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TORONTO, Aug. 7, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to provide the
Corporation's second update of the 2019 field exploration program
(the "Stage 2 Campaign") at the Corporation's wholly-owned
Ishkoday Project ("Ishkoday") located 220 km northeast of
Thunder Bay, Ontario. The Stage 2
Campaign forms part of the 2018-2019 exploration initiated in
May 2018 as a three-staged 18-month
program with the strategic objective of outlining the precious
and base metals upside potential at Ishkoday.
LAURION initiated mechanized outcrop stripping, power washing,
channel sampling and geological mapping of the M22-23-24-25 Quartz
Veins at TR18-3, the Sturgeon Nos. 1-2-3 Quartz Veins at TR19-1,
the CRK Sulphide and A-2 Quartz Veins at TR19-2, and the
Marge-"F"-"X" Quartz Veins at TR19-3, all part of the 3 km by 1 km
Target Area (the "Target Area") of the southern claims block
(refer to the Corporation's news releases dated June 14 and July 17,
2019). Additional field mapping was also being done
within the 2018 stripped areas at TR18-1 (85-A2 Quartz Veins
system) and at TR18-2 (Bootleg Quartz Vein system). Refer to the
Location Map on LAURION's website using the following link:
http://laurion.ca/ishkoday-project/highlights/2019-field-exploration-program/.
As a result of this work, LAURION now believes that the Loki
Trend (as defined below) extends from the historic Miron Showing to
the northeast, then successively encompassing towards the southwest
the Garvey, "A" Zone, "D" Zone, McLeod, CRK, Joe and Tehya
Showings, increasing the size of the precious and base metals
Target Area from the original 3 km by 1 km to 5 km by 1 km.
The Loki Trend itself is 400 m
wide.
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Details of work
completed as of this news release are as follows:
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(1)
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Channel sampling (231
samples) at TR18-3 has been completed and assay results were issued
for the M24 Quartz Vein ("M24") (refer to the
Corporation's news release dated August 1, 2019).
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Significant composite
interval results included 5.49 g/t gold over 1.70 m (Line
17), 6.20 g/t gold over 1.35 m (Line 25), and 2.59 g/t
gold over 5.76 m (Line 35P).
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Significant
individual assay results above 1 g/t gold included from the
M24:
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9.63 g/t gold over
0.59m (Line 2)
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9.27 g/t gold over
0.20m (Line 4)
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16.35 g/t gold over
0.55m (Line 17)
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10.60 g/t gold over
0.62m (Line 22)
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12.00 g/t gold over
0.29m (Line 31)
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9.81 g/t gold over
1.26m (Line 35P*)
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From the altered,
quartz veined and pyrite-bearing Porphyry surrounding the vein
("Shear"), assay results showed 7.92 g/t gold over 0.35 m
(Line 16) within shear and from the "QFP", where it is altered,
quartz-veined and pyrite-bearing - 9.99 g/t gold over 0.83 m (Line
25) and 1.87 g/t gold over 1.65 m (Line 26).
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*
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P suffix means
samples were taken within and parallel to the M24, whereas other
sample Lines without the suffix P are taken within or outside and
perpendicular to the M24 Quartz Vein.
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(2)
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Channel sampling and
detailed field mapping has also been completed at TR19-1. All
channel sample assay results are pending, including 393 channel
samples from the historic No 3 Quartz Vein (the "3 Vein")
and host rocks.
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The surface exposed
portion of the 3 Vein measures 150 m in length and varies between a
few centimeters to more than 30 cm wide. Historic work showed the 3
Vein as a single vein rarely splitting into two veins (3B Quartz
Vein as reported by Phoenix Gold Mines, 1988), but LAURION's
stripping at TR19-1 has established the 3 Vein as a package of
multiple, anastomosing, centimeter-wide quartz veins oriented in
two main directions of 010° and 040°, as well as sub-horizontal
millimeter-wide quartz veinlets, all forming stockworks in a
minimum 20 m wide corridor within a disseminated and stringer
sulphide-bearing porphyry host at the south central end of the
Sturgeon River Porphyry (the "Porphyry").
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In addition, geology
maps from the underground drifts and crosscuts of the historic Mine
(past production from 1935 to1942) indicate a similar pattern of
veining to -685 m below surface (L. Koskitalo, Phoenix Gold Mines,
1988), also validated by the presence of significant quartz
veinlets (with gold) in Porphyry "waste rock" from the Mine's
stockpile. LAURION's 2010 diamond drilling (LME-10-008, 008Wedge,
009, 009Wedge and 010) that undercut the 3 Vein and other major
quartz veins confirm the widespread extent of these stockworks to
not only below -700 m vertical depth, but also greater than 500 m
in width.
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(3)
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Channel sampling is
progressing on schedule at TR19-2 along the CRK Sulphide Veins
("CRK"), and the A2 Quartz Vein. Sampling is slated to
be completed in August.
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Outcrop stripping
uncovered the full extent of combined gold-silver bearing sulphide
(iron, zinc and copper sulphides) and oxide (iron oxide or
magnetite), actinolite (calcium, magnesium, and iron silicate) and
chlorite (magnesium and iron alumino-silicate) veining in a heavily
bleached, brecciated, silicified host forming a series of 040° to
050° trending meter-wide corridors (the "Loki
Trend").
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The A-2 Quartz Vein
(the "A-2 Vein") was observed over at CRK as it pinches and
swells, forms beads or boudins, locally split in two, as it
meanders its way over a 500 m stripped length.
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(4)
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Outcrop stripping at
the Marge, "X" and "F" Quartz Veins (the "Marge") in the
north and central portion of the Porphyry at TR19-3 has been
completed, covering 1,760 m of total stripped lines.
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As observed at the
M24, 3 Vein and A-2 Vein, the veins of the Marge are shear-veins,
with metric wide highly schistose wall rocks containing millimeter
to centimeter wide quartz veinlets, iron carbonate, sulphides (iron
and copper sulphides for now) and chlorite streaks similar to what
is observed at CRK. The Marge meanders across the Porphyry between
005° to 055°, and anastomoses with a series of smaller centimeter
veins and fractures or shears. The sector also host numerous
north-south trending centimeter wide extension veins. A major 100 m
wide 045° shear zone exhibiting steep foliations, some sulphide
development and fine millimeter-wide quartz veins was observed at
the northwest extremity of the Marge.
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(5)
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Pending outcrop
stripping will cover the M25 Quartz Vein at TR19-4 (8.40 g/t gold
over a 245 m length and average 0.23 m width), located 50 m
southeast of M24, and the Nos. 8-11 (4.61 g/t over 30.49 m and
average 0.05 m width) and A9 Quartz Veins (29.89 g/t over 67.68 m
and average 0.09 m width), adjacent Highway #801 at TR19-5, as well
as the Tehya or A-18 Sulphide Veins ("Tehya"). The above
gold assay interval results are historical, reported in the 1986
Exploration Program Report, Sturgeon River Gold Mines Property, 34
pages, by L.O. Koskitalo, February 1988.
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At Tehya, diamond
drill holes LME-10-006: 0.15 g/t gold, 19.4 g/t silver, 0.70%
copper and 0.72% zinc over 0.66 m (from 31.50 m to 32.2 m), roughly
20-25 m below the surface channel sample #14 which yielded 0.19 g/t
gold, 14.70 g/t silver, 0.32% copper and 3.07% zinc over 4.05 m;
and LME-10-007 (located 50 m southwest of LME-10-006): 0.45 g/t
gold, 27.78 g/t silver, 0.94% copper and 3.91% zinc over 4.08 m
(from 35.50 m to 39.58 m) (refer to the Corporation's news
release dated September 8, 2010).
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(6)
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Additional field
mapping of 2018 stripped areas TR18-1 and 2 has been
completed.
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(7)
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Core re-logging
continues in respect of key previous LAURION drill holes from
across Ishkoday to re-evaluate the rock units, structures,
alteration and mineralization, and eventually complete additional
core sampling to ensure continuous assaying of the entire drill
core for the evaluation of the bulk gold potential.
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(8)
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An airborne magnetic
survey will be completed in August to further refine Rock Units,
structures and sulphide-magnetite veins in 3D and help in the
definition of litho-structural domains.
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(9)
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In excess than 2,200
m2 of stripped outcrop from TR18-3 has been
rehabilitated.
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Work at this time on the regional 1:250,000 and 1:50,000 map
scales geological modelling by Mira Geoscience, and the geological
analysis and block modelling at the local 1:50,000 and 1:15,000 map
scales by The Nordmin Group of Companies, has sufficiently advanced
until the end of the field season. Both their work will pick up in
Q4-2019.
Confirming the extensions of known and new gold bearing quartz
and polymetallic sulphide veins remains a priority for the Stage 2
Campaign and will ultimately help in completing the construction of
the 2-D and 3-D geological-mineralization model (the
"Model"). This Model will provide LAURION with a solid
technical base to initiate diamond drilling to prove the upside
potential as part of the Stage 3 program to start later in
2019-2020. LAURION's work continues confirming the extensive quartz
and sulphide veining across the Target Area. The field portion of
the Stage 2 Campaign is slated for completion by the end of
Q3-2019.
Qualified Person
Mr. Jean Lafleur, P. Geo. (PGO,
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. Assay samples from the Stage 2 Campaign are being
processed by ALS Global Geochemistry in Thunder Bay, Ontario, and analyzed by ALS
Global Analytical Lab in North
Vancouver, BC, using the Fire Assay method of analysis.
LAURION employs an industry standard system of external standards,
blanks and duplicates for all its sampling in addition to the QA/QC
protocol employed by the laboratory. For further details on
LAURION'S QA/QC protocols are outlined in the news release dated
August 1, 2019.
About Laurion
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 155,739,759
outstanding shares of which 62% 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 44 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The Ishkoday
Project has a project-wide database (2008 to 2018) that includes
283 diamond drill holes totaling 40,729m, geological mapping, ground geophysics,
and 14,992 individual samples with assays and geochemical
analysis. The 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.
Caution Regarding Forward-Looking Information
This news 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, future plans for the development of the Corporation
and/or the Ishkoday Gold Project, and management's objectives,
strategies, beliefs and intentions.
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, 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.
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.