/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED
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TORONTO, Dec. 1, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF) ("LAURION" or
the "Corporation") is pleased to report assay results for
the first four (4) drill holes of the ten (10) hole, 2,962 m Phase 2 drill campaign, completed on the
CRK Zone, Ishkoday Project. Assay results are pending on the
remaining six (6) holes. The Ishkoday Project is located
approximately 220 km northeast of Thunder
Bay, Ontario, near the town of Beardmore in the Onaman-Tashota gold belt.
Highlights:
- LME20-025
-
- 14.25 m @ 10.98 g/t gold,
including:
-
- 1.00 m @ 152 g/t
gold;
- 1.00 m @ 3.90 g/t
gold
- LME20-024
-
- 2.00 m @ 2.75 g/t gold, 17.7 g/t
silver, 1.28 % copper
- LME20-022
-
- 1.69 m @ 7.56 g/t silver, 2.40 %
zinc
- LME20-023
-
- 0.50 m @ 6.70 g/t silver, 3.46 %
zinc
David Lewis, P.Geo., LAURION
Exploration Manager, commented: "Mineralization has been
intersected in each of the first four holes, showing good
continuity of surficial mineralization to depth. These first four
drillholes targeted specific mineralization at the main CRK zone,
including the Azurite, A5, Akhi and Joe veins, in areas with poor
outcrop exposure.
Thus far, hole LME20-025, targeting the north-striking Joe
structure, is our best result at 10.98 g/t gold over 14.25 m (2.42 g/t gold if capped to 30 g/t). On
surface, channel sampling returned 4.25
m at 5.98 g/t gold and 2.84 % zinc (see October 13, 2020 news release). Now we are
intersecting better gold grades, and across a much wider interval,
at 140 m depth. Although there is
clearly a variation in gold values across the structure, the
increase in mineralized width with depth is very encouraging."
Cynthia Le Sueur-Aquin, President
and CEO, commented: "These are the initiatory drill holes, testing
a number of extensional zones to the north of the approximate
680 m by 380
m wide CRK Zone. The drill holes target these extensional
zones where channel sampling returned very encouraging results, but
where exposure was minimal."
Significant assay data is presented in Table 1 and drill hole
position and orientation data is presented in Table 2. A plan map
of mineralization and drill sections are presented in Figure
1.
Table 1: Significant assay results, LME20-022 to LME20-025
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Gold (g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Zinc (wt%)
|
LME20-022
|
31.71
|
33.40
|
1.69
|
0.10
|
7.56
|
0.15
|
2.40
|
LME20-023
|
38.50
|
39.00
|
0.50
|
0.13
|
6.70
|
0.18
|
3.46
|
LME20-023
|
50.26
|
50.87
|
0.61
|
0.48
|
0.25
|
0.00
|
0.02
|
LME20-023
|
74.50
|
75.00
|
0.50
|
0.40
|
0.25
|
0.00
|
0.01
|
LME20-023
|
147.85
|
148.35
|
0.50
|
0.13
|
11.00
|
0.24
|
0.03
|
LME20-023
|
177.59
|
181.10
|
3.51
|
0.25
|
0.33
|
0.00
|
0.02
|
LME20-024
|
14.00
|
16.00
|
2.00
|
2.75
|
17.70
|
1.28
|
0.26
|
LME20-024
|
52.50
|
53.00
|
0.50
|
0.73
|
0.50
|
0.00
|
0.02
|
LME20-024
|
113.70
|
114.86
|
1.16
|
0.55
|
0.25
|
0.00
|
0.01
|
LME20-024
|
158.50
|
159.00
|
0.50
|
2.22
|
0.80
|
0.00
|
0.02
|
LME20-024
|
167.50
|
168.84
|
1.34
|
0.13
|
7.30
|
0.18
|
2.03
|
LME20-024
|
202.50
|
210.50
|
8.00
|
0.26
|
0.45
|
0.01
|
0.02
|
LME20-024
|
227.00
|
228.00
|
1.00
|
0.65
|
1.30
|
0.03
|
0.02
|
LME20-025
|
4.40
|
5.25
|
0.85
|
0.31
|
1.00
|
0.09
|
1.86
|
LME20-025
|
25.00
|
33.03
|
8.03
|
0.02
|
0.75
|
0.01
|
0.28
|
LME20-025
|
89.50
|
90.20
|
0.70
|
1.22
|
0.50
|
0.00
|
0.02
|
LME20-025
|
191.55
|
205.80
|
14.25
|
10.98
|
3.07
|
0.08
|
0.24
|
Including
|
191.55
|
193.00
|
1.45
|
0.02
|
0.54
|
0.08
|
0.04
|
And
|
193.00
|
195.00
|
2.00
|
0.14
|
2.05
|
0.31
|
0.15
|
And
|
195.00
|
198.00
|
3.00
|
0.02
|
0.37
|
0.05
|
0.03
|
And
|
198.00
|
199.00
|
1.00
|
152.00
|
31.80
|
0.02
|
0.02
|
And
|
199.00
|
201.00
|
2.00
|
0.04
|
0.38
|
0.03
|
0.02
|
And
|
201.00
|
202.00
|
1.00
|
3.90
|
0.83
|
0.01
|
0.03
|
And
|
202.00
|
205.30
|
3.30
|
0.03
|
0.25
|
0.01
|
0.07
|
And
|
205.30
|
205.80
|
0.50
|
0.13
|
7.20
|
0.24
|
5.28
|
LME20-025
|
287.00
|
291.00
|
4.00
|
0.04
|
2.26
|
0.05
|
1.50
|
LME20-025
|
327.00
|
329.00
|
2.00
|
0.77
|
0.95
|
0.01
|
0.02
|
Note: Mineralization
is subvertical and the true width of mineralization is estimated at
>60% of the drill hole interval.
|
Table 2: Collar position, orientation and depth of diamond drill
holes
Hole ID
|
Easting
|
Northing
|
Elevation
(m)
|
Depth (m)
|
Azimuth
(°)
|
Dip (°)
|
LME20-022
|
445452
|
5512254
|
323
|
85
|
70
|
-50
|
LME20-023
|
445452
|
5512255
|
322
|
200
|
110
|
-50
|
LME20-024
|
445520
|
5512231
|
322
|
254
|
110
|
-50
|
LME20-025
|
445483
|
5512006
|
324
|
377
|
290
|
-50
|
Coordinates are
presented in UTM NAD83 Zone 16N.
|
Technical discussion
The CRK Zone, which was trenched and exposed in 2019, two
distinct styles of mineralization: an early, likely syn-volcanic,
zinc-dominant hydrothermal system, termed the Ishkoday-style
mineralization; and a later, gold-dominant event that is linked
primarily to later tectonic gold-silver bearing quartz veins,
termed the Sturgeon River-style mineralization. Magnetite is
associated with the higher-grade zinc mineralized zones.
Surficial mapping and channel sampling of the trenched CRK
outcrop documented two orientations of Ishkoday-style
mineralization including N- and NE-striking. Sturgeon River-style
veins and shear zones cut these early structures and remobilize and
enrich the early Ishkoday-style mineralization.
These two mineralizing systems have been intersected in drill
core and were oriented using Boart/LongyearTM
TruCoreTM. The orientation of structures, including
veins and shear zones, was validated with the relative position on
drill core of a lower reference line, measured using alpha and beta
(α / ß) angles, and converted into strike and dip measurements.
These measurements, in conjunction with surficial measurements,
were used to plot structures in sections and in 3D.
Reclassification of the Joe and Akhi structures
Ishkoday-style mineralization is generally defined as early
(synvolcanic) polymetallic veins associated with actinolite and
magnetite, whereas Sturgeon River style veins are late gold and
silver-bearing quartz veins and shear zones that cut the earlier
mineralization. On surface, the north-trending Joe and
northeast-trending Akhi veins host gold, silver, copper and zinc
(Figure 1). At depth in hole LME20-025, gold and zinc
mineralization in the Joe vein do not occur together and gold
mineralization occurs in a shear zone. Along trend of the Akhi vein
to the northeast, the style of mineralization changes from sheared
actinolite/magnetite to a rotated and shear-hosted quartz vein at
the Sturgeon granitoid contact. In both cases, these mineralized
structures, although likely initially formed as Ishkoday-style,
synvolcanic, polymetallic veins, are reclassified as shear
zones.
This distinction is important for the following reasons:
- Reactivated structures are subject to metal enrichment
- Shear zones may increase in width or grade, especially at rock
contacts
- Shear zones have the potential to intersect pre-existing veins,
increasing total width of mineralization
Qualified Person
Mr. David Lewis, P. Geo. (PGO),
LAURION 's Exploration Manager, is a Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
content of this news release.
Channel samples are individually cut, perpendicular to
mineralization, using a double-bladed saw to specific lengths.
Samples are cut to approximately 5 cm width and 10 cm depth, with
individual samples weighing approximately 1.5 to 4 kg. Channel
samples are inserted into individual plastic bags, labelled and
containing unique sample tags, and sealed. Aluminum tags with the
sample tag information are inserted at the beginning of each
channel sample cut. Collected field data includes sample number,
channel azimuth, sample length, rock type and GPS UTM coordinates.
Samples are catalogued and industry-standard Quality
Assurance/Quality Control (QA/QC) samples are added, including
standards, duplicates and blanks, in a pre-established order.
Samples are then sealed in nylon bags and shipped by LAURION
personnel to the ALS facility in Thunder
Bay, Ontario.
All core and channel samples have been assayed by ALS
Laboratories in Thunder Bay,
Ontario. Samples are processed by 4-acid digestion and
analyzed by fire assay on 50 g pulps and ICP-AES
(Inductively-Coupled-Plasma – Atomic-Element-Spectroscopy). Over
limit analyses are reprocessed with gravimetric finish.
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. The Corporation currently has 198,718,522
outstanding shares, of which approximately 71% of LAURION's issued
and outstanding shares 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. 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, in the past producing Sturgeon
River Mine. The recently acquired Brenbar Property, which is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine and LAURION believes that the mineralization to be a direct
extension of mineralization from the Ishkoday Property.
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, 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 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.
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.