Significant gold results from the 85-A2 Quartz Vein includes
81.80 g/t gold over 0.22m, 35.00 g/t
gold over 0.39m and 26.40 g/t gold
over 0.55m
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
TORONTO, Oct. 10, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME, OTCPINK: LMEFF)
("LAURION" or the "Corporation") is
pleased to issue new gold assay results (the "Results") from
channel sampling at the 85-A2 Quartz Vein, as well as Metallic
Screening ("Metallics") check assays from 87 channel samples
of the M24 Quartz Vein, all from the Corporation's wholly-owned
Ishkoday Project ("Ishkoday" or "Project"), located
220 km northeast of Thunder Bay,
Ontario. The channel sampling forms an integral part of the
now completed field portion of the Stage 2 Campaign of the
2018-2019 exploration initiated in May
2018, a three-staged 18-month program with the strategic
objective of outlining the precious and base metals upside
potential at Ishkoday.
(1) Channel assay results from the 85-A2 Quartz
Veins
- LAURION's 2019 channel samples assay results from the eastern
30m long segment of the known
285m length of the main "85-A2"
Quartz Vein, yielding 81.80 g/t gold over 0.22m (channel sample #866565), 35.00 g/t
gold over 0.39m (#866583) and
26.40 g/t gold over 0.55m
(#866577).
The 18 northeast trending quartz veins belonging to the "85-A2"
and the "A" Quartz Vein systems were historically channel sampled
and assayed by Phoenix Gold (1988) as reported in 1986
Exploration Program Report, Sturgeon River Gold Mines Property, 34
pages, by L.O. Koskitalo, February
1988. Selected historic gold assay intervals of the
"85-A2" Quartz Vein system (Phoenix Gold, 1988) from
stripped line T18-1 included: 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; and 20.26 g/t gold (with visible gold) over
a 20m length and 20cm width from the
Glory Hole Quartz Vein. The quartz veins undulate and form
anastomosing patterns. Selected historic gold assay intervals of
the "A" Quartz Vein system (Phoenix Gold, 1988) included
14.71 g/t gold over a 50m length and
23cm width ("A-2" Quartz Vein), 3.63 g/t gold over a 50m length and 25cm width ("A-5" Quartz Vein),
and 6.17 g/t gold over a 20m length
and 95cm width ("A-4" Quartz Vein).
In 2018, LAURION's Stage 1 campaign selectively grab sampled the
85-A2 Quartz Vein system yielding 40.80, 43.00 and 1,185.00 g/t
gold (refer to LAURION 's news release dated August 14, 2018), and is located a few meters
southwest of the main "85-A2" Quartz Vein outcrop. 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. A
LAURION (2012) selective grab sample yielded 2.86 g/t gold on an
adjacent subsidiary quartz vein.
(2) Metallic Screening assay results from the M24
Quartz Vein
- Metallic Screening ("Metallics") assays from 87 channel
samples of the M24 Quartz Vein are outlined in Table 1,
Metallic Screening Assay Results. Lower gold grade channel
sample results (<1.25 g/t gold) from the Fire Assay analytical
method show the most upside towards higher gold grades when using
the Metallic Screening analytical method - the plus or minus
variations in gold grade is under 40% (with few exceptions). There
is more consistency in higher gold grades (1.25 g/t and 10+ g/t
gold) between the two analytical methods. Here, gold grade
variations are under 20% (with few exceptions).
The most significant individual assay results from the M24
(refer to the Corporation's news release dated August 1,
2019) yielded 9.63 g/t gold over 0.59m (Line 2), 16.35 g/t gold over 0.55m (Line 17), 10.60 g/t gold over 0.62m (Line 22) and 9.81 g/t gold over
1.26m (Line 35P); whereas the most
Significant composite interval results were 5.49 g/t gold over
1.70m (Line 17), 6.20 g/t gold over
1.35m (Line 25) and 2.59 g/t gold
over 5.76m (Line 35P) – the "P"
suffix identifies samples taken within and parallel to the M24
Quartz Vein, whereas other sample Lines without the suffix P are
taken within and perpendicular to the M24 Quartz Vein.
Refer to maps on LAURION's website using the following link:
http://www.laurion.org/ishkoday-project/highlights/2019-field-exploration-program/
Appointment of VP Exploration
LAURION is pleased to announce the appointment of Mr.
Jean Lafleur, P. Geo. (PGO, OGQ), as
Vice-President Exploration of the Corporation, effective
immediately. Mr. Lafleur previously served as a Technical Advisor
to the Board of Directors. Mr. Lafleur is a Professional Geologist
with 45 years of experience in Geology and Mineral Exploration
nationally and internationally, from a C-suite executive to
management roles, and as a technical, management and financing
consultant with junior explorers for the past 16 years through his
private geo-consultancy firm. His expertise also spans company and
project evaluations and audits; exploration program planning,
execution and reporting, and research. He received his B.Sc. and
M.Sc. degrees in Geology from the University
of Ottawa and was active as an exploration geologist early
in his career with trend setters Newmont, Falconbridge, Dome Mines and Placer Dome. He
has led exploration teams in the search for precious and base
metals, nickel and PGE's, uranium and iron. He brings a proven
track record in mineral exploration leading to discovery, in
strategic planning, and in leadership skills.
The Corporation also announces that pursuant to its stock option
plan, subject to TSX Venture Exchange (the "TSX-V")
approval, LAURION has granted Mr. Lafleur incentive stock options
("Options") to acquire 500,000 common shares of the
Corporation. The Options have a five year term and an exercise
price of $0.19 per share. One third
of the Options vest immediately, one-third of the Options will vest
on the first anniversary of their date of grant and the remaining
one-third of the Options will vest on the second anniversary of
their date of grant.
QA-QC Protocols
Samples for assay from this program are initially processed and
prepared by ALS Global Geochemistry in Thunder Bay, Ontario, with pulps sent to 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.
Each channel sample was individually cut using a double-bladed
saw by a LAURION field technician to lengths chosen by the senior
geologists, approximately a 5cm width and 10cm depth. Individual
samples weighed from 3 to 8kg. Each channel was sampled other
LAURION field technicians, and inserted in individual plastic bags,
each with ALS sample tags, and sealed. Metal tags with the ALS
sample number were inserted at the beginning of each sample channel
cut. The field data gathered includes sample number, azimuth of the
channel, channel/sample lengths, geology and geo-reference using
UTM coordinates.
Individual plastic sample bags were then returned to the LAURION
field office where they are catalogued and inserted in large nylon
bags with standards, blanks and duplicates in a pre-established
sequence. The nylon bags were then sealed and transported by
LAURION technicians to the ALS facility in Thunder Bay, Ontario. Once at ALS, individual
samples are again catalogued using the bar coding system, dried,
weighed, crushed, pulverized to 70% <2mm, and riffle-split for
final pulverization to 85% <75µm. A final 50 gram pulp split is
taken for Fire Assay using Au-ICP22 gold analysis up to 10,000 ppb
gold. Samples giving results beyond 10,000 ppb gold are re-analyzed
with a new 50 gram pulp split to ore grade levels using a
gravimetric finish.
Check assays using the Metallic Screening method involved
pulverizing, screening (to 95% at <106µm) and riffling a 1
kilogram split of each 87 individual coarse reject samples from the
M24 Quartz Vein and host rocks, followed by two 50 gram Fire Assay
using a gravimetric finish (Au-AA26, Au-AA26D), then Fire-Assay one
50 gram split of the fine fraction (<106µm) and the entire
coarse plus fraction (>106µm) to extinction.
Qualified Persons
Mr. Jean Lafleur, P. Geo. (PGO,
OGQ), LAURION's VP Exploration is a Qualified Person as defined by
National Instrument 43-101 guidelines and has reviewed and approved
the content of this news release.
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 168,622,044
outstanding shares of which approximately 59% 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. Ishkoday has a
project-wide database (2008 to 2018) that includes 283 diamond
drill holes totaling 40,729 m,
geological mapping, ground geophysics, and 14,992 individual
samples with assays and geochemical analysis. 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,
as evidenced in the past producing Sturgeon River Mine.
The 2018-2019 exploration initiated in May 2018 is a three-staged 18-month program with
the strategic objective of outlining the precious and base metals
upside potential at Ishkoday, part of the 5km by 1km Target Area of
the southern claims block. The Exploration Team has confirmed the
extent of known and new gold bearing quartz and polymetallic
sulphide veins that will ultimately help in completing the
construction of the 2-D and 3-D model and helping guide future
exploration targeting. This Model will provide LAURION with a solid
technical foundation to initiate diamond drilling to demonstrate
upside potential across the 5km by 1 km Target Area at Ishkoday as
part of the Stage 3 drill program starting later in 2019. The field
portion of the Stage 2 Campaign is now completed.
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 the issuance of stock options to
Mr. Lafleur, 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
Corporation's 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.
Table 1. 2019 Metallic Screening individual channel assay
results of the 87 samples taken from the M24 Quartz Vein and host
rocks.
SAMPLE
NUMBERS
|
CHANNEL
SAMPLE
LENGTHS
(m)
|
AZIMUTH
(°)
|
ROCK
UNITS
|
FIRE
ASSAY
RESULTS
(gold
g/t)
|
METALLIC
SCREENING
RESULTS
(gold
g/t)
|
+ OR -
%
VARIATION
|
866241
|
0.59
|
325
|
M24
|
9.63
|
10,70
|
11%
|
866245
|
0.64
|
140
|
Shear
|
0.01
|
trace
|
0%
|
866248
|
0.92
|
15
|
Shear
|
trace
|
trace
|
0%
|
866249
|
0.58
|
345
|
M24
|
0.01
|
trace
|
0%
|
866274
|
0.23
|
135
|
M24
|
0.62
|
0,80
|
29%
|
866296
|
0.37
|
325
|
Shear
|
0.28
|
0,20
|
-29%
|
866298
|
1.16
|
285
|
M24
|
0.06
|
0,06
|
0%
|
866299
|
1.98
|
140
|
M24
|
trace
|
trace
|
0%
|
866313
|
0.70
|
140
|
M24
|
2.27
|
2,29
|
1%
|
866319
|
1.10
|
140
|
M24
|
0.20
|
0,030
|
50%
|
866320
|
0.82
|
135
|
M24
|
0.03
|
trace
|
0%
|
866338
|
1.25
|
125
|
M24
|
0.78
|
0,85
|
9%
|
866339
|
1.31
|
130
|
M24
|
0.52
|
0,61
|
17%
|
866340
|
0.55
|
120
|
M24
|
0.03
|
trace
|
0%
|
866360
|
0.35
|
130
|
Shear
|
7.92
|
7,69
|
-3%
|
866361
|
0.78
|
120
|
M24
|
0.02
|
trace
|
0%
|
866362
|
0.80
|
120
|
M24
|
0.19
|
0,19
|
9
|
866374
|
0.30
|
325
|
Shear
|
0.27
|
0,28
|
4%
|
866376
|
0.55
|
325
|
M24
|
16.35
|
16,45
|
1%
|
866377
|
1.15
|
310
|
M24
|
0.29
|
0,38
|
31%
|
866383
|
0.64
|
120
|
Shear
|
0.03
|
trace
|
0%
|
866384
|
1.43
|
140
|
M24
|
0.08
|
0,12
|
63%
|
866386
|
0.54
|
130
|
Shear
|
0.01
|
trace
|
0%
|
866400
|
1.00
|
320
|
M24
|
2.81
|
4,19
|
49%
|
866401
|
0.71
|
320
|
M24
|
0.02
|
0.09
|
350%
|
866402
|
0.62
|
320
|
M24
|
10.60
|
10,60
|
0%
|
866408
|
0.40
|
320
|
M24
|
1.13
|
0,92
|
-19%
|
866409
|
0.72
|
320
|
M24
|
0.10
|
0,14
|
40%
|
866418
|
0.52
|
140
|
M24
|
0.15
|
0,18
|
20%
|
866421
|
0.25
|
335
|
M24
|
0.18
|
0,18
|
0%
|
866431
|
0.28
|
20
|
M24-H
|
0.11
|
0,10
|
-10%
|
866437
|
0.82
|
5
|
M24-H
|
0.73
|
0,95
|
30%
|
866440
|
0.40
|
355
|
M24
|
0.41
|
0,41
|
0%
|
866443
|
0.29
|
150
|
M24
|
12.00
|
5,68
|
-53%
|
866445
|
0.48
|
155
|
M24
|
0.15
|
0,12
|
-20%
|
866211
|
1.60
|
120
|
QFP
|
trace
|
trace
|
0%
|
866207
|
0.62
|
120
|
QFP
|
0.01
|
trace
|
0%
|
866208
|
0.85
|
130
|
QFP
|
0.01
|
trace
|
0%
|
866209
|
0.98
|
130
|
QFP
|
0.01
|
trace
|
0%
|
866448
|
1.12
|
230
|
M24
|
0.41
|
0,36
|
-12%
|
866449
|
1.26
|
230
|
M24
|
9.81
|
7,03
|
-28%
|
866451
|
0.88
|
230
|
M24
|
1.03
|
1,06
|
3%
|
866452
|
1.26
|
230
|
M24
|
0.06
|
0,06
|
0%
|
866453
|
1.24
|
225
|
M24
|
0.90
|
0,76
|
-16%
|
866454
|
1.05
|
195
|
M24
|
trace
|
trace
|
0
|
866456
|
1.20
|
220
|
M24
|
trace
|
trace
|
0
|
866458
|
1.09
|
200
|
M24
|
trace
|
trace
|
0
|
866459
|
0.79
|
200
|
M24
|
trace
|
trace
|
0
|
866460
|
0.72
|
230
|
M24
|
0.02
|
trace
|
0
|
866461
|
1.46
|
245
|
M24
|
0.09
|
0,13
|
44%
|
866462
|
1.40
|
245
|
M24
|
0.09
|
0,08
|
13%
|
866463
|
0.90
|
255
|
M24
|
trace
|
trace
|
0
|
866464
|
0.86
|
255
|
M24
|
trace
|
trace
|
0
|
866465
|
0.79
|
255
|
M24
|
trace
|
trace
|
0
|
866466
|
1.26
|
220
|
M24
|
0.05
|
0,07
|
40%
|
866467
|
1.48
|
250
|
M24
|
0.02
|
trace
|
0
|
866468
|
1.40
|
235
|
M24
|
0.10
|
0,10
|
0
|
866469
|
1.42
|
190
|
M24
|
0.15
|
0,16
|
7%
|
866471
|
1.17
|
215
|
M24
|
0.02
|
trace
|
0
|
866472
|
0.87
|
260
|
M24
|
0.03
|
trace
|
0
|
866473
|
0.95
|
220
|
M24
|
0.04
|
0,05
|
25%
|
866474
|
1.34
|
245
|
M24
|
0.86
|
0,97
|
13%
|
866476
|
1.38
|
235
|
M24
|
1.65
|
1,54
|
-7%
|
866477
|
1.23
|
160
|
M24
|
0.40
|
0,41
|
3%
|
866478
|
0.97
|
160
|
M24
|
3.30
|
3,50
|
6%
|
866479
|
1.09
|
250
|
M24
|
0.57
|
0,60
|
5%
|
866481
|
0.84
|
250
|
M24
|
0.16
|
0,23
|
44%
|
866482
|
0.72
|
250
|
M24
|
0.24
|
0,24
|
0%
|
866483
|
1.66
|
180
|
M24
|
0.66
|
0,30
|
-55%
|
866484
|
1.52
|
250
|
M24
|
0.31
|
0,31
|
0%
|
866485
|
1.28
|
190
|
M24
|
0.71
|
1,22
|
71%
|
866486
|
1.48
|
240
|
M24
|
0.92
|
0,99
|
8%
|
866487
|
0.75
|
220
|
M24
|
0.17
|
0,23
|
35%
|
866488
|
0.43
|
220
|
M24
|
0.03
|
trace
|
0%
|
866489
|
1.26
|
220
|
M24
|
0.13
|
0,18
|
38%
|
866491
|
0.82
|
220
|
M24
|
0.16
|
0,17
|
6%
|
866492
|
1.46
|
220
|
M24
|
0.08
|
0,08
|
0%
|
866493
|
1.26
|
220
|
M24
|
0.08
|
0,09
|
13%
|
866494
|
1.52
|
230
|
M24
|
0.06
|
0,05
|
-17%
|
866496
|
1.75
|
230
|
M24
|
0.07
|
0,06
|
-14%
|
866497
|
1.32
|
235
|
M24
|
0.24
|
0,16
|
-33%
|
866498
|
0.86
|
235
|
M24
|
0.09
|
0,08
|
-11%
|
866499
|
0.66
|
235
|
M24
|
0.17
|
0,18
|
6%
|
866263
|
0.97
|
240
|
M24
|
1.22
|
1,58
|
30%
|
866264
|
1.03
|
240
|
M24
|
2.03
|
1,91
|
-6%
|
866265
|
1.21
|
240
|
M24
|
0.60
|
0,69
|
-15%
|
Notes:
|
1
|
Rock Units legend:
QFP – Quartz-Feldspar Porphyry of the Sturgeon River Intrusive or
Pluton; SHEAR - centimeter
wide parallel and perpendicular quartz veins on both sides of the
M24 in a sheared, iron carbonate and pyrite-
bearing Porphyry; M24 – M24 quartz Vein; M24-H – horizontal quartz
vein.
|
2
|
P – suffix added to
sample Lines that are taken within and parallel to the M24 Quartz
Vein, whereas other sample
Lines without the suffix P are taken within and perpendicular to
the M24 Quartz Vein.
|
SOURCE Laurion Mineral Exploration Inc.