualified persons
and will make a determination in the near future. The Board of
Directors believes that a new NI 43-101 technical report could
serve as a cornerstone disclosure document that may potentially
unlock, facilitate and support a prospective strategic transaction,
while also consolidating all of the scientific and technical
information regarding the Project.
Qualified Person
The technical contents of this release were reviewed and
approved by Jean-Philippe Paiement,
PGeo, MSc, a consultant to LAURION, and a qualified person as
defined by National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
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.
Since 2003, Laurion has: completed multiple exploration surveys
on the property, including prospecting, mapping, geochemical (grab,
channel and soil sampling), ground and airborne geophysical (Mag,
IP, VLF-EM), 3D modelling, airborne (LiDAR) and drilling surveys;
invited experts in geophysics and in economic and structural
geology to visit and review the property; and undertaken a PhD
thesis and research led by Laurentian
University and Metal Earth. To date, 419 drill holes for a
total of 78,663 m have been drilled
on the property, including 43,396 m
completed by Laurion from 2010 to 2014 and from 2020 to 2022 and
35,267 m historic drill holes. Most
of the drill holes are closely-spaced and concentrated within the
A-Zone and McLeod zone, except for some largely-spaced drill holes
located along the Ishkoday mineralized trend.
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, the Corporation's ability to complete a new NI 43-101
technical report, any potential acquisitions or other transactions
referenced herein 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.