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TORONTO, Sept. 26, 2018 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF) ("Laurion" or
the "Corporation") is pleased to update shareholders and
stakeholders on the advancement of the Stage 2 Exploration Campaign
(the "Campaign") on the Corporation's 47 km2
Ishkoday Gold Project ("Ishkoday").
Laurion's 18-month exploration program, initiated in
May 2018 has the strategic objective
of outlining the bulk precious and base metals upside potential at
Ishkoday. The Campaign follows a successful Stage 1 field
validation work that not only validated precious and base metal
results from a number of selective historic mineralized veins, but
also produced significant selective grab sample assay results in
new areas.
The Campaign is centered on mechanized stripping, channel
sampling and assaying along several strategic NW-SE 400m to 500m
outcrop stripping lines (the "Lines") as a first pass
assessment of the bulk polymetallic veins in the 3km by 1km Target
Area. Two lines were completed (T18-1 and 2; see Figure 1
Location Map. Trees were cut followed by the mechanized shovel
removal of overburden; outcrop cleaning using high pressure water;
water recovery in pits and re-use for outcrop washing; channeling
at 0.2m to 1.5m intervals using a gas-powered saw; sampling,
bagging and tagging by field technicians using ALS Laboratory tags,
and geological mapping of the main rock types, structures and
mineralization. The field work is being done by qualified
geologists and technicians from the exploration service provider
Explo-Logik Inc.
Geological and mineralization highlights from the mechanized
stripping:
(1) Line T18-1
Located approximately 1km NE of the part producing Sturgeon Lake
Mine's No. 3 Quartz Vein, Line T18-1 extends 500m in a NW-SE direction (Figure 1) at
right angle to the orientation of geological units. Bedrock outcrop
coverage is approximately 60%. The geology consists of felsic to
intermediate volcanic and intrusive rocks (mostly rhyolite/dacite
flows, Tuff and mafic dykes).
Sulphide mineralization (pyrite, chalcopyrite and sphalerite) is
rare but increases in narrow NE-SW trending centimetric and metric
shear zones, in addition to sulphide–rich metric-sized veins
similar to those located 700m NE in
the "CRK" veins sector. Laurion's previous channel sampling work in
2014 from the "CRK" Showing, yielded typical assay results of
8m width of 1.08 g/t gold, 4.90 g/t
silver, 1.11% zinc and 0.08% copper, including 5m width of 1.68 g/t gold, 7.00 g/t silver, 1.27%
zinc and 0.10% copper.
The northernmost 140m of Line
T18-1 depicts 8 NE-SW trending quartz veins belonging to either the
"85-A2" or the "A" vein systems. Both vein systems were
historically channel sampled and assayed by Phoenix Gold (1988) and
a selected number of assay results are shown in Figure
2.
Selected historic gold assay intervals of the "85-A2" Quartz
Vein system (Phoenix Gold, 1988) from Line T18-1 include
13.41 g/t gold over a 168m length and
19 cm width, including 21.92 g/t gold over a 52m length and 14 cm width and 14.71 g/t gold
over a 50m length and 23cm width; as
well as 20.26 g/t gold (with visible gold or "VG") over a
20m length and 20cm width from the
Glory Hole Quartz Vein. The quartz veins undulate and form
anastomosing patterns as observed in the "85-A2" vein system,
similar to other structurally hosted lode gold deposits.
Selected historic gold assay intervals of the "A" Quartz Vein
system (Phoenix Gold, 1988) from Line T18-1 include 14.71
g/t gold over a 50m length and 23cm
width ("A-2" Quartz Vein); 0.61 g/t gold over a 25m length and 16cm width ("A-15" Quartz Vein);
and 2.31 g/t gold over a 14m length
and 24cm width.
Figures 2 and 3 also show the Stage 1 stripped area
located a few meters SW of the main "85-A2" Quartz Vein outcrop.
Here, current channel sampling confirmed the gold-bearing potential
of the 85-A2 Quartz Vein with a selected assay result of 18.50 g/t
gold over a 20cm width (Figure 3). A Laurion (2012)
selective grab sample yielded 2.86 g/t on an adjacent subsidiary
quartz vein (Figure 3).
As more historic and new quartz vein systems are exposed over
the next 12 months, it will be interesting to observe if the
anastomosing patterns will repeat themselves on- and across-strike
giving them bulk length and width potential. The more gold carrying
veins the better the potential. The sulphide mineralization in
polymetallic veins, shear zones and as disseminations could
definitely add to this potential.
A total of 472 channel samples were taken from Line T18-1 with
precious and base metal assays as whole rock geochemistry results
pending.
(2) Line T18-2
Located approximately 350m W-SW of
the part producing Sturgeon Lake Mine's No. 3 Quartz Vein, Line
T18-2 extends 500m in a NW-SE
direction at right angle to the orientation of geological units
(Figure 1). Bedrock outcrop coverage is approximately 80%.
The geology consists of felsic to intermediate volcanic rocks (fine
to coarse tuffs, rhyolite/dacite flows, and several generations of
crosscutting mafic dykes). Sulphide mineralization (pyrite,
chalcopyrite and sphalerite) is rare but increases in narrow NE-SW
and N trending shear zones.
The southernmost third of the stripped line shows an increase in
shearing, brittle deformation and quartz veining and sulphide
development, within generally more siliceous host rocks
(principally rhyolites) offering a significant positive topographic
relief. Two major vein sets were identified including the newly
discovered 040° Bootleg Quartz Vein (the "Bootleg") that may be the
SW extension of the "85-A2" Quartz Vein located more than 1km to
the NE. Significant shearing of the host rock has produced a
quartz-chlorite-sericite-carbonate schist, more than 50m wide, bearing minor pyrite and numerous
centimetric NE-SW trending quartz and quartz-iron carbonate veins,
located 70m SE of the Bootleg.
A total of 475 channel samples were taken from Line T18-2 with
precious and base metal assays as whole rock geochemistry results
pending.
A third 500m long NW-SE line was
stripped only, T18-3 located 1km SW of the Marge –"F" Quartz Veins,
but without further cleaning nor sampling until next season due to
wintry weather conditions. Here, the work has likely uncovered what
appears has the extension of the historical Marge - "F" Quartz Vein
system (17.62 g/t gold over a 314m
length and 36cm width (See News Release October 14, 2008), as well as 30.72 g/t gold
over a 21m length and a 25cm width;
Phoenix Gold, 1988) some 1km SW of the last known outcrop of
the historical vein.
The overall plan of the mechanized stripping, channel sampling
and assaying remains to determine if most or a selective portion of
the hundreds of quartz veins identified by previous workers, and
subsequently by Laurion, carry gold, and if the gold mineralization
is restricted to specific areas, whether in higher level
intrusives, such as the feldspar porphyry of the Sturgeon River
Mine, and/or polymetallic veins and/or structurally more deformed
corridors, such as in quartz-sericite schists as identified in
several outcrops of the Target Area.
As reported in an earlier news release (see the Corporation's
news release dated August 14,
2018). Of the 322 selective field grab and channel
samples taken, 45 samples were anomalous in either gold, silver,
copper or zinc or any combination of these elements. The majority
of samples were taken in the southern claims 3km by 1km Target
Area. The southern Ishkoday claims lies south of the Namewaminikan
River, which is considered a key structure or fault separating the
northern and southern claims and geological domains:
- 33 assay results were >0.30 g/t gold and 6 assay results
were >18 g/t gold - all in quartz veins with the highest values
located in channel samples with Visible Gold from the "85-A2"
Quartz Vein yielding 40.80, 43.00 and 1,185.00 g/t gold (Figure
1). However, two selective grab samples were not. One is
located in a chlorite-sericite schist with trace pyrite yielding
27.50 g/t gold; and a second, in a porphyry with 1% pyrite gave
28.40 g/t gold.
- 10 assay results >12 g/t silver and 4 assay results
>34.28 g/t (1 oz/ton) silver. Half the anomalous silver results
were found in sericite-chlorite-sulphide schists (up to 30.20 and
47.10 g/t silver); the other half in quartz veins (up to 86.40 and
112.00 g/t gold).
- 13 assay results >1% zinc. Anomalous zinc is found in four
rock settings: rhyolites/dacites/rhyodacites (up to 1.74% zinc),
sericite-chlorite schists (up to 3.26% and 12.00% zinc), chlorite
veins (1.89% zinc) and quartz veins (up to 2.82% zinc).
These selected samples may not necessarily be representative of
the mineralization hosted on Ishkoday. Field observations to date,
based on the work in the 3km by 1km SE portion of Ishkoday, (the
Target Area), indicates a NE-SW trending extensive, and likely
anastomosing quartz and polymetallic vein system hosting the
precious and base metals mineralization. Further exploration field
work is required to confirm the lateral and cross-strike continuity
of the mineralization, and to determine if a bulk tonnage resources
model still makes sense. Once confirmed and a
geology-mineralization model is built in 2D, Laurion would initiate
diamond drilling to prove the model in 3-D as part of the Stage 3
program.
Link to Figures 1, 2, and 3, see URL http://www.laurion.org/2018
accessed on the Corporation's website at http://www.laurion.ca or
http://Laurion.org .
Quality Assurance and Quality Control
A total of 1,269 field samples were taken from the Stage 1 and 2
field exploration programs at the Ishkoday in 2018. All samples
including standards, blanks and duplicates were sent to ALS
laboratory facilities in Thunder
Bay (Ontario) and
Val-d'Or (Quebec) for analytical preparation and
eventually to Vancouver (B.C.)
precious and base metal assays, and whole rock analysis.
Some 322 field samples were taken during Stage 1: 82 channel
samples from the Jack quartz-sericite-chlorite-sulphide schists and
the "85-A2" quartz vein, and 240 selective grab samples from the
quartz veins of the northern claims and both quartz and
polymetallic veins from the southern claim blocks. A total of 472
channel samples were taken during Stage 2 from Line T18-1 and 475
taken from Line T18-2. Each channel sample were saw cut
individually by a technician to lengths chosen by the senior
geologists, ranging from 20cm to 1.5m, 5 to 7 cm widths and 7 to 10cm depths.
Individual sample weights ranged from 5 to 10kg for channel samples
and 1 to 3kg for selective grab samples.
Individual field samples were taken by either field technicians,
prospectors or geologists, and inserted in individual plastic bags,
each with ALS sample tags. Samples were checked, catalogued and
bags sealed by the senior geologist, then placed in large numbered
nylon bags with standards, blanks and duplicates. The bags were
then sealed and transported by Explo-Logik employees to the ALS
facilities. Once at the ALS facilities, samples were catalogued
using the bar coding system, dried, weighed, crushed, pulverized to
70% <2mm, and riffle-split for final pulverization to 85%
<75µm. A final split is taken for multi-element ICP-AES analysis
(gold plus 33 elements) and ore grade finish on anomalous results
in gold, silver, copper and zinc.
About Laurion Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSX-V under the symbol LME and on the OTCPINK
under the symbol LMEFF. Laurion now has 137,965,639 outstanding
shares of which 59.4% are owned and controlled by Insiders and
within the 'friends and family' category.
The Corporation's emphasis is on the development of its flagship
project, the 100% owned mid-stage Ishkoday Project, and its
gold-silver and gold-rich polymetallic mineralization with a
significant upside potential.
The Corporation has a property-wide database of 283 diamond
drill holes totaling 40,729 m,
detailed sampling, mapping, assays and geochemical analysis, and
ground geophysics. The mineralization 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 (the "Mine"). The Mine
produced 73,322 ounces of gold, and 15,929 ounces of silver from
1936 to1942 on the No. 3 Vein at 24 g/t gold, and generated a large
gold and silver bearing stockpile of 144,070 tonnes grading 1.59
g/t gold in the Indicated Mineral Resources category (based on a
NI 43 -101 Technical Report filed on SEDAR in June 2013 – refer to the Corporation's news
release dated April 23,
2013).
Mr. Jean Lafleur, P. Geo.
(APGO, OGQ), Laurion's Technical Advisor to the Board of Directors,
is a Qualified Person as defined by National Instrument 43-101
guidelines, and has reviewed and approved the content of this news
release.
For links to photos and images of the Ishkoday Project, please
visit the Corporation's website at URL http://www.laurion.ca or
LinkedIn at URL
https://www.linkedin.com/in/cynthia-le-sueur-aquin-04b03017/detail/recent-activity/
The Viewer should note that images and photos displayed on these
websites show selected mineralization that may not necessarily be
representative of the mineralization hosted on the Ishkoday Gold
Project.
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 details, anticipated timing and completion of the
transactions and other matters described in this press release,
including without limitation, the timing, completion and future
results of the Corporation's exploration program at Ishkoday. 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.
SOURCE Laurion Mineral Exploration Inc.