LME Laurion Mineral Exploration Inc

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TORONTO, March 11, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF) ("Laurion" or the "Corporation") is pleased to announce assay results from surface grab rock samples ("Samples") collected during the 2018 SONIC drilling and ancillary work program (the "Program") on its surface stockpile (the "Stockpile") from the historic operation of the Sturgeon River Mine at the Corporation's wholly owned Ishkoday Project ("Ishkoday"). Notwithstanding the foregoing, surface grab rock samples are selected samples and are not necessarily representative of the mineralization hosted on Ishkoday.

Laurion collected 7 Samples from the northern portions of the Stockpile, where larger rock samples from the historic underground workings were found. Assay results are summarized in the following table:

All 7 Samples are various breccias, whether volcanic, hydrothermal and/or shear, and contain up to 50% quartz veins (shear-types with chlorite shear planes) and trace to 5% disseminated to blebby pyrite. Samples yielding 7.25, 6.64 and 2.62 g/t Gold contain the most quartz veins and pyrite.

Additional results from the metallurgical test work are expected to be available in the coming weeks.

Laurion's Surface Stockpile Work

The Sturgeon River Mine produced 73,322 ounces of gold, and 15,929 ounces of silver between 1936 to1942, at the No. 3 Vein averaging 24 g/t gold. The gold was believed to be essentially located in white quartz vein material and was reportedly hand sorted and milled at an average grade of 15.71 g/t gold. Phoenix Gold (1984) reported a historical grade of 2.95 g/t gold from a bulk sample, giving an indication of the potential gold grade of the Stockpile. 

The Program complements the 2010 assay and metallurgical testing as outlined in a previous report titled "Resource Estimate on the Sturgeon River Mine Waste Pile and Tailings, Ishkoday Property", by A. Armitage, P. Geo., and D. Studd, P. Geo., of GeoVector Management Inc., June 2013 (the "2013 Technical Report"), all to ascertain a greater level of confidence in the gold grade as well as silver, zinc and copper content of the Stockpile.

The 2013 Technical Report outlined Stockpile grades in an initial range of 0.06 g/t to 10.2 g/t gold for an average grade of 2.83 g/t gold from eight random small bulk samples. On the basis of these initial encouraging results, Laurion commissioned a comprehensive program to accurately determine the location and volume of the Stockpile, and to sample the Stockpile using an excavator to dig pits for acquiring representative samples for gold analysis. A total of 30 pits were excavated and 46 selective samples were collected, with deeper pits (maximum 5.2 meters deep) providing 2 or 3 selective samples at successively deeper levels. Sampling of the excavated material was carried out to acquire samples that were representative of rock types and broken rock size. Samples were collected in 20 litre pails for processing. Individual sample weights were between 20.8 and 30.7 kg, and the total sample weight tested was 1.22 tonnes. The <2mm fraction had the highest gold grade material averaging 6.20 g/t gold, and all samples in this size fraction had assays greater than 1.75 g/t gold. The coarsest > 63 mm fraction had highly erratic values of nugget gold, and also contained the highest-grade sample of 32 g/t gold (QSWR-10-018).

The 2013 Technical Report stated the resource estimate for the low grade stockpile is 144,070 tonnes grading 1.59 g/t gold for 7,383 contained ounces of gold in the Indicated category. The resource estimate for the low grade tails is 137,501 tonnes grading 0.67 g/t gold for 2,944 contained ounces of gold in the Indicated category. Total Indicated mineral resources for both deposits totals 281,571 tonnes grading 1.14 g/t gold for 10,327 contained ounces of gold (see the Corporation's news release dated April 23, 2013). The previous specific gravity applied to the block model of the Stockpile was 2.20 t/m³. This was a standard engineering estimate for broken and compacted rock. 

In 2018, a total of 20 SONIC drill holes were completed on the Stockpile for 185.3m, averaging 9.3m in a range of 3.7m to 15.2 m. Each of the SONIC drill holes was strategically positioned to sample the inner core of the Stockpile to a minimum of 1.5m below the base of the Stockpile. Assays and metallurgical results from this work are still pending. However, additional specific gravity work of the Stockpile indicates ranges of 2.20 to 2.40 t/m³, with a new volume range between 75,000m³ to 80,000m³ over an area of 12,000m² or in the range of 150,000 to 190,000 tonnes, with gold grades between 0.67 to 1.59 g/t gold (as outlined above). At this time, the potential quantity is conceptual in nature, that there has been insufficient exploration to define the quantity and that it is uncertain if further exploration will result in the target being eventually delineated as a mineral resource. Additional specific gravity, volume and tonnage refinements will be completed using future exploration and laboratory work.  

Quality Assurance and Quality Control ("QA-QC")

The 2018 surface grab rock samples were collected by LAURION staff, bagged and tagged, and sent to AGAT Laboratories of Mississauga (Ontario). AGAT is an ISO/IEC 17025 accredited analytical laboratory and is independent of Laurion. Here, samples were weighed (1 to 2.4 kg), dried, crushed, split, pulverized and screened, then analyzed using: (1) the two-acid digestion, ICP-OES finish for the Silver analysis; (2) the sodium peroxide fusion with ICP-OES/ICP-MS finish for the 44 multi-element geochemistry analysis, including Silver, Copper and Zinc; and (3) the fire-assay ICP-OES finish on a 50 gram sub-sample for Gold analysis.

QA-QC protocols from the LAURION 2010 waste pile program were reported in the 2013 Technical Report and the Corporation news release dated September 5, 2018.

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 140,870,084 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 Gold Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential.

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.

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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, 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. 

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SOURCE Laurion Mineral Exploration Inc.