Lakeside Minerals Inc. Announces Gold Results up to 27.70 g/t Au, in a Grab Sample, on the Launay Property and Acquisition of...
July 09 2012 - 9:48AM
Marketwired Canada
Lakeside Minerals Inc. (TSX VENTURE:LAK) (the "Company") is pleased to announce
gold results up to 27.70 g/t Au from preliminary field work on the Company's
Launay property. In addition, the Company has entered into an agreement with
privately owned Les Explorations Carat Inc. ("Carat") to acquire an additional
thirty-five (35) mineral claims ("Mineral Claims") adjacent to the Launay
property claim blocks located in Launay Township, northwestern Quebec.
Launay Property Exploration Update
In late 2011, Lakeside conducted a preliminary prospecting and geochemical
sampling campaign on the Launay property. The purpose of the field work was to
quickly visit the property and to confirm known mineralized occurrences with
reported historical gold results.
A total of 37 grab and 7 channel samples were collected and delivered for gold
and multi-element analysis to ALS Minerals Laboratory in Val d'Or, Quebec. Gold
analysis highlights from rock samples collected from the Rochette, Labreteche,
and Privat blocks of the Launay property are presented in the table below:
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Sample Launay Block Type Length (m) Lithology Mineralization Au g/t
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740304 Rochette Grab - Felsic Dyke PY 1% 27.70
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PY less than
740307 Rochette Grab - Qtz Vein 1% 9.10
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740305 Rochette Grab - Qtz Vein PY 1% 1.19
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PY less than
740299 Rochette Grab - Qtz Vein 2% 1.08
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PY less than
740322 Labreteche Channel 1 Qtz Vein 1% 12.55
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PY, CPY less
740318 Labreteche Channel 1.5 Felsic Volcanic than 1% 0.67
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740317 Labreteche Channel 1.5 Felsic Volcanic PY, CPY 1% 0.62
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740253 Privat Grab - Qtz Vein PY 0.99
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PY less than
740250 Privat Grab - Qtz Vein 1% 0.75
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740252 Privat Grab - Qtz Vein PY 0.72
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740247 Privat Grab - Qtz Vein PY 1-2% 0.53
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PY - pyrite; CPY - chalcopyrite
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Of the 44 samples collected, 11 samples assayed above 0.5 g/t Au, 5 samples
assayed above 1.0 g/t Au, and 2 samples assayed above 10.0 g/t Au. The samples
with the highest grades are 27.70 g/t Au, 12.55 g/t Au over 1 m, and 9.10 g/t
Au.
These encouraging results confirm the presence of gold mineralization in
occurrences with reported historical high grade gold assays.
The Company is currently undertaking line-cutting, humus sampling, prospecting
and mapping on the Launay project to generate drill targets. Drilling is planned
for late summer to early fall.
Newly Acquired Mineral Claims
The newly acquired Minerals Claims cover a total area of 16.0 sq km, are
contiguous with and cover possible extensions of mineralization on the Rochette
and Labreteche blocks of the Launay property.
Under the terms of the agreement, Lakeside Minerals Corp. ("Lakeside"), a
wholly-owned subsidiary of the Company, can acquire a 100% interest in the
Mineral Claims subject to the Company issuing 200,000 common shares to Carat and
making a total payment of $10,000 over a one year period. Carat retains a two
percent (2%) NSR. The Company has the option, at any time, to redeem the first
one percent (1%) of the NSR for $1,000,000.
The issuance of common shares of the Company as consideration for the
acquisition of the Mineral Claims is subject to final approval by the TSX
Venture Exchange pursuant to Policy 5.3.
The Company plans to carry out additional claim acquisitions in the vicinity of
the Launay property to consolidate non-contiguous claim blocks and to cover
additional prospective ground over the Macamic deformation zone and subsidiary
faults.
About the Launay Property
The Launay property is located some 48 km northeast of Rouyn-Noranda, Quebec.
The property has significantly grown in size and now comprises 121
non-contiguous claims in several blocks that cover a total area of 50.1 sq km.
The property claims straddle greater than 10 km of the main Macamic deformation
zone, associated splays or subsidiary faults.
Exploration and scattered historic drilling along a 20 km stretch of the Macamic
deformation zone and subsidiary faults, on the Launay property and on adjacent
or nearby properties, has returned several high grade gold results (see also May
9, 2012 press release -
http://www.lakesideminerals.com/pdfs/Lakeside%20Minerals%20Announces%20Agreement%20with%20Melkior%20relating%20to%20Acquisition%20of%20Mineral%20Claims%20on%20%20Launay%20Project%20v3.pdf).
Historical result highlights from the Rochette and Labreteche blocks are briefly
described.
Rochette block
On the Rochette block, a narrow, northwest-striking quartz vein, with
disseminated pyrite, chalcopyrite and gold, cuts mafic volcanic rocks. Sampling
of the quartz vein has returned several historical high grade gold values, as
follows:
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Year Sample Type Size Interval (m) Au g/t(ii)
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1935 Bulk 23 tons 11.90
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1935 Bulk 1000 lbs 10.63
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1935 Grab 16 lbs 18.17
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1940 Bulk 600 lbs 9.94
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1936 Drill 0.70 416.67
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1936 Channel 0.41 31.89
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1936 Grab 2351.02
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1936 Grab 102.86
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1936 Grab 68.57
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1936 Grab(i) 33.86
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(i)average from 18 samples
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Historical results were compiled from the SIGEOM database of the
MRNF, Quebec. These results have not been independently verified
by a QP.
(ii)Au g/t grades are approximate and were calculated based on a
historical gold price of $35.00 per ounce; Au oz/ton to g/tonne
x 34.2857
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Labreteche block
On the Labreteche block, highly altered carbonate-sericite-chlorite schists cut
by abundant quartz, calcite, and ankerite veinlets occur within an east-trending
shear zone some 45 m wide and are exposed over a 450 m strike length.
Because of poor exposure, the extent of the east-trending shear zone has not
been well defined. However, this shear zone may represent a low angle splay off
the Macamic deformation zone. Similar highly altered carbonate-sericite-chlorite
schists are associated with the Macamic deformation zone some 9 km
west-northwest.
Mineralization within the highly altered schists consists of disseminated to
locally massive pyrite, and lesser chalcopyrite. Native gold occurs within
quartz-carbonate veins. Reported historical gold assay results include the
following highlights:
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Year Sample Type ID Interval (m) Au g/t(ii)
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1920's Grab Shaft area 273.50
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1920's Grab Shaft area 185.93
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1920's Grab Shaft area 130.29
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1920's Grab Shaft area 66.22
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1920's Grab Shaft area 6.66
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1937 Grab Trench 5 23.46
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1937 Channel Trench 2 6.10 1.79
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1985 Drill Core LR-85-2 0.40 5.49
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Historical results were compiled from the SIGEOM database of
the MRNF, Quebec. These results have not been independently
verified by a QP.
(ii)Au g/t grades are approximate and were calculated based
on a historical gold price of $35.00 per ounce; Au oz/ton to
g/tonne x 34.2857
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About Lakeside Minerals Inc.
Lakeside Minerals Inc. is engaged in acquiring, exploring, and developing
mineral properties in Quebec. Presently, the company holds a portfolio of
properties with an emphasis on gold.
The Company is currently focused on properties located in the Rouyn-Noranda area
of northwestern Quebec. These properties display significant historical gold
drill results and have excellent potential for discovery.
Cautionary Notes
This press release contains quoted historical exploration results. These are
derived from filed assessment reports and compiled from governmental databases.
The Company and a QP have not independently verified and make no representations
as to the accuracy of historical exploration results: these results should not
be relied upon. Selected highlight results may not be indicative of average
grades.
This press release may contain information concerning mineral properties in
proximity or adjacent to the Company's properties. Deposits, mineralization or
historical results on such nearby or adjacent properties are not necessarily
indicative of mineralization or similar grades on the Company's properties.
Quality Assurance/Quality Control
Rock samples were hand delivered for analysis to ALS Minerals in Val d'Or,
Quebec. Samples were assayed for gold using 50 g fire assay and AAS finish,
procedure Au-AA24, and analyzed for 48 elements by 4-acid, ICP-MS and ICP-AES,
procedure ME-MS61. Commercially prepared standards and blanks were included with
each batch sent to the laboratory. ALS Minerals is an internationally recognized
laboratory. The Val d'Or, Quebec analytical facility is individually certified
to standards within ISO 9001 and has received accreditation to ISO/IEC 17025 for
Fire Assay Au by Atomic Absorption (AA).
The technical information in this news release was prepared by Mario Justino,
P.Geo., President and CEO of Lakeside Minerals Inc., a "qualified person" as
defined in National Instrument 43-101.
FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news
release may contain "forward-looking information". Forward-looking information
and statements may include, among others, statements regarding the future plans,
costs, objectives or performance of Lakeside Minerals Inc. (the "Company"), or
the assumptions underlying any of the foregoing. In this news release, words
such as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and the negative
form thereof are used to identify forward-looking statements. Forward-looking
statements should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. Forward-looking statements
and information are based on information available at the time and/or
management's good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond the Company's control. The Company does not
intend, nor does the Company undertake any obligation, to update or revise any
forward-looking information or statements contained in this news release to
reflect subsequent information, events or circumstances or otherwise, except if
required by applicable laws.